Google to label verified investment apps in India amid scam crackdown

Alphabet'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. India has seen a rise in fake trading apps mimicking well-known brokers, promising quick returns while siphoning off user funds. Regulators say these scams often exploit first-time investors who rely heavily on app store listings to judge credibility. Read: OpenAI drops AI video tool Sora, startling Disney, sources say To earn Google’s new verification badge in India, investment apps must be officially registered with SEBI. Although unverified apps will remain on the store, the badge serves as a clear marker of regulatory compliance to help users identify safer platforms. While Google hasn't fully outlined the technical processes yet, it will sync its eligibility criteria with SEBI’s database to ensure only legitimate brokers receive the label.