With the support of the Securities and Exchange Board of India (SEBI), Google announced that it will begin labeling verified investment apps in its Indian app store. This initiative aims to help users identify legitimate financial platforms and avoid falling into the trap of fraudulent apps. It is reported that only brokers and intermediaries registered with SEBI will be eligible for this verified badge, and approximately 600 financial service apps in India have already received this badge. Google also stated that it will strive to establish an ecosystem of trusted investment apps in the future.
This move comes against the backdrop of a sharp increase in fraud cases encountered by retail investors in India, with regulators also stepping up their crackdown on unauthorized investment advisors and financial influencers. SEBI Chairman Tuhin Kanta Pandey pointed out that the verified badges will make it more difficult for apps to impersonate genuine financial services. Google India is collaborating with SEBI, Meta, and other companies to prevent unregistered financial entities from advertising their content. In addition, SEBI plans to sign an agreement with the Ministry of Electronics and IT to strengthen efforts against financial fraud.
