In their submissions to the Sebi draft proposal, social media companies and their representative bodies have questioned the market regulator’s jurisdiction and said the additional mandates will raise their compliance burden, enhance costs and create one more regulator for the sector that many feel is already overregulated. About a month ago, the markets regulator came out with a draft proposal in which it said that only those internet and social media intermediaries which are classified as specified digital platforms (SDP) by Sebi will be allowed to host any content or take any advertisements related to the securities market or any other financial advice.