DoT, SEBI To Combat Telecom-Linked Frauds, Sign MoU

In a major effort to combat telecom-linked fraud in India, the country’s Department of Telecommunications (DoT) and Securities and Exchange Board of India (SEBI) together signed a Memorandum of Understanding (MoU).

Collectively, both entities will establish a structured data-sharing mechanism that will target early detection and disruption of fraudulent activities, mainly in the securities market.

Details Of The MoU

Under the MoU, the DoT will share the Financial Fraud Risk Indicator (FRI) with the security markets regulator to identify mobile numbers linked to suspicious activity through multi-dimensional analysis. FRI will act as an early warning system to flag potentially fraudulent mobile connections before they are leveraged for financial scams.

The deployment of the FRI in other markets and systems has already helped prevent financial losses amounting to approximately ₹2,300 crore over the past ten months.

Additionally, the Mobile Number Revocation List (MNRL) will be shared automatically, with SEBI-regulated entities such as brokers and asset management companies (AMCs), allowing them to ensure that investor accounts are linked only to valid and active mobile connections.

SEBI will also provide inputs on telecom resources associated with accounts involved in cyber fraud, impersonation, or money mule activities with DoT, which will allow authorities to take swift action in the telecom domain and prevent misuse of communication infrastructure.

Furthermore, through the new MoU between DoT and SEBI, the exchange of information and data between the entities will be facilitated through DoT’s Digital Intelligence Platform (DIP), which connects more than 1,400 stakeholders and enables the real-time sharing of actionable intelligence.

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Existing Anti-Fraud Systems

The DoT has several ongoing initiatives that strengthen and support the newly signed MoU. One such initiative is DoT’s Sanchar Saathi platform, which has enabled the disconnection of over 88 lakh fraudulent mobile connections. These disconnections were carried out using the AI and Facial Recognition-powered Solution for Telecom SIM Subscriber Verification (ASTR).

Recently, the Securities and Exchange Board of India has also stepped up how it monitors financial content online. It is working with platforms such as Meta and Google. Under the Information Technology Act and the IT Rules, 2021, it is now recognised as an authorised agency, which allows it to order the removal of misleading posts. A specific officer has been assigned to handle enforcement. More than 1.3 lakh posts linked to unregistered influencers have already been taken down. The regulator is also turning to AI tools to spot and control violations in digital markets.

Sources:

PIB

CNBC-TV18

Moneycontrol