No Proposal Before Finance Minister To Regulate Financial Influencers: Sitharaman

The Finance Minister, Nirmala Sitharaman, stated that there are presently no measures implemented to regulate financial influencers.

The Finance Minister of India, Nirmala Sitharaman, stated on Sunday that the government has not yet received any proposal regarding the regulation of financial influencers on social media. However, she mentioned that the government is actively working towards addressing the issue of ponzi apps and taking measures to curb their activities.

The Union minister was asked about potential measures to regulate "financial influencers" who provide financial advice on social media. In response, the minister stated that currently, there is no proposal from the government to clamp down on such influencers.

She added, "there are many ponzi apps on which we're working with the IT ministry and RBI and clamping down on them like never before".

During her speech at an event in Karnataka's Tumakuru district, the minister expressed concern about social media influencers who provide financial advice. Sitharaman cautioned people to be cautious about blindly following suggestions from such platforms, as it is their own hard-earned money that is at risk.

"If there are three or four people giving us objective advice, then at the same time there are seven others out of 10 who're probably driven by some other considerations. 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, and don't go as a flock into something and therefore protect our hard-earned money," she said during the event.