Google Play to add verification ticks for genuine brokerage apps
What's the story
The Securities and Exchange Board of India (SEBI) has requested tech giant Google to add verification tick marks for authentic broking applications. The move is aimed at protecting investors from fraudulent trading apps. Kamlesh Chandra Varshney, a whole-time member of SEBI, announced this during his address at the BSE Brokers' Forum's Capital Market Confluence on Saturday.
Tech giant's agreement
Verified tick feature to be available within 2 months
Varshney revealed that Google has agreed to SEBI's request, and the verified tick feature is expected to be available within two months on the Play Store. He said, "When you open the app store, the apps of registered stock brokers will have a tick mark, which will help investors know which is the right app and which one is fake."
Investor protection
Varshney urges brokers to support SEBI's initiatives
Varshney also urged brokers to support SEBI's 'valid UPI' initiative and 'SEBI vs Scam' campaign. These are aimed at preventing investors from falling victim to scams. The whole-time member of SEBI also spoke about the challenges in implementing an algorithmic trading framework due to operational hurdles, but expressed hope that all issues would be resolved by December.
Market revival
Measures to boost liquidity in commodity market
Varshney also spoke about SEBI's efforts to revive the commodity market and introduce measures to boost liquidity. He said, "There are certain issues in commodities, where brokers can play an important role." The whole-time member of SEBI added that brokers could bridge the gap between farmers' needs and market mechanisms, thus increasing reach to tier-2 and 3 cities.