Advertising body says opinion trading poses financial risk; seeks regulatory clarity
The
Advertising
Standards Council of India (ASCI) on Tuesday warned that 'opinion trading' poses financial risks, and sought a
regulatory clarity
on the status of such activities. The self-regulatory body for the advertising industry said it will have to formulate advertising guidelines if
opinion trading
-- in which users make monetary bets on binary outcomes of real-world events -- is legally permitted.
In a 'white paper' that has come within a month of
capital
markets regulator Sebi saying opinion trading does not fall in its regulatory purview, ASCI said it has come across advertising from global and local players and influencers around opinion trading.
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"...analysis of such posts reveals that some of these appear to be pure
speculation
and can pose financial risks - especially for young and financially vulnerable groups. ASCI has called for regulatory clarity on the status of such activities in India," the body said.
If advertising of such activities is not permitted then all stakeholders need to establish mechanisms to monitor any violations of the law, the ASCI said.
The white paper spotlights the current advertising practices and applicability of existing laws, as well as examines regulatory approaches to similar services in other countries.
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ASCI pointed out that as per the National Initiative for Consumer Interest (NICI), opinion trading platforms have over 50 million users and transactions exceed Rs 50,000 crore annually.
Globally, opinion trading is regulated either as a financial instrument, or under gambling laws, ASCI said.
"Opinion trading platforms raise serious concerns as their structure and mechanics closely resemble betting in some instances, and can expose consumers to significant
financial risk
. The advertising that accompanies these platforms often heightens the risk, with exaggerated claims of easy winnings and false assurances of reliability," the body's chief executive and secretary general Manisha Kapoor said.
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