Securities and Exchange Board of India, SEBI today allowed celebrities to endorse mutual fund products at the industry level and issued new advertising code that will require fund houses to communicate in a simple manner with the public.<br/><br/>In a circular, market regulator Sebi said that it has permitted celebrity endorsements at industry level, for the purpose of increasing awareness of mutual funds as a financial product category, with immediate effect. However, such celebrity endorsements should not promote a scheme of a particular mutual fund or be used as a branding exercise of an asset management company. Prior approval of Sebi would be required for issuance of such advertisements which feature celebrities.