Google to introduce verification tick for registered broking apps: Sebi WTM

The move comes post Sebi's request; Sebi WTM Varshney says the feature will be visible on Play Store within two months

In a move to curb fraudulent apps impersonating registered market intermediaries, the Securities and Exchange Board of India (Sebi) has asked Google to introduce verification tick marks for genuine broking apps, whole-time member Kamlesh Chandra Varshney said on Saturday.

 

Speaking at the Bombay Stock Exchange Brokers’ Forum’s Capital Market Confluence, Varshney said the tech giant has agreed to the Sebi’s request, and the feature could be visible on Google’s Play Store within two months.

 

“When you open the app store, the apps of the registered stock brokers will have a tick mark which will once again help investors to know which is the right app and which one is fake,” said Varshney, while outlining other Sebi initiatives aimed at curbing fraud and promoting investor awareness, such as the valid UPI initiative and Sebi vs Scam campaign.

 

He added that the regulator is also working on reviving the commodity market and introducing measures to enhance liquidity.

 

“There are certain issues (in commodities) where we feel the brokers can play a very important role. Due to constitutional limitations, there are certain challenges. We cannot do spot transactions in commodities because that falls under state governments. Farmers want money immediately and cannot wait for the future settlement. The brokers would be playing a very important role in the evolving commodity market,” said Varshney.

 

Varshney, who oversees key portfolios within Sebi, also discussed ongoing efforts to address challenges in implementing the algorithmic trading framework. The regulator had earlier extended the implementation deadline due to operational difficulties.

 

“The immediate challenge is algo trading—how to make it operational. We have to cross that bridge as well because algo trading is going to be the future. We have given a timeline till December, and hopefully we will sort out everything by then,” said the whole-time member.