Zerodha's CEO and co-founder Nithin Kamath on financial literacy and why finfluencers need regulation.
Finfluencers are new-age personal finance consultants who create digital content on social media. Their genre is one of the fastest-growing content universes online. Recently, there has been a universal call for tighter regulations for finfluencers who have taken over the internet.
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Finfluencers should educate people because financial literacy is the need of the hour but if they start giving financial advice then that needs to be regulated, says Nithin Kamath, co-founder and CEO of Zerodha.
Kamath, who is also a part of the Securities and Exchange Board of India's Secondary Market Advisory Committee, says that content creators or fininfluencers can get sketchy when they start doling out financial advice that needs to be actively regulated.
During the first edition of the Moneycontrol Startup Conclave, Kamath emphasized on the need to create financial literacy but not in form of advisory of any sort. “I've no doubt that financial education is the need of the hour. But I think where it kind of becomes a little sketchy is if people use their influencing powers and start setting the wrong expectations in the market,” he tells Storyboard18.
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