The Securities and Exchange Board of India (SEBI), on June 23, 2026, issued a Consultation Paper proposing a Common Advertisement Code for specified SEBI-regulated entities, including stock brokers, depository participants, investment advisers, research analysts, online bond platform providers, portfolio managers, mutual funds, and asset management companies. The proposal seeks to harmonize the fragmented advertisement framework currently governed by multiple regulations, circulars, and exchange guidelines.
The proposed framework aims to establish uniform standards for advertisements by ensuring they are fair, balanced, transparent, truthful, and not misleading, while addressing the growing use of digital and social media platforms. SEBI noted that although existing advertisement regulations across different intermediaries share similar objectives, they differ significantly in areas such as approval requirements, disclaimers, terminology, celebrity endorsements, performance disclosures, and compliance mechanisms. The consultation paper seeks to streamline these requirements through a technology-enabled compliance architecture that promotes both investor protection and ease of doing business.
The proposal follows stakeholder representations and consultations with industry associations, Industry Standards Forums (ISFs), supervisory bodies, stock exchanges, and the Association of Mutual Funds in India. Public comments on the consultation paper have been invited until July 14, 2026.
