There is no ban on social media influencers giving 'knowledge on money', Ponzi apps will be closed

Nowadays influencers on social media give you tips ranging from fashion to finance. Recently, SEBI has taken strict action in some cases of giving financial tips, but now the government does not see any intention to stop it.

Nowadays people depend on social media for many information. Be it fashion, cooking or grooming or financial updates, people access their details from reels to YouTube videos. But recently SEBI has taken strict action against those giving financial tips on social media, while the government is also taking steps on different fronts.

Finance Minister Nirmala Sitharaman was questioned about this on Sunday . He said that at present the government has no plan to regulate financial influencers on social media, nor has the government received any proposal in this regard.

Social media are also good advisors

Nirmala Sitharaman says that some good financial advisors are also present on social media. He gives good investment and savings advice to people. At the same time, there are some people who lure people and often work to trap them in some fraudulent scheme by assuring them of high returns.

The government does not yet have a proposal to regulate them, but according to the Finance Minister, people need to be careful, because out of 10, if 3 or 4 people are giving correct advice, then the remaining 7 people can cause harm.

Strict government on Ponzi apps

With this, he informed that the government is taking a strict stand against such Ponzi apps, which lure people with high returns. People should also be careful and double check on such apps. Although the Reserve Bank of India and the Ministry of Information Technology are taking strict action on these apps.

This statement of the Finance Minister has come at a time when the country's stock market is booming. People are taking advice from place to place for investing in the stock market. In such a situation, social media is becoming the preferred source of people. That's why there is a demand to regulate social media influencers who give financial tips.