The unchecked rise of India’s ‘finfluencers’
Even as SEBI trains its lens on content creators offering financial advice online, there has been a surge in unregistered advisers doling out unverified tips to unsuspecting followers.
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Editor's note: Anish Singh Thakur touts himself as a stock market trader on Twitter, an entrepreneur on Instagram and a motivational speaker on Facebook. On social media, he claims to own an apartment in Dubai’s upscale Marina district, poses with luxury cars, posts photos with motivational speakers such as Robin Sharma and projects himself as an avid luxury traveller. Thakur is a financial influencer—or finfluencer—to his 1.5 million followers across Twitter, Facebook, Instagram and YouTube. In 2019, he also founded Booming Bulls Academy, an organization that offers online and offline training courses on stock trading. His YouTube channel, launched the same year and also called Booming Bulls, offers his 1.36 million subscribers tips on options, intra-day and positional trading. In a YouTube video last month, for example, Thakur said he would start a firm to carry out real-time trading and show viewers how they can reap profits by investing amounts ranging from Rs 10 lakh to Rs 1 crore. “What these financial influencers are doing is not right legally,” says Anubhav Srivastava, an investment adviser at Infinity Alternatives, a Mumbai-based investment management …
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