Pandey acknowledged inconsistencies between two SEBI circulars on the use of live data and said the regulator will address the issue shortly. His remarks come days after SEBI imposed a penalty and ordered disgorgement of over Rs 546 crore from financial influencer Avdhoot Sathe for allegedly providing unregistered investment advice.

Citing a recent SEBI survey, Pandey noted that 62% of respondents relied on finfluencer recommendations for investment decisions, even though only one-third said they adequately understood the securities market. He warned that exaggerated or misleading claims by influencers and intermediaries increase investor risks.

At the event, SEBI also launched the Past Risk and Return Verification Agency (PaRRVA), developed with the NSE and CAREEdge Ratings, to independently verify historical returns claimed by registered intermediaries. Pandey said the agency sets a global precedent by authenticating performance data and helping temper unrealistic investor expectations. He said both measures aim to improve transparency and curb the influence of unverified market advice on retail investors.