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SEBI has barred investment advisers and research analysts from issuing any advertisement without prior approval from SEBI-recognised supervisory body — BSE Administration & Supervision Ltd.
The advertisement should not have any statement, which directly or indirectly discredits other advertisements or intermediaries or makes unfair comparisons or ascribes any qualitative advantage over other intermediaries directly or indirectly.
The advertisement shall not contain “any statement that is exaggerated or is inconsistent with or unrelated to the nature and risk and return profile of the product. Extensive use of technical or legal terminology or complex language and the inclusion of excessive details which may distract the investors.”
Standard warning in legible fonts (minimum 10 font size) which states “Investment in securities market are subject to market risks. Read all the related documents carefully before investing” is a must. No addition or deletion of words shall be made to/from the standard warning.
In audio-visual-media based advertisements, the standard warning in visual-media based advertisement and accompanying voice-over reiteration shall be audible in a clear and understandable manner. For example, in standard warning, both the visual and the voice-over reiteration, containing 20 words running for at least 10 seconds, may be considered as clear and understandable.
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