Now Google is going to take a big step to curb the increasing investment fraud in India. The company has announced that it will give a verified label to the investment apps available on its App Store so that users can easily differentiate between real and fake platforms.
Only SEBI-registered apps will get verification
Under this new system, only those brokers and intermediary apps which are registered with India’s market regulator SEBI will be considered verified. This simply means that unregistered or suspicious apps will not get this tag, which will help users identify safe options.
Big action on fraud – Finfluencers also on radar
This move comes at a time when the regulator is increasing its strictness on fake investment advisors, unlicensed platforms and finfluencers giving investment advice on social media. The focus of the government and regulators is to stop scams taking place in the name of investment.
More than 600 apps got initial tag
According to Google, about 600 financial service apps in India have already been given strict verification label investment apps. SEBI’s action: Now the remaining finfluencers with verified tag on Google are also on the radar. The company says that its aim is to create a digital ecosystem where users can invest with confidence.
It will be difficult to copy fake apps
According to SEBI, the verified badge will make it very difficult to copy genuine financial apps. This will also make it easier for users to understand which app is trustworthy and which is not. SEBI has also indicated that it will work with platforms like Google and Meta to stop unregistered financial advertisements. Apart from this, coordination will also be increased with the Ministry of Electronics and IT so that a close watch can be kept on online fraud.
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