SEBI Advertisement Code for RAs (Social Media, YouTube, Telegram)The SEBI advertisement code for research analysts applies to any post, video or message that could influence an investment decision. That includes YouTube, Instagram, Telegram and WhatsApp. Each one needs your registration details and the standard warning, must avoid accuracy and performance claims, and needs prior RAASB approval.  Last updated: 21 October 2026 The SEBI advertisement code for research analysts covers every communication issued by or on behalf of an RA that may influence an investor's decision. That includes YouTube videos, Instagram reels, X posts, Telegram and WhatsApp messages, emails, SMS and website banners. Each one must carry your SEBI-registered name and registration number and the standard warning. It must not imply assured outcomes, percentage accuracy or unverified past performance, and it needs prior approval from the SEBI-recognised supervisory body, currently BSE acting as RAASB. If you sell research through paid Telegram and WhatsApp channels, promotional posts there follow the same rules as public social media. This guide explains section 11 of SEBI's Master Circular for Research Analysts dated 6 February 2026, which holds the advertisement code and the rules on brand names, and shows how it applies on each platform. It is a summary, not legal advice. Check the current SEBI regulations, circulars and RAASB guidance before you publish. What counts as an advertisement for a SEBI research analyst?The code defines an advertisement broadly: all forms of communication issued by or on behalf of an RA that may influence the investment decisions of any investor or prospective investor. The master circular lists print material, hoardings, email, text messaging, messaging platforms, social media platforms, radio, telephone, television, recorded video and anything else over the internet. In practice, almost everything you post publicly about your services is covered. Social media posts and videosYouTube videos, Instagram posts and reels, X threads, LinkedIn posts and Facebook pages that promote your research service are all advertisements. Messaging channelsBroadcasts on Telegram, WhatsApp and SMS that promote a plan, an offer or your service fall within "messaging platforms" and "text messaging". Research reports with promotionSEBI clarified in October 2024 that a research report, however it is sent, is treated as an advertisement if anything in it expressly or impliedly promotes your products or services. Content by others that names youThe code also applies to any investment, research or consultancy agency associated with you that issues an advertisement naming you. What must every RA advertisement include?The code sets out the information and disclaimers each advertisement must contain. The table summarises them and how they work on social platforms. How do the rules apply on YouTube, Instagram, Telegram and WhatsApp?The code is platform-neutral. What changes is where you place the details. YouTube and long videosShow your registered name, registration number and the standard warning on screen, and read the warning out in a promotional video. Put the full details and your website link in the description too. Instagram reels and shortsShort videos still need the on-screen warning. Where the format cannot hold every detail, link your official website, which must show them all. Telegram and WhatsApp channelsPromotional broadcasts about plans or offers are advertisements. Use the website-link route for full details and keep a copy of each promotional message. Live streams and webinarsWhen you give an opinion on a security in public media, Regulation 21 of the RA Regulations also requires you to disclose your registration status and any financial interest in the subject company. What can't an RA say in an advertisement?The code lists prohibited content. The points that most often cause problems on social media are:
Common phrasing and safer alternatives (your copy still needs RAASB approval): Can RAs show past performance or accuracy on social media?Not publicly, unless the metrics are verified by PaRRVA and shown in the manner SEBI specifies. Under an interim arrangement in the master circular, before PaRRVA starts operating, an RA may share past performance certified by an ICAI or ICMAI member only when a client or prospective client specifically asks for it, one to one, with a prescribed disclaimer. It must not be posted on public media or your website. RAs who want to keep sharing certified past data must enrol with PaRRVA within three months of it becoming operational. Two years after that, only PaRRVA-verified metrics may be used. Read our guide to PaRRVA for details. Do RA advertisements need prior approval?Yes. The code requires prior approval of the advertisement or material from the SEBI-recognised supervisory body before it is issued. BSE is currently recognised as RAASB, and approval of RA advertisements under SEBI's advertisement code is one of its listed activities. Check RAASB's current process and timelines before planning a campaign. Keep copies for five yearsUnder Regulation 25(2), a copy of every advertisement must be kept for at least five years. Save the final approved version, including video files and screenshots of posts. No contests or prizesRAs must not run games, leagues, schemes or competitions that involve prize money, medals or gifts. No ads during suspensionAn RA suspended by SEBI must not issue any advertisement, alone or jointly with another RA, during the suspension. What changes with SEBI's common advertisement code?On 8 October 2026 SEBI notified the SEBI (Intermediaries) (Second Amendment) Regulations, 2026. They add a common advertisement code (Chapter IIID) for stock brokers, investment advisers, research analysts, mutual funds, portfolio managers and others, with RAASB as the supervisory body for RAs. It comes into force on the 180th day after publication in the Gazette, which falls in early April 2027. Check whether SEBI also revises the RA master circular. Clear carve-outsGenuinely educational content with minimal branding and no call to action is not an advertisement. Nor are research reports sent to existing clients that contain no performance claims, or replies to a client's own request for information. Celebrities and influencers"Celebrity" includes an influencer with followers above the ASCI threshold on any single platform. Celebrities may endorse only at brand level, with prior approval from the supervisory body. Stricter presentation rulesThe example-securities disclaimer must sit on the same page or video frame as the security. Data, graphs and charts need a source and date, and only PaRRVA ratings or rankings may be used. No inducementsCoupons, vouchers or subscription plans must not be offered to clients as an inducement to avail services. Dark patterns, testimonials and vague words like "high returns" are also banned. Fake ads by othersIf a third party runs an ad for you without consent, you must act within seven days of learning of it, inform RAASB, and disclose the incident on your website. What are the brand name and display rules?Section 11.2 of the master circular adds rules on how you show your identity. Your SEBI-registered name, logo, registration number and full address with telephone numbers must be prominently displayed on your website, advertisements, publications, KYC forms and client agreements. Statements, reports and other correspondence with clients must also show the compliance officer's and grievance officer's names, phone numbers and email addresses. SEBI's FAQs add that you must use the term "research analyst" in all correspondence with clients, or "part-time research analyst" if you are registered as one. Never use the SEBI logo. Can RAs work with influencers or marketing agencies?Only with care. Since August 2024, SEBI-regulated entities cannot be associated, directly or indirectly, with anyone who gives securities advice without registration or makes unpermitted claims about returns or performance. That includes paying them, getting client referrals from them or sharing client data with them. A marketing agency that places your content with such a person can put you in breach. Our post on SEBI's finfluencer rules explains what changed. A pre-publish checklist for RA social media content
Keep your channels and records in orderThe hard part of the code is consistency across many posts, groups and team members. With Finuro you can add disclaimers to recommendation messages and research reports, deliver research by email, WhatsApp and Telegram with delivery logs, and keep an audit trail of who created or changed content. Finuro does not file or approve advertisements with RAASB, so approval stays with you. To run subscriber groups with the same discipline, see Finuro's paid Telegram and WhatsApp channel management. Related Finuro features
Frequently asked questionsAnswers to common questions on this topic. Built for SEBI RAs and IAs Run compliant research channelsDeliver research on Telegram, WhatsApp and email with disclaimers, delivery logs and an audit trail. |
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