SEBI's 2026 amendments establish a uniform advertising code for all intermediaries, replacing fragmented rules and regulating celebrity endorsements and digital promotions.
SEBI Introduces Common Advertisement Code for Intermediaries
In October 2026, SEBI approved a common advertisement framework applicable to brokers, research analysts, portfolio managers, mutual funds, and investment advisers. The Common Advertisement Code replaces the Fifth Schedule of the Mutual Fund Regulations and integrates promotional guidelines across intermediaries under the Intermediaries Regulations.
The Code imposes strict requirements on accuracy, risk disclosures, and disclaimers, particularly targeting misleading claims and celebrity endorsements. It explicitly bans testimonials and requires all promotional material to be pre-certified by compliance officers.
These reforms centralise advertising oversight and raise compliance standards across the board. Firms must update their marketing protocols and train client-facing staff to ensure adherence, especially in digital platforms where promotional content proliferates quickly.
