As per a report by MediaNama, the Securities and Exchange Board of India (SEBI) has notified the Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2026 (Notification No. SEBI/LAD-NRO/GN/2026/323, dated October 8), introducing a Common Advertisement Code that the SEBI board approved at its 215th meeting on September 24. The code covers stock brokers, depository participants, online bond platform providers, investment advisers, research analysts, mutual funds, asset management companies and portfolio managers. It was published in the Gazette of India on October 9 and comes into force on the 180th day from publication, which MediaNama puts in April 2027.

The code counts a virtual influencer, described as "fictional computer generated 'people' or avatars who have the realistic characteristics, features and personalities of humans," as a celebrity, alongside social media influencers above the thresholds in Advertising Standards Council of India guidelines. An advertisement featuring a celebrity may be issued only with prior approval from the supervisory body or SEBI, and celebrities may endorse at brand or entity level but may not make an inducement or claim about a specific product or service. For most other advertisements, the board decided that prior approval is no longer required and that they be reported within three working days of release. The code also bars adjectives such as "high yield, high rated, high returns" where they are vague and without basis.