New Delhi: The Securities and Exchange Board of India (SEBI), in collaboration with Google, has introduced a Verified Label on the Google Play Store for stock trading apps of SEBI-registered brokers. This initiative helps protect investors from fraudulent apps and ensures safer investing.
The proliferation of fraudulent trading apps has posed a serious threat to retail investors, with scammers impersonating genuine apps that eventually deceive gullible investors in believing that their investments done through the fake apps are directed to the regulated securities market.
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. Verified stock trading apps associated with SEBI registered entities will now display a ‘Verified’ label in the Google Play Store. Subsequently, the ‘Verified’ label will also be extended to apps of other regulated intermediaries.
Chairman, SEBI, advised investors to follow – ‘Pehle Pechaan Kare, Fir Nivesh Kare!’
While closing the event, Chairman SEBI, requested investors to follow SEBI ‘CVV’ where:
C – Check (Bank Accounts through “SEBI Check” available in the Saa₹thi app of SEBI),
V – Validate (UPI ID handles having the word “Valid”, which can be checked through “SEBI Check”), and
V – Verify (Verified Labels for Stock trading apps in Google Play store)
Chairman, SEBI, further mentioned that this collaboration between SEBI and Google represents a major breakthrough in the ongoing battle against bad actors in the investment space.
Google Play, MD, Aditya Swamy, mentioned that this is a unique public-private partnership towards the shared objective of investor protection and that Google would be keen to further collaborate for further such initiatives.
