Advertisement Code: mutual fund ads must be accurate, non misleading, and include the prescribed market risk warning. The Advertisement Code requires mutual fund advertisements to be accurate, clear, complete and not misleading, prohibits testimonials, rankings and celebrity endorsements, and mandates consistency with scheme disclosures. Advertisements must not exploit investor inexperience or use excessive technical language. A standard unmodified warning about market risks must be prominently displayed; vernacular versions must include the warning in the vernacular, and audio visual ads must present the warning both visually and in a clear voiceover.