Google to label verified stake apps in India amid scam crackdown
Alphabet's Google will label verified stake apps on its app store in India, a shift aimed at helping users spot legitimate trading platforms
An illustrative image related to: Google to label verified stake apps in India amid scam crackdown, highlighting key aspects of the story. | Image source: The Express Tribune
Google to label verified stake apps in India amid scam crackdown
Alphabet's Google will label verified stake apps on its app store in India, a shift aimed at helping users spot legitimate trading platforms and evade scams, a senior representative at the nation's markets regulator, Securities and Swap Board of India, said on Wednesday.
The shift will permit only brokers and intermediaries registered with SEBI to haul a verified badge, helping users identify legitimate platforms and distinguish them from fraudulent apps posing as them.
India has seen a climb 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 magistrate credibility.
To gain Google’s fresh verification badge in India, stake apps must be officially registered with SEBI.
Although unverified apps will stay 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 secure only legitimate brokers collect the label.
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