RBI Expands Alert List: Crackdown on Unauthorised Forex Trading Platforms

The Reserve Bank has updated its 'Alert List', adding 13 more unauthorised forex trading entities, including TDFX and Inefex, bringing the total to 88. This list identifies platforms not authorised to conduct forex transactions under FEMA or RBI's 2018 electronic trading directions.

The Reserve Bank of India (RBI) has intensified its oversight of unauthorised forex trading platforms, adding 13 more entities to its 'Alert List'. This move raises the total number of dubious entities to 88, including names such as TDFX and Inefex.

The Alert List serves as a warning against platforms that operate without proper authorisation under the Foreign Exchange Management Act, 1999 (FEMA), or the Reserve Bank's 2018 directions on electronic trading. It includes entities like YorkerFX, Growline, and Smart Prop Trader, among others.

RBI highlighted that the list is not comprehensive and entities not mentioned should not be assumed as authorised. Verification of authorisation status can be done through the official list of authorised persons and platforms provided by the RBI.

(With inputs from agencies.)