Paisa Bazaar's mutual fund ad featuring Akshay Kumar sparks debate Industry divided over use of brand ambassadors to promote digital platforms
Paisa Bazaar's latest advertisements featuring Akshay Kumar have kicked off a debate over use of brand ambassadors to promote digital platforms selling mutual funds. Industry body Association of Mutual Funds in India (Amfi) has directed Paisa Bazaar to seek an approval from Sebi for commercials featuring celebrities. “Amfi has directed Paisa Bazaar to seek Sebi’s approval before using celebrity advertisements so that they are not in violation of the ad guidelines laid down by Sebi,” said A Balasubramanian, chairman at Amfi. To be sure, Amfi doesn’t have regulatory powers like Sebi, however, it often advises participants on best practices for the industry. Sources say market regulator Securities and Exchange Board of India (Sebi) is looking into the issue following complaints from some industry players. However, the ads have already gone live on popular social media platforms. Paisa Bazaar and affiliate Policy Bazaar are big on television advertisements and make use of brand ambassadors.
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