Key insights
- Google will label verified investment apps in India to combat scams, allowing users to distinguish legitimate platforms from fraudulent ones. While primarily impacting the Indian market, this move signals increasing regulatory scrutiny of investment apps globally, potentially leading to similar measures in the US, creating compliance costs for Google and other app store operators.
March 25 (Reuters) - Alphabets's Google will label verified investment apps on its app store in India, a move aimed at helping users spot legitimate trading platforms and avoid scams, a senior official at the country's markets regulator Securities and Exchange Board of India said on Wednesday.
The move will allow only brokers and intermediaries registered with SEBI to carry a verified badge, helping users identify legitimate platforms and distinguish them from fraudulent apps posing as them.
(Reporting by Nishit Navin in Bengaluru; Editing by Tasim Zahid)