Google Labels Verified Investment Apps in India Amid Fraud Crackdown
On March 25, Google announced it will mark verified investment apps on its Google Play store in India. The move aims to help users identify legitimate trading platforms amid a wider fraud crackdown.
Verified badge and eligibility
Only brokers and intermediaries registered with the Securities and Exchange Board of India will qualify for the verified badge. Aditya Swamy, managing director at Google Play, said about 600 financial services apps already carry the label.
Google labels verified investment apps to help users choose trusted services. The company described the initiative as part of building a safer app ecosystem in India.
Fraud trends driving action
Regulators cited a rise in online financial fraud across apps and social channels. Unregistered financial influencers have promoted high-return schemes that carry high risk.
These developments prompted a fraud crackdown and closer scrutiny of app-based investment platforms. Users have faced impersonation and misleading advice on multiple digital fronts.
Regulatory measures and coordination
SEBI has banned regulated entities from partnering with unregistered financial influencers. The regulator has also taken enforcement steps against influencers offering unauthorised investment advice.
- Actions include market bans and fund impoundment.
- Mechanisms were developed with Google and Meta to block ads from unregistered financial entities.
SEBI Chairman Tuhin Kanta Pandey said the verified badge will limit impersonation of genuine services. Jeevan Sonparote, a SEBI director, said the regulator will sign agreements with the electronics and IT ministry within a month.
Impact and outlook
The verified badge is expected to make it easier for users to spot legitimate apps. Combined regulatory steps aim to reduce scams and improve investor protection in India.
Filmogaz.com will monitor further developments as the fraud crackdown and coordination between platforms and regulators progress.
