How To Spot Genuine Trading Apps? Sebi Introduces New Verification Tool On Google Play Store

The Securities and Exchange Board of India (Sebi) on March 25 introduced a new investor protection step by launching a ‘Verified’ label for stock trading apps of SEBI-registered brokers on the Google Play Store.

This initiative comes at a time when fraudulent trading apps are on the rise, often mimmicking the look and feel of genuine platforms to fool retail investors.

To tackle the issue, Sebi partnered with Google to introduce a “Verified” badge on the Google Play Store. This label will appear on stock trading apps run by Sebi-registered entities, making it easier for investors to identify genuine platforms and avoid fake ones. The regulator added that the feature will later be expanded to cover apps of other intermediaries as well.

Speaking at the launch, Sebi Chairman Tuhin Kanta Pandey said that Sebi has asked Google to leverage artificial intelligence (AI) tools to track “finfluencers” who transgress regulations and promote dubious schemes.

"We must develop tools according to our laws and regulations which will help kick such people out of the cyber space, which they are destroying through social media platforms and creating so much of a problem for the community," he said.