SEBI to crack down on spams, online fraud and loan apps; meeting with regulators around the world tomorrow

The Telecom Regulatory Authority of India (TRAI) in collaboration with the Securities and Exchange Board of India (SEBI) is working with the Ministry of Consumer Affairs to crack down on spam, online fraud, and loan apps. So far three meetings have been held and on Wednesday there will be a meeting with regulators around the world.

Zee Business was the first to launch a campaign against spam, online fraud, and loan apps, named #OperationHaftaVasooli. After which it came into discussion and TRAI Chairman PD Vaghela said that spam, online fraud, and loan apps have become a big problem for the country. He further said that strict steps need to be taken to stop this. For this, discussions are also going on with the industry and operators and the work of regulation and control of loan apps is also being done.

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And since, apps and servers are used in other countries as well, therefore focused action needs to be taken. Regarding this, a meeting will be held on May 18, 2022, with regulators from all over the world to discuss this topic.

TRAI Chairman also said that the 5G ecosystem will have to be created and it is expected that 5G will be launched in the stipulated time frame. It is recommended regarding the use, application, and training of 5G networks. Along with this, all the ministries have also been suggested to prepare an action plan, so that the use of 5G can be made easy.

Apart from this, the role of the police administration is also important in the spam and loan app case, said Vaghela. Discussions are going on about the mandatory registration.