The TRAI has put the onus on of filtering stock markets advice related bulk SMS content in what appears to be, frankly, an unrealistic expectation of enforcement, making this an exception from its historical "penalise on complaints" approach to bulk SMS. A copy of the direction is here. In the order, the TRAI had said that SEBI had brought to its notice that "some unscrupulous persons or entities, masquerading as SEBI registered investment adviser [etc] are sending bulk SMS relating to investment advice or tips to telecom users for financial gains by manipulating the security market"..."the misuse of bulk SMS route in securities market is not showing any sign of being reigned in despite enforcement actions taken by SEBI against entities indulging in such manipulation using the bulk SMS route. First, the TRAI order: Stock tip related SMS only from SEBI registered entities, through a registered telemarketers: registered SMS's relating to investment advice/stock tips only from SEBI registered investment advisors, stock brokers, sub brokers, portfolio managers and merchant bankers (as per the list available on SEBI website) shall be sent through registered Telemarketer. Sent only as a transactional message: Messages from SEBI registered investment advisers shall only be sent as transactional message either directly or through a registered Telemarketer. Such messages shall not be sent or allowed to be sent as promotional messages (not permitted with a promotional header). SMS filter for telemarketers: Necessary arrangements shall be made to filter and block SMSs sent by Telemarketers using bulk SMS channel…
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