The Advertising Standards Council of India (ASCI) has released a whitepaper titled “Examining Opinion Trading in India,” shedding light on the emerging area of opinion trading/prediction markets and the need for regulatory clarity around this rapidly growing sector. As per the National Initiative for Consumer Interest (NICI), these platforms have over 50 million users and transactions exceeding INR 50,000 crore annually. Opinion platforms engage users to make monetary bets on binary (yes/no) outcomes of real-world events ranging from sports to politics.
Globally, opinion trading is regulated either as a financial instrument or under gambling laws. In India, SEBI has already issued an advisory dated April 29th, 2025, cautioning the public that “… opinion trading does not fall within regulatory purview of SEBI, as what is traded is not security…”. ASCI has come across advertising from various players, both global and local, as well as influencers on social media that promote opinion trading as knowledge and skill based games.
Ms. Manisha Kapoor, CEO & Secretary General of ASCI, said, “Opinion trading platforms raise serious concerns as their structure and mechanics closely resemble betting in some instances and can expose consumers to significant financial risk. The advertising that accompanies these platforms often heightens the risk, with exaggerated claims of easy winnings and false assurances of reliability.”Read the whitepaper here: (LINK)
