Sebi Chairman Sounds Alarm on Fake Apps: A New Investor Threat

Sebi Chairman Tuhin Kanta Pandey has identified fake applications as a significant risk, urging major tech firms like Google and Meta to collaborate with financial regulators for investor protection. With 140 million unique investors in India, safeguarding their trust is crucial. Sebi is working to remove harmful apps and introduce the verified app label initiative.

Sebi Chairman Tuhin Kanta Pandey warned of the growing threat posed by fake applications on Wednesday, urging collaboration between tech giants like Google and Meta with financial regulators to protect investors.

Highlighting the exponential participation surge in India's investment market, Pandey stated that investor trust is paramount, with 140 million unique investors and a market capitalization exceeding Rs 423 lakh crore.

The newly launched verified app label initiative aims to ensure app authenticity, beginning with 600 stock broker apps, paving the way for enhanced investor security. Pandey emphasized a strategy of 'pause, verify, and proceed' for users.

(With inputs from agencies.)