India, 29 July 2026: CFA Institute, the global association of investment professionals, today published “Clicks and Credibility 2.0: From Influence on Accountability, Disclosures, and Policy Impact”, the second edition of its research examining the evolving role of financial influencers, or finfluencers, in shaping investment decisions in India. Building on the inaugural Clicks and Credibility report published in 2025, the new study finds that while regulatory scrutiny and market awareness have increased, significant challenges remain around disclosures, accountability, conflicts of interest, and investor protection.
The latest report, analysing content practices of 48 prominent Indian finfluencers finds that while the proportion of SEBI-registered finfluencers has increased from 2 percent in the previous study to 6 percent, the share of finfluencers providing explicit stock recommendations remains unchanged at 33 percent, underscoring a continued disconnect between influence and regulatory oversight. The research also found that 37.5% of finfluencers do not disclose conflicts of interest, including sponsored content and affiliate relationships, and more than a quarter fail to mention important investment considerations such as fees, tax implications, or lock-in periods.
Arati Porwal, Senior Country Head – India, CFA Institute, said:
“The unprecedented growth in retail participation in India’s financial markets requires a strong foundation in financial awareness, investor education and investor protection. As more investors turn to social media for financial information, finfluencers have an opportunity to expand financial awareness and participation. They, however, must be backed by transparent disclosures, ethical conduct, and accountability. Through periodic reporting and research, CFA Institute aims to support constructive dialogue among regulators, platforms, market participants, content creators and more importantly investors, to ensure that innovation continues to strengthen, rather than compromise, investor trust.”
Key findings from the report include:
- Only 6.3 percent of the 48 finfluencers analysed are SEBI-registered, despite 33.3 percent providing explicit stock recommendations.
- 37.5 percent fail to adequately disclose conflicts of interest, sponsorships, or affiliate marketing arrangements.
- 72.9 percent mention important investment considerations such as fees, tax implications, and lock-in periods, while 27.1 percent do not.
- Around 6 percent of sampled finfluencers have been publicly linked to issues relating to disclosures or conduct, while 4 percent have faced SEBI penalties.
- Instagram remains the dominant platform, accounting for nearly half of total followers, with Instagram and YouTube together representing more than 90 percent of cumulative audience reach.
- Half of all finfluencers are aged 30 or younger, while the average age is 32 years
- 50 percent of all finfluencers analysed were based in Mumbai and Delhi NCR, with more than 10 percent operating from outside India, underscoring the growing cross-border reach of financial content on social media.
Gaurav Kapur, Senior Director, Government Relations & Advocacy, India, CFA Institute, commented:
“The conversation around finfluencers is no longer simply about social media; it is about preserving confidence in capital markets in an increasingly digital world. While regulators have introduced meaningful measures to improve transparency and oversight, the findings highlight opportunities to further strengthen disclosures, accountability, and investor awareness. As the ecosystem continues to evolve, maintaining investor trust will require continued collaboration across regulators, digital platforms, market participants, educators, and investors.”.
The report identifies several recurring challenges, including inadequate disclosure of paid collaborations, opaque financial incentives, conflicts of interest arising from parallel business activities, the blurring of financial education and investment advice, and the migration of investment discussions to private groups, webinars, and other closed channels that receive limited regulatory visibility.
To address these concerns, the report recommends a series of measures for investors, social media platforms, and policymakers. These include stronger and standardised disclosure frameworks, verification mechanisms for regulated advisers, enhanced monitoring of misleading content and AI-generated financial promotions, a finfluencer code of conduct, greater international regulatory cooperation, and investor awareness campaigns focused on identifying credible sources of financial information.
The report also highlights how regulators globally are moving beyond investor education toward stronger accountability frameworks. Jurisdictions including the United Kingdom, Australia, Singapore, France, and the United States have introduced or strengthened measures governing financial promotions, influencer disclosures, and digital financial communications, reflecting a broader international shift toward increased oversight of finfluencer activity.
While India’s finfluencer ecosystem is demonstrating encouraging signs of greater regulatory awareness, meaningful progress will ultimately depend on strengthening disclosures, reinforcing ethical standards and educating investors to make informed decisions.
Note to Editors:
Clicks and Credibility 2.0: From Influence to Accountability, Disclosures, and Policy Impact is based on an analysis of publicly available content from 48 finfluencers operating primarily in India. The report examined content across Instagram, YouTube, LinkedIn, and X between January and October 2025 and builds upon the 2025 report, Clicks and Credibility: Understanding Finfluencers’ Role in Investment Decisions.
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standards for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 9 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.
