Google to label verified trading apps on Play Store in India

SEBI Chairman Tuhin Kanta Pandey says fake apps are a “serious threat” and urged technology firms to work with regulators for investor protection.

Google will label verified investment apps on the Play Store in India to help users spot legitimate trading platforms and avoid scams.

Google Play Store app on a smartphone. (Pixabay)

Launching Google’s initiative on Wednesday, SEBI Chairman Tuhin Kanta Pandey said fake apps are a “serious threat” and urged technology firms to work with financial regulators for investor protection.

“Fake apps are now a serious threat and can cause irreparable financial harm,” he said. “Regulators, intermediaries and Big Tech must work together as investor protection is a shared responsibility.”

The initiative will ensure that apps on the Play Store have a verified badge and that a user can safely transact after seeing the badge, he said.