SEBI Social Media Rules for Research Analysts and Advisers: What You Can Post

Social media rules for SEBI-registered RAs and advisers

There is no separate SEBI regulation for social media. Your posts are covered by rules you already follow: the advertisement code for Research Analysts, the disclosure rules for recommendations made in public media, and the restrictions on associating with unregistered "finfluencers". All three are now in SEBI's Master Circular for Research Analysts dated 6 February 2026. Investment Advisers have a parallel advertisement code; this guide follows the RA version.

Your posts are advertisements

The advertisement code defines an advertisement very widely. It covers electronic mail, text messages, messaging platforms, social media platforms and anything else on the internet, as well as audio-visual formats. A research report also counts as an advertisement if anything in it promotes your products or services. So a LinkedIn post about your new model portfolio, a YouTube video ending with "join my plan", and a Telegram message announcing a discount are all advertisements.

What every advertisement must contain

• Your name as registered with SEBI, registered office address, SEBI registration number, logo or brand name, and CIN if applicable.
• Information that is accurate, true and complete, in plain language.
• The standard warning, word for word, in at least 10-point font: "Investment in securities market are subject to market risks. Read all the related documents carefully before investing." In video, it must also be read out clearly.
• If you show any security as an example: "The securities quoted are for illustration only and are not recommendatory."
• The disclaimer: "Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors."

Short formats get one concession. For SMS, messages, pop-ups and social media, if the full details and the standard disclaimer do not fit, you can give a link to your official website instead, and the website must carry all of them. Use this in bios and short posts, and keep your website complete.

What you cannot post

• Assured or implied returns. No guaranteed, minimum or target returns, no "percentage accuracy", and nothing that suggests your recommendations are risk-free.
• Unverified performance. You may refer to past performance or risk-return metrics only if they are verified by a Past Risk and Return Verification Agency (PaRRVA) and presented in the way SEBI specifies. Screenshots of winning calls do not qualify.
• Superlatives. No "Best", "No. 1", "Top Research Analyst" or "Leading". You may mention factual details of awards from independent organisations.
• Misleading testimonials, and statements that are false, biased, exaggerated or that exploit inexperienced investors.
• "Free", unless the report or service really is free with no condition or obligation.
• The SEBI logo, anywhere.
• Comparisons that discredit other intermediaries or claim superiority over them.
• Games, leagues or contests with prize money, medals or gifts.

Prior approval and record-keeping

The advertisement code requires prior approval of advertisements from the SEBI-recognised supervisory body, which for RAs is RAASB (BSE). Check RAASB's current process for submitting material before you publish paid campaigns or standing promotional content. Keep a copy of every advertisement for five years. That includes posts you later delete and Stories that expire.

Recommendations in public media

Public media includes the internet and social platforms. When you or your employees recommend or comment on a security in public, you must disclose your registration status and any financial interest in the company. The rules on limits on trading and compensation apply as well. Every recommendation also needs a rationale backed by research, and you must keep a record of public appearances. A bare chart with a timestamp is not enough.

The practical answer for most RAs: keep specific recommendations inside your subscriber channels, where KYC, terms and disclosures are in place, and use public platforms for education and research-led commentary that points to your website.

Finfluencers: who you cannot work with

Amendments notified on 29 August 2024 bar SEBI-regulated persons, including RAs, and their agents from any direct or indirect association with a person who:

• gives advice or recommendations about securities without being registered with or permitted by SEBI, or
• makes claims of returns or performance about securities without SEBI's permission.

Existing contracts with such persons had to be ended by 21 January 2025. This rules out paying an unregistered influencer to promote your plans, revenue-sharing or referral deals with them, and similar arrangements. People engaged purely in investor education are not covered, as long as they do not give advice or make return claims.

There is an exception for association through a "specified digital platform". This is a platform SEBI recognises as having preventive and curative mechanisms against such activity. SEBI said the criteria for recognising these platforms would be specified separately, so do not treat any platform as specified unless SEBI has said so. If you are moving from content creator to registered RA, see finfluencer to registered Research Analyst.

Platform by platform

For running a paid Telegram channel within these rules, see Telegram for SEBI-registered research analysts.

A five-step check before you post

1. Is it promotional? If it mentions your services, plans or prices, it is an advertisement. Add the required details or a link to the website that has them, and check whether it needs RAASB approval.
2. Does it name a security with a view? Add your registration status, any financial interest and a link to the rationale. If it is only an example, add the illustration disclaimer.
3. Does it mention performance? Use only PaRRVA-verified figures, presented as specified. Otherwise remove it.
4. Any banned words? Search for "guaranteed", "assured", "sure-shot", "target return", "best", "No. 1", "free".
5. Archive it. Save a copy with the date before or as you publish.

Make your registration easy to check

Investors are being told to verify a Research Analyst before investing. Use the same name across your handles, bio, website and SEBI registration. A mismatch looks like a warning sign. A complete website with your registration details, investor charter, monthly complaint data and terms does most of the disclosure work for your social posts.

AlphaQuark keeps your recommendations inside a branded subscriber app and channels, with KYC and MITC e-sign before access, dated records of every recommendation and PaRRVA-ready performance records. See the RA platform.