SEBI Common Advertisement Code 2026: New Rules for Brokers, Advisers, Research Analysts, OBPPs, PMS and Mutual Funds
SEBI has approved a single advertising framework for seven regulated categories. Most advertisements will shift from mandatory prior approval to post-issuance reporting within three working days, while celebrity promotions retain safeguards and prior approval.
Direct answer
At its 24 September 2026 meeting, the SEBI Board approved a Common Advertisement Code (CAC) for stock brokers, depository participants, investment advisers, research analysts, online bond platform providers, portfolio managers, and mutual funds or asset management companies.
Read SEBI’s official board-decision page and the official release PDF. The Best CS Firm In India implementation rule is to keep existing approval controls until the operative notification, circular and supervisory instructions confirm the effective process.
What SEBI approved
| Area | Approved direction | Operational implication |
|---|---|---|
| Single code | Common framework across specified regulated entities | Replace entity-specific mapping when operative |
| Prior approval | Removed for most advertisements | Strengthen internal pre-release review |
| Post reporting | Within three working days | Build a release-to-reporting workflow |
| Celebrities | Brand/entity promotion permitted with prior approval and safeguards | Escalate before contracting or publication |
| Ratings/rankings | Past Risk and Return Verification Agency outputs may be advertised | Verify source, scope and presentation |
| Non-advertisements | Illustrative exclusions for routine factual and investor-service communication | Classify content before release |
Who should prepare now?
- SEBI-regulated entities in the seven listed categories.
- Fintech founders operating through or alongside those regulated entities.
- Marketing agencies, influencers and lead-generation partners.
- Compliance, legal, product, social-media and investor-education teams.
- Boards and senior managers responsible for advertising controls.
Board approval is not the same as commencement
The 24 September release records the approved policy direction. It does not provide every final form, portal, content standard, record-retention rule or commencement instruction. Teams should not assume that existing entity-specific procedures have already ceased. Track the notified amendments, SEBI circular and instructions from exchanges, associations or supervisory bodies.
Three-working-day reporting workflow
- Classify the communication: advertisement, routine factual update or investor-service message.
- Record product, audience, channel, language, campaign dates and responsible business owner.
- Complete legal and compliance review against claims, risk disclosures and performance data.
- Archive the exact published version, landing page and media plan.
- Submit post-issuance reporting within the operative three-working-day requirement.
- Retain acknowledgement, reviewer approvals and any correction or withdrawal evidence.
Celebrity and influencer controls
| Control | Founder question | Evidence |
|---|---|---|
| Prior approval | Was approval obtained before release? | Approval receipt and final creative |
| Due diligence | Are the endorser and agency appropriately screened? | Checks and declarations |
| Claim substantiation | Can every product and performance statement be proved? | Source data and methodology |
| Risk disclosure | Are risks readable in the actual medium? | Rendered creative and script |
| Contract controls | Can content be corrected, paused or removed promptly? | Endorsement agreement |
Ratings, rankings and performance claims
The Board approved advertising of ratings and rankings assigned by a Past Risk and Return Verification Agency. This should not be read as permission to use any third-party award or self-created ranking. Teams should retain the source, coverage period, methodology, validity and approval status and ensure the presentation is not misleading.
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Documents to prepare
- Advertisement-classification matrix and channel inventory.
- Content approval policy with business, compliance and legal owners.
- Claims register linking every statement to current evidence.
- Celebrity/influencer due-diligence and contracting checklist.
- Three-working-day reporting calendar and backup owner.
- Published-creative archive, approvals, receipts and correction log.
- Vendor and affiliate agreements with takedown, audit and liability provisions.
Common mistakes to avoid
- Treating removal of prior approval as removal of compliance review.
- Calling promotional content “education” without applying the classification test.
- Reporting late because marketing did not notify compliance of launch.
- Using screenshots or rankings without source context.
- Allowing affiliates to modify approved copy.
- Launching celebrity content before the applicable approval is secured.
Founder / Business Takeaway
The reform may speed compliant marketing, but it shifts discipline inside the business. Build a content register where no advertisement goes live without classification, substantiation, an accountable reviewer and a reporting deadline.
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FAQ
Which entities are covered by SEBI’s Common Advertisement Code?
The Board release lists stock brokers, depository participants, investment advisers, research analysts, online bond platform providers, portfolio managers and mutual funds or asset management companies.
Will every advertisement still need prior approval?
The approved framework removes mandatory prior approval for most advertisements, but requires post-issuance reporting within three working days. Celebrity endorsements remain subject to prior approval and safeguards.
Is the Board press release itself the final operating circular?
No. It records the Board’s approved policy. Regulated entities should monitor the notified amendments, circular and supervisory-body instructions before changing live workflows.
