The Delhi High Court has issued a notice for showing advertisements of cryptocurrency exchanges on television without disclaimer. The petition filed in the High Court has sought a direction to make rules related to showing advertisements of cryptocurrency exchanges on TV. According to a report by Live Law, a bench of Delhi High Court Chief Justice DN Patel and Justice Jyoti Singh issued this notice on a petition filed by advocates Akshay Shukla and Vikas Kumar. Shukla himself was present as the petitioner.
Guidelines sought on advertisements for cryptocurrency exchanges
Shukla’s petition had sought a direction to issue guidelines, circulars or rules regarding the advertisements of cryptocurrency exchanges to be shown on TV. It said that the disclaimer should be displayed when advertisements for cryptocurrency exchanges are shown on TV and its text should cover up to 80 per cent of the screen. The disclaimer should be read slowly instead of hurriedly i.e. speed reading. This duration should be at least five seconds.
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SEBI and the Ministry of Information and Broadcasting were also made respondents
Three established cryptocurrency exchanges were made defendants in the petition. All these exchanges operate from India and have advertisements on TV appealing to invest in crypto currency and crypto assets. In this, the secretary of SEBI and the Ministry of Information and Broadcasting was also made respondent. It was said in the petition that mutual fund companies follow standard guidelines while advertising their products. The rules of advertising that have been made for this are being fully followed by them. In the case of advertising, investment in cryptocurrencies should also be equated with investment in mutual funds and transparency should be brought in advertising. This will serve the interest of the investors.