Sebi launches ‘verified app label initiative’ to fight fake investment apps

MUMBAI: Warning that many fake investment apps promising assured returns are mushrooming by the day, taking the public for a ride, Sebi chairman Tuhin Kanta Pandey said such apps, which closely resemble those of Sebi-registered intermediaries, are not only defrauding investors but also damaging their trust in the market.

“The damage caused by such fake apps is not just financial, but also a loss of confidence. When trust is damaged, investor participation and market development suffers,” Pandey said here Wednesday while launching the ‘Sebi verified app label initiative,’ which is a simple but important investor protection measure by the regulator.