India's markets regulator has tightened rules on the use of financial influencers by brokers and mutual funds, according to a press statement issued after its board meeting on Thursday.

The Securities and Exchange Board of India (SEBI) said brokers and mutual funds should stop using unregulated financial influencers for marketing and advertising campaigns.

Financial influencers engaged in investor education will be exempt from the new restrictions, SEBI said.

(Reporting by Jayshree P. Upadhyay; Writing by Ira Dugal; Editing by Sohini Goswami)