Chennai: At least 15 online gaming apps indulging in IPL betting but branding it as ‘shares’ trade were issued notices by the Tamil Nadu Online Gaming Authority (TNOGA). These platforms had synced their activities to the ongoing IPL matches and distributed betting gains as if they were profits from virtual trade. Following the issuance of the notices, two firms shut down their operations in Tamil Nadu.“Show cause notices were sent to at least 15 online platforms, warning them that continued access to residents of Tamil Nadu could lead to the cancellation or suspension of their licences,” said an officer, adding: “We are monitoring their compliance. If they fail to respond satisfactorily, we will initiate legal proceedings, including licence ban.”The crackdown is part of a broader effort by various states to regulate opinion trading and virtual stock gaming platforms. In Tamil Nadu, many platforms and portals are already under scrutiny, resulting in geofencing restrictions that block access within the state.In April 2025, the Securities and Exchange Board of India (SEBI) issued a public advisory warning that these platforms are not recognised stock exchanges or registered intermediaries. SEBI cautioned that the use of financial market terms such as ‘profits’, ‘stop loss’, and ‘trading’ can mislead users into believing they are engaging in regulated activity. As a result, individuals participating in such schemes are not protected under SEBI’s regulatory framework and may be exposed to financial and legal risks.