A strike at the finfluencers

Almost a year back, markets regulator SEBI released a consultation paper on rules to limit the influence that 'finfluencers' wield. Essentially, the thrust was to disrupt the revenue model of such finfluencers by prohibiting any association, whether monetary or non-monetary, between SEBI-registered intermediaries/regulated entities and unregistered entities (including finfluencers). Now, those rules are here. The new rules say that 'The persons regulated by the Board and the agents of such persons shall not have any association, like any transaction involving money or money's worth, referral of a client, interaction of information technology systems or any other association of similar nature or character, directly or indirectly, with any other person who, directly or indirectly, provides advice or recommendation or makes any implicit or explicit claim of return o