Sebi Chief Warns of Growing Threat from Fake Apps, Calls for Tech Collaboration Sebi Chairman Tuhin Kanta Pandey has highlighted the increasing danger posed by fake applications, warning they could cause significant financial harm to investors. Speaking at an event to launch the verified app label initiative in collaboration with Google, Pandey urged technology companies like Google and Meta to work closely with financial regulators to safeguard investor interests. Pandey noted that the next phase of heightened investor participation is imminent, emphasizing the importance of protecting stakeholder trust in the market. He cited statistics showing that the number of unique Indian investors has reached 140 million, with the overall market capitalization surpassing Rs 423 lakh crore. The verified app label initiative, launched on Wednesday, aims to ensure that apps on Google’s Play Store display a verified badge, allowing users to transact securely after confirming the badge. The initiative begins with 600 apps from stock brokers, with plans to include registered investment advisors and online bond platforms in the future. Pandey described the effort as pioneering, stating that other global jurisdictions will likely follow this model. He also advised investors to adopt a "pause, verify, and proceed" strategy to protect their interests. Sebi has already taken down over 1.3 lakh pages of harmful content across platforms and removed 66 fake trading apps. Pandey stressed that regulators, intermediaries, and tech firms must share responsibility for investor protection. At the event, Sebi’s whole-time member KC Varshney echoed this sentiment, calling for measures to prevent app stores from hosting fraudulent applications.#google #meta #sebi_chairman_tuhin_kanta_pandey #verified_app_label_initiative #sebi_whole_time_member_kc_varshney
