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BASL Guidelines- Advertisement Code For Investment Advisers Part-II

Note: It’s a little lengthy article, and hence I have divided the article in two parts for the ease of your reading.

You are reading Part II of the article. Suggested to read Part-I first.


Advertisements that need prior approval from BASL:

1. Any content that promotes new products/ services/ subscription plans etc. or amounts to solicitation for account opening including brand promotion through RIAs’ website, RIAs own or any other social media platforms.

Content shall also include all information, terms & conditions, disclaimers etc. which are accessible through active links.

2. Where any content, organising competition, contests online have been posted by any employee and not directly by the RIAs, and which promotes the brand, products and services or that can influence the investment decisions, those content shall be approved by BASL prior to posting it.

3. Where you want to display any awards received by you from any third parties through RIAs APP promotion.

4. Any content in form of advertisement on any mode by any authorised person, business partner, channel partners of RIAs.

5. Any video content or other form of content made or distributed on investment advice by any third party which is directing to information or promoting the RIAs name or has the capacity to influence the investing decisions of the investors.

6. Any event or programme that is sponsored by the RIAs and products/ services/ subscription plans are displayed.

This is what we all are waiting for:

Cases where no approval is required from BASL:

1. Wishes and greetings on events/ festivals by RIAs wherein no promotional activities are involved.

2. Contents that are exclusively for educational purpose and knowledge sharing on capital market concepts and which in no way influence the investment decisions of the investor/prospective investor.

Like, any communication on overall changes in the market on a particular day, or discussion on economic news wherein no information that can influence the investors, can be made without BASL approval.

3. Press release or audio or video interviews wherein the RIA does not mention his/her products/ services etc and in no means influence the investors’ decision.

4. Advertisement those were approved earlier by BASL and are yet to be published by the RIAs, provided that the content should be same or with limited change.

Like, limited updates of more recent statistical information issued by third parties, whether it is issued by Member, Channel Partner, or Employee.

5. Any third party advertisement: Where BASL has approved any advertisement which has third party’s product and services, approval shall not be required if those third party publishes such advertisement containing such products and services and RIAs name/logo, provided prior approval is taken from RIA to publish it.

6. If any advertisement is approved for a specific medium (say print media), the same content can be used without BASLs approval in any other redesigned medium (say social media).

7. Any public communication, inviting applications for franchisees/authorised person to work towards business expansion of the RIAs, provided the communication should not influence the investor decisions.

Approval Provisions:

1. RIAs need to apply for the approval through ‘BASL Membership Portal- Application for Advertisement section’ by using their login credentials.

2. Maximum of only 3 creatives can be included in one advertisement for approval.

3. The RIA must ensure that complete advertisement including the contents provided in the links shall be submitted with BASL for approval.

4. The RIAs will have to provide an undertaking in the format provided BASL confirming compliance with the code of advertisement.

5. The RIAs will also have to provide an undertaking while submitting the content/ script/ advertisement that has artists forming part of such advertisement in the format prescribed.

6. Where the creative is in any regional language, then an English translated advertisement shall also be provided to BASL for approval.

Other important provisions:

1. Any advertisement once approved by BASL shall be valid for a period of 180 days.

2. The guidelines and the code shall be applicable on agencies associated with RIAs and are issuing advertisement with RIAs name on it.

3. Copy of advertisement shall be maintained and shall be produced before BASL/ SEBI on demand.

4. The decision of BASL shall be final in deciding if any advertisement is complying with the provisions of the advertisement code of not.

To conclude, BASL/ SEBI has made it very clear that you cannot advertisement anything in any manner that may influence the decision of the potential investors or existing investors. Further, it has covered all the modes of communication that may possibly be used to advertise.

BASL is yet to issue a circular regarding the fees that it would charge to approve these advertisements. We are hoping to have an official circular soon.

In case of any queries, please write to me at or call me at 9148973085.

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