SEBI’s Witch-hunt against a Reporter in BFIL Case Can Have a Chilling Effect on Media Freedom

The Securities and Exchange Board of India (SEBI) recently announced that it wants to rein-in financial influencers luring people with unsolicited investment advice on social media platforms. It is also working hard to regulate journalists who have brazenly misused their position for front-running their stock recommendations or help in pump-and-dump schemes. The regulator’s attempt to make the media more accountable and disciplined is most welcome; but its recent investigation and adjudication proceedings against a reporter at ET Now, is deeply troubling in its over-zealousness in alleging fraud and unfair trade practices, and its understanding of the role of the media is also questionable.

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