Finfluencer SEBI ban, impact on Zerodha referrals

Wed, 20 May 2026 00:00:00 +0000

The finfluencer SEBI ban is a 2024 SEBI framework prohibiting unregistered influencers from providing investment advice, scrip-specific recommendations, or earning referral payments from brokers in exchange for promoting their services. The framework substantially changed how Zerodha and other Indian brokers ran their referral programmes.

What “finfluencer” means

A financial influencer in the Indian context typically refers to:

YouTube / Instagram / Twitter / Telegram personalities discussing stocks, options, or trading.
“Educators” running paid courses on trading.
Personalities offering “tips” or “live calls” to subscribers.
Authors of investment blogs and newsletters.

Many finfluencers operated in regulatory grey areas pre-2024:

Finfluencer on WebNotes

Finfluencer SEBI ban, impact on Zerodha referrals

What “finfluencer” means