The Securities and Exchange Board of India has issued a consultation paper proposing a Common Advertisement Code for specified SEBI-regulated entities, replacing the current mix of entity-specific and exchange-specific advertising rules. The proposal would create a single framework under the SEBI (Intermediaries) Regulations, 2008 for stock brokers, depository participants, investment advisers, research analysts, online bond platform providers, portfolio managers, and mutual funds and asset management companies. A central change is to replace mandatory prior approval of advertisements with post-issuance reporting within 24 hours. The proposed code would also permit celebrities to be used for brand-level or entity-level promotion, subject to prescribed conditions and prior approval. It would allow regulated entities to advertise ratings and rankings assigned by Past Risk and Return Verification Agency, or PaRRVA, subject to safeguards. In addition, the paper proposes a clearer definition of what constitutes an advertisement, an illustrative list of routine factual and investor-service communications that would fall outside the regime, and digital reporting platforms to be developed by supervisory bodies, including a common platform for entities overseen by multiple bodies. Comments on the consultation are invited until July 14, 2026.
Securities & Exchange Board of India2026-06-23
Securities and Exchange Board of India proposes common advertisement code and 24-hour post-issue reporting for regulated entities
The Securities and Exchange Board of India has proposed a single Common Advertisement Code for specified regulated entities to replace fragmented advertising rules and shift most oversight from prior approval to reporting within 24 hours of issuance. The proposal also would permit brand-level celebrity endorsements and use of PaRRVA ratings and rankings subject to conditions, while clarifying which communications are and are not advertisements. Comments are due by July 14, 2026.