Lights, Camera, Compliance: SEBI’S New Common Advertisement Code for Intermediaries

Until now, advertisements by market intermediaries were governed by a patchwork of codes spread across regulations, master circulars and circulars of numerous supervisory bodies. The Securities and Exchange Board of India (“SEBI”), vide its notification dated October 8, 2026, has now replaced this with a single framework introduced in the SEBI (Intermediaries) Regulations, 2008 (“Regulation(s)”). The Common Advertisement Code (the “Code”) under the Regulations permits celebrity endorsements at brand level, restricts prior approval to celebrity advertisements, and sets out compliance requirements for all advertisements. The Code will come into force on April 7, 2027.