SEBI cracks down on gaming apps offering virtual trading services, fantasy games
Mumbai/IBNS: The Securities and Exchange Board of India (SEBI) is cracking down on gaming apps offering virtual trading services and fantasy games based on the movement of real-time share prices of listed companies, which have mushroomed over the past few years in the wake of high retail investor appetite for stock trading, reports said.
According to reports, in a move aimed at quashing such activities, the capital market regulator has directed exchanges and depositories not to share real-time price data with third parties.
"If the data is used for education or fun purposes it's fine, but monetary incentives can not be allowed based on the performance of the virtual stock portfolio. Then it's like dabba trading, which is illegal," a regulatory official was quoted as saying by Economic Times.
The action of SEBI, which will not impact media agencies providing real-time data feeds, effectively ends all platforms offering trading competitions, demo trading, and contracts for difference (CFDs), as per reports.
In recent years, numerous stock gaming platforms have emerged in India, which do not involve real-time trading through stock brokers but allow users to compete based on fictional trading strategies and portfolios.
Users of these platforms pay a membership fee to participate, and top performers receive prizes, according to reports.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Two killed, 22 injured in violent protests against Pakistan government in PoK
Donald Trump announces 100% tariff on films made outside US, new duties on imported furniture
Assam Rifles conducts major operation against drug smuggling in Tripura
New railway projects connecting India and Bhutan announced
