Google Partners SEBI To Label Verified Trading Apps On Play Store

With an eye on clamping down on fraudulent trading apps and scamsters, the Securities and Exchange Board of India (SEBI) has partnered with big tech giant Google to roll out “verified” badges for legitimate stock trading apps on Play Store. 

Under the initiative, a SEBI-registered stock trading app will now display a “verified” label on the app marketplace. Going forward, the badges will also be extended to apps of other regulated intermediaries.

“SEBI, in collaboration with Google, has taken this initiative to implement a first-of-its-kind “Verified” badge on Google Play, to start with, for all stock trading apps in India that are offered by entities that are registered with SEBI,” read an official SEBI statement.

SEBI chairman ​Tuhin Kanta Pandey ⁠said that the collaboration between the regulator and Google aims to clampdown on bad actors in the investment space. He was quoted as saying by Economic Times that nearly 600 financial services apps in India have already been assigned the verified label.

While noting that SEBI has taken down over 1.3 Lakh pages of content on various platforms and 66 fake trading apps, Pandey reportedly also directed big tech giants Google and Meta to work with financial regulators for investor protection.

The collaboration comes amid growing concerns related to mushrooming fake investment apps in the country. Many of these platforms mimic legitimate brokers and offer high returns to build trust, before blocking accounts when large sums are invested.

Just a day ago, The cyber crime wing of Delhi Police’s South-West District reportedly busted a digital investment fraud syndicate and arrested 11 persons for duping a senior citizen of ₹22.67 Lakhs with deepfakes. Earlier last week, a 43-year-old property dealer in Uttar Pradesh’s Faridabad was duped of ₹17 Cr in an alleged investment app fraud case. 

Last month, a 52-year-old wholesale pharmacy distributor in Maharashtra reportedly also lost ₹6.7 Cr in a fake investment app scam. 

Not just this, minister of state (MoS) for home affairs Bandi Sanjay Kumar earlier this week informed the Parliament that enforcement directorate (ED) has identified proceeds of crime totalling ₹35,925.6 Cr in connection with 257 cybercrime cases. 

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