India, June 24 -- SEBI on Tuesday proposed allowing market intermediaries, including stock brokers, mutual fund houses, investment advisors and portfolio managers, to engage celebrities for promoting their brands or entity name, while prohibiting endorsements of specific products or services. The proposal is part of a consultation paper on a Common Advertisement Code (CAC) for specified Sebi-regulated entities, aimed at harmonising advertising norms, reducing compliance burdens and strengthening investor protection.

Under the proposed framework, celebrity endorsements would be permitted only at the regulated entity's brand or corporate level, subject to prescribed conditions and appropriate disclaimers. Celebrities would not be allowed t...