Securities market regulator SEBI on Monday said that it is in the process of framing new guidelines against misguiding investors through social media platforms.
According to SEBI Chairman U.K. Sinha, the limited mandate of the securities market regulator is to stop the misuse of social media to misguide investors.
Sinha pointed out at his final press conference as the Chairman of SEBI, that the regulator is also uncomfortable with the practice by some parties of sending bulk SMSes which guarantee assured returns.
Sinha's extended tenure ends on March 1, 2017. He will be succeeded by senior Indian Administrative Service (IAS) Officer Ajay Tyagi.
Tyagi, a 1984-batch IAS Officer from Himachal Pradesh cadre who presently holds the portfolio of Additional Secretary, Department of Economic Affairs in the Ministry of Finance, will succeed U.K. Sinha, whose extended tenure ends on March 1, 2017.