Key features of the app
The ‘Saa ₹thi 2.0’ app comes with a user-friendly interface and includes:
Financial calculators: Helps investors make informed financial decisions.
Educational modules: Explains KYC procedures, mutual funds, ETFs, and the process of buying and selling shares on stock exchanges.
Investor support: Provides information on the investor grievances redressal mechanism and the Online Dispute Resolution (ODR) platform.
Video content: Offers a variety of videos to guide investors in personal finance planning.
Rising need for reliable information
This launch comes amid a surge in trading scams in India. About 7,000 cyber-related complaints are registered daily on India’s National Cybercrime Reporting Portal (NCRP).
According to the Indian Cybercrime Coordination Centre (I4C), over 100,000 investment scam cases were reported in 2023. In the first four months of 2024 alone, Indians lost Rs 120 crore in 4,599 cases of digital fraud. Trading scams accounted for 20,043 cases, resulting in losses of Rs 1,420 crore during the same period. Additionally, Rs 222 crore was lost in 62,687 complaints of investment scams, and dating apps caused a loss of Rs 13.23 crore in 1,725 complaints. The total amount lost to cybercriminals by Indians between January and April 2024 stood at Rs 1,760 crore.
Sebi’s response to the crisis
Ananth Narayan G, whole time member of Sebi, highlighted the importance of the app in today’s digital age. “With social media often spreading biased or misleading information, there’s a strong need for a reliable and objective source of investment information,” he said. The ‘Saa ₹thi’ app aims to fill this gap by providing trustworthy insights into the securities market.
Target users
The app is particularly beneficial for young investors who are just starting their financial journeys, according to Ananth Narayan.
The ‘Saa ₹thi’ app is available for download on both the Google Play Store and the iOS AppStore.
First Published: Jun 04 2024 | 12:44 PM IST