Can I appear in my own ads under the celebrity rule?

Yes. The proviso to 16G(2) says "celebrity" does not include a founder, promoter, director, key managerial personnel or senior management of the entity issuing the ad, where that person appears in it. An individual RA or IA featuring in their own videos is outside the celebrity rules.

Is my free educational YouTube video an advertisement?

Not if it meets 16J(1)(a): branding minimal and incidental, and no promotional call-to-action or push toward a specific service of yours. A "join my paid channel" link in the video would, in our reading, bring it back under 16J(2).

What happens if I breach the code?

Regulation 16Q lets SEBI take action under Chapter V of the Intermediaries Regulations and lets it direct RAASB or IAASB to act.

SEBI Common Advertisement Code: what research analysts and investment advisers must change by 8 April 2027

6 min read

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From 8 April 2027 every advertisement by a SEBI research analyst or investment adviser must follow a new Chapter IIID, "Common Advertisement Code", in the SEBI (Intermediaries) Regulations, 2008. It was inserted by the Intermediaries (Second Amendment) Regulations, 2026, notified on 8 October and listed on 10 October 2026. The biggest changes for an RA or IA: no testimonials of any kind, ratings or rankings only if a PaRRVA assigned them, a new wording for the example-securities disclaimer, and a duty to act within seven days when someone runs an ad in your name without consent.

8 Apr 2027

Code comes into force

7 days

To act on an unauthorised ad

Kinds of regulated entity covered, RAs and IAs among them

Is it in force yet?

No. Regulation 2 of the amendment says it comes into force "on the one hundred eightieth day from the date of publication of these regulations in the Official Gazette". SEBI's consolidated Intermediaries Regulations, last amended on 10 October 2026, footnote Chapter IIID as "w.e.f. 08.04.2027". Until then the advertisement code in the RA and IA master circulars of 6 February 2026 (RA para 11, IA para 10) is the rule you follow.

Who it covers and what counts as an advertisement

Regulation 16G(3) lists the regulated entities, and "(d) Investment Advisers; (e) Research Analysts" are on it alongside brokers, depository participants, mutual funds, AMCs, portfolio managers and online bond platforms. The supervisory body for RAs is RAASB and for IAs it is IAASB (16G(4)).

Legal extract

This article is general information, not legal advice. If you need advice for your specific situation, contact BuildWright directly.

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Topic	Today (RA master circular para 11, IA para 10)	From 8 April 2027 (Chapter IIID)
Testimonials	Bans "misleading or deceptive testimonials" (RA 11.1(c)(iii))	No content that "includes any testimonials" (16O(a))
Ratings and rankings	Factual details of awards from independent organisations allowed (RA 11.1(c)(xiii))	Only ratings or rankings assigned by a PaRRVA, explained in the ad (16N)
Example securities disclaimer	"The securities quoted are for illustration only and are not recommendatory" (RA 11.1(b)(vii))	"The securities or scheme(s) are quoted as an example and not as a recommendation", on the same page or video frame (16L(1)(e))
Charts and statistics	Not addressed as such	Source shown alongside, with the date or period (16L(1)(f))
Ads by others in your name	Not addressed	Act within seven days, tell the supervisory body, disclose on your website (16L(2))
Dark patterns	Not addressed	Banned, by reference to the CCPA Dark Patterns Guidelines, 2023 (16M)
Incentives	No prize games, leagues or schemes (RA 11.1(d)(iii))	No incentives, vouchers, coupons, tokens or subscription plans given to clients as an inducement to avail the services (16L(1)(g))
Celebrities	Not addressed	Brand-level endorsement only, with prior approval of RAASB or IAASB (16K)
Logos	No SEBI logo (RA 11.1(c)(xiv))	No logos, images ("e.g. building imagery") or symbols of SEBI or market infrastructure institutions (16O(g))
Vague return words	No superlatives such as "Best" or "No. 1" (RA 11.1(c)(xiii))	No "high yield, high rated, high returns and synonyms" without basis (16O(k))

SEBI Common Advertisement Code: what research analysts and investment advisers must change by 8 April 2027

Is it in force yet?

Who it covers and what counts as an advertisement

What changes against today's RA and IA code

What stays the same

What the code leaves open

What to change before 8 April 2027

Questions advisers ask