Finance Minister Nirmala Sitharaman on Sunday said the government has no proposal to regulate the financial influencers at present, while at the same time suggesting that social media users need to exercise caution while consuming content from such influencers.

"If there are three or four people giving us free objective good advice, there are seven others who are also driven by some other considerations," Sitharaman said.

FM said there are apps offering lucrative returns. "Many of the apps are ponzi. We are working with the ministry of information technology and RBI and clamping down on them like never before," said Sitharaman.