Sebi proposes ad rules for MF, stock brokers: Celebrities may endorse brands, not products | What's allowed, what's not

SEBI has proposed a new Common Advertisement Code allowing stock brokers, mutual funds, investment advisors, and portfolio managers to use celebrities for brand-level endorsements but not for specific investment products. The proposal replaces the existing prior-approval requirement with post-issuance monitoring, requiring ads to be reported to stock exchanges or SEBI-recognized bodies within 24 hours of publication. The framework also permits use of ratings from Past Risk and Return Verification Agencies, prohibits misleading dark patterns, and seeks public comments till July 14.