ASCI places additional responsibility on health and financial influencers
The Advertising Standards Council of India (ASCI) has revised its influencer advertising guidelines to place additional responsibility on advertising content of health and finance influencers. The guidelines, introduced initially in May 2021, aim to help consumers identify promotional content and make informed decisions on products or services. The guidelines have been amended in keeping with the rapidly evolving nature and extensive impact of digital platforms. Inaccurate and deceptive advertising content in categories such as banking, financial services and insurance (BFSI), and health and nutrition products and services, could significantly impact consumer well-being and financial security.
In light of these updates, financial influencers, commonly referred to as ‘finfluencers’, operating within the BFSI realm, can now offer investment-related advice only after being registered with the Securities and Exchange Board of India (SEBI). Their registration number must be prominently displayed alongside their name and qualifications. For other financial advice, influencers must possess appropriate credentials such as a license from the Insurance Regulatory and Development Authority of India (IRDAI), be qualified as a chartered accountant, holds a company secretaryship, etc. Moreover, they are expected to adhere to all disclosure prerequisites as stipulated by financial sector regulators from time to time.