The Finance Minister of India, Nirmala Sitharaman, recently stated that there are currently no proposals in place to regulate financial influencers. Speaking at a press conference, she highlighted the importance of being cautious when seeking financial advice, stating that many individuals may be influenced by factors other than objective advice.
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While acknowledging the value of receiving advice from a select few individuals who provide objective advice, the Finance Minister warned that caution is necessary when considering advice from the vast majority of influencers who may be influenced by other considerations. She stressed the importance of conducting thorough research and counter-checking any advice before making financial decisions to protect one’s hard-earned money.
“Social influencers and financial influencers are all out there but a strong sense of caution is required in each one of us to make sure we do double checking, counter checking, don’t go as a flock into something and therefore protect our hard-earned money,” she said.
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Furthermore, the Minister noted that the government is actively working to clamp down on fraudulent financial apps, including those involved in Ponzi schemes. Collaboration between the Ministry and the Reserve Bank of India is ongoing to address these concerns.
“If there are 3-4 people giving us objective advice, there are 7 others out of 10 who’re probably driven by some other considerations. There’re many ponzi apps on which we’re working with concerned ministry & RBI & clamping down on them like never before,” she added.
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The absence of current regulatory proposals for financial influencers underscores the need for individuals to take personal responsibility for protecting their financial interests.
