- Only 6.3% of finfluencers are registered with the Securities and Exchange Board of India (SEBI), according to a report by the CFA Institute.
- One in three finfluencers, or 33.3%, made explicit stock recommendations, highlighting a significant regulatory gap.
- The CFA Institute survey analyzed the behaviors of 48 finfluencers operating primarily in India between January and October 2025.
- Despite the increase in SEBI-registered finfluencers from 2% to 6.3%, the proportion making explicit stock recommendations remained unchanged at 33%.
- The survey indicated that 95.8% of influencers were not penalized by SEBI, despite many activities raising concerns.
- 62.5% of finfluencers disclosed conflicts of interest, such as sponsored content or affiliate marketing.
- 72.9% of finfluencers mentioned important investment considerations, leaving more than one in four who did not.
Only 6.3% of Indian finfluencers are registered with the Securities and Exchange Board of India (SEBI), according to a CFA Institute report. Despite this, 33.3% of the surveyed influencers made explicit buy, sell, or hold recommendations on securities, indicating a significant regulatory gap.1234
The report, titled Clicks and Credibility 2.0: From Influence to Accountability, Disclosures, and Policy Impact, analyzed 48 finfluencers operating primarily in India between January and October 2025. It found that only two of the 16 influencers making stock recommendations were SEBI-registered, leaving 14 unregistered despite their advisory roles. This raises concerns about the adequacy of regulatory oversight in the financial advisory sector.
While the share of SEBI-registered finfluencers increased from 2% to 6.3% since the previous report, the proportion making explicit stock recommendations remained unchanged at 33%. This suggests that the gap between regulated activity and current practice persists.
Additionally, 62.5% of finfluencers disclosed conflicts of interest, such as sponsored content or affiliate marketing, while 37.5%72.9% of finfluencers mentioned important investment considerations like fees and tax implications, leaving more than one in four who did not.67
“The CFA Institute's report indicates that while the share of SEBI-registered finfluencers increased from 2% to 6.3%, the proportion making stock recommendations remained at 33%. Additionally, 62.5% of finfluencers disclosed conflicts of interest, raising concerns about the credibility of their financial advice.”
