SEBI treats a social post, a WhatsApp broadcast and a Telegram message from a research analyst or investment adviser as an advertisement. Each one needs BSE's prior approval, the registered details and the unaltered standard risk warning in at least 10 point font. Since 1 May 2026, every social media handle must also show the SEBI registered name and registration number.
What counts as an advertisement
The advertisement code for RAs and IAs comes from SEBI circulars dated 5 and 6 April 2023, now in para 11.1 of the RA Master Circular and para 10.1 of the IA Master Circular, both dated 6 February 2026. It covers every advertisement, including social posts and messages. A reel, a YouTube video, a LinkedIn post and a message to a closed Telegram group are all in scope.
Each advertisement must carry the registered details, include the standard risk warning without any change in at least 10 point font, avoid every prohibited claim, be approved in advance by BSE, and be kept for five years under RA Regulation 25(2) and IA Regulation 19(2).
The registered name and number rule from 1 May 2026
SEBI circular HO/(79)2026-MIRSD-PODMMC dated 26 February 2026 added a specific social media duty. From 1 May 2026, every handle must show the SEBI registered name and registration number on its home page, and at the start of each piece of securities market content. The circular covers YouTube, Instagram, Facebook, WhatsApp, X, LinkedIn, Threads, Telegram and Reddit, including closed groups.
In practice this means updating every bio and adding an opening card, first caption line or pinned line with the name and number to each video, post and channel message. Closed groups are included, so a paid Telegram or WhatsApp community needs the same opening line as a public post.
Claims you cannot make
The master circulars list claims that no RA or IA advertisement may make. The table groups them with typical wording to search your past posts for. The list is not complete, so treat any wording that suggests certainty, accuracy or returns with the same caution.
| Banned claim | Examples of wording to remove |
|---|---|
| Guaranteed or assured returns | guaranteed returns, assured profit, fixed returns, double your money |
| Percentage accuracy | 90% accuracy, hit rate, success rate, accurate calls |
| Target or minimum returns | minimum return, service till target, daily profit |
| Risk-free or no-loss | risk free, zero risk, sure shot, capital protection |
| Superlatives | best adviser, No. 1, top research analyst, leading |
| Unverified past performance | our calls gave, CAGR, multibagger calls |
| Misleading testimonials | profit screenshots, client earned, proof of profit |
| SEBI endorsement | SEBI approved, SEBI certified, use of the SEBI logo |
| Disparaging others | unlike other advisors, fake advisors |
Free offers, contests and pressure tactics
Nothing may be called free unless it is free without conditions, and IAs may not offer free trials at all under para 2.1 of the IA Master Circular. Contests, giveaways, leaderboards and prize schemes are banned under para 11.1(d)(iii) for RAs and para 10.1(d)(iii) for IAs.
Wording that plays on inexperience or urgency, such as jackpot, get rich, hurry or last few slots, also falls foul of the code. The investor charter's don'ts warn clients against limited period discounts, so a countdown offer works against you on two fronts.
Performance claims and PaRRVA
Past performance and risk-return metrics may be advertised only if verified by the Past Risk and Return Verification Agency (PaRRVA), which went live on 4 May 2026 under a SEBI circular of 29 April 2026. Certified data for the period before PaRRVA may be shared only one to one, on request, with the prescribed disclaimer, by RAs and IAs enrolled with PaRRVA, and only up to 3 May 2028. It must never appear in a public post.
Collaborators, influencers and public appearances
Regulation 16A of the SEBI (Intermediaries) Regulations 2008, as amended on 29 August 2024, bars RAs, IAs and their agents from associating with people who give securities advice without registration or who make unpermitted return claims. Existing contracts had to end by 21 January 2025. Paid partnerships, affiliate links and referral codes with such people are a direct risk.
When an RA or its staff appear on TV, the internet or social media, they must disclose their registration status and any financial interest in the company being discussed. A short script for media appearances, stating SEBI registration status and any holdings before a stock is discussed, makes this easy to follow.
A simple pre-posting routine
Treat each channel the same way and build the approval step into your content calendar, so nothing goes out before BSE has approved it. Keep the approved file and the published version together, so that any later question can be answered by showing exactly what went out.
- Draft from an approved template with the registered details and standard warning
- Check the copy against the banned claims table
- Get BSE prior approval and save the approval with the creative
- Open each video or message with the registered name and number
- Archive the approved version for five years
Keeping content compliant at volume
The more channels you run, the harder it becomes to check every caption by hand. A searchable list of banned phrases and an archive of approvals go a long way. For help checking content against rules like these, XDQ Labs offers XDQ xAgents for RAs and IAs (/product/xfintech-agents/). This guide is general information, not legal or investment advice. Confirm with your compliance officer.
Frequently asked questions
Can a SEBI RA post stock ideas on Telegram or WhatsApp?
Messages on Telegram and WhatsApp, including closed groups, count as advertisements and content under SEBI rules. They need BSE prior approval, the registered details, the standard risk warning and, from 1 May 2026, the registered name and number at the start of each piece of content.
Can an investment adviser show past returns in an ad?
Only if the performance is verified by PaRRVA, which went live on 4 May 2026. Certified pre-PaRRVA data may be shared only one to one, on request, with the prescribed disclaimer, up to 3 May 2028, and never publicly.
Is it allowed to say best adviser or No. 1 in marketing?
No. Superlatives about the adviser or analyst are banned under the advertisement code. Factual awards from independent organisations may be mentioned with the year and the awarding body. Avoid comparisons with other intermediaries too.
What font size must the SEBI risk warning use?
The standard risk warning must appear without any change in at least 10 point font in every advertisement, including social posts and messages. It must sit alongside the registered details, and the advertisement must be approved in advance by BSE.
Sources
- Master Circular for Research Analysts, 6 February 2026, SEBI, 2026
- Master Circular for Investment Advisers, 6 February 2026, SEBI, 2026
- SEBI (Research Analysts) Regulations, 2014, amended up to 10 October 2026, SEBI, 2026
- SEBI (Investment Advisers) Regulations, 2013, amended up to 25 November 2025, SEBI, 2025
- SEBI circular on the Past Risk and Return Verification Agency (PaRRVA), April 2026, SEBI, 2026
- RAASB and IAASB enlistment portal, BSE Limited, 2026
