RBI issues updated list of unauthorized forex trading entities

The Reserve Bank of India has updated and included names of entities or platforms or websites which appear to be promoting unauthorised entities or electronic trading platforms for forex trade

The Reserve Bank of India has updated and included names of entities or platforms or websites which appear to be promoting unauthorised entities or electronic trading platforms for forex trade, including through advertisements of such unauthorised entities or claiming to be providing training or advisory services. With new additions, there are 48 entities on the list, which can be accessed on RBI's website.

However, the RBI said an entity not appearing in the Alert List should not be assumed to be authorised by the RBI to deal in foreign exchange or operate electronic trading platforms for forex transactions. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available on the RBI's website.

On February 3, the RBI cautioned the public against unauthorised forex trading platforms and issued an Alert List of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms (ETPs) for forex transactions. (ANI)

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