Social media is the biggest risk for mutual funds, says Nimesh Shah

MUMBAI: Nimesh Shah, chief executive officer of ICICI Prudential Asset Management, on Thursday said social media has emerged as the biggest risk for India’s mutual fund industry. He was speaking at the fourth edition of ETMarkets Global Summit.

“There are so many experts [out] there. It’s posing a big risk for the industry,” Shah said.

Social media platforms such as Twitter, Instagram, and even Tik Tok before its ban, gained prominence among millennial investors looking for hot tips or guidance on investing. A plethoras of experts on these platforms have amassed an army of followers, who are taking decisions based on mere tweets.