Allow only brokers and intermediaries registered with SEBI to carry a verified badge
Alphabet’s dominant advertising business has remained largely resilient despite economic uncertainty and intense competition. PHOTO: AFP
Alphabet’s Google will label verified investment apps on its app store in India, a move aimed at helping users spot legitimate trading platforms and avoid scams, a senior official at the country’s markets regulator, Securities and Exchange Board of India, said on Wednesday.
The move will allow only brokers and intermediaries registered with SEBI to carry a verified badge, helping users identify legitimate platforms and distinguish them from fraudulent apps posing as them.
India has seen a rise in fake trading apps mimicking well-known brokers, promising quick returns while siphoning off user funds. Regulators say these scams often exploit first-time investors who rely heavily on app store listings to judge credibility.
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To earn Google’s new verification badge in India, investment apps must be officially registered with SEBI.
Although unverified apps will remain on the store, the badge serves as a clear marker of regulatory compliance to help users identify safer platforms.
While Google hasn’t fully outlined the technical processes yet, it will sync its eligibility criteria with SEBI’s database to ensure only legitimate brokers receive the label.
