RBI Releases Alert List Of Illegal Forex Trading Platforms RBI also warned the individuals that undertaking foreign exchange transactions for reasons other than those permitted under the Act or via unauthorized platforms would be liable to face legal action
By Teena Jose •
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The Reserve Bank of India, on Wednesday, has released a list of 34 entities that are not authorized to deal in forex under the foreign exchange management act and not allowed to operate electronic trading platforms for forex transactions. This move comes in line after RBI receiving repeated enquiries on the authorization status of some electronic trading platforms.
Out of the 34 entities enlisted as 'alert list', some of them are Alpari, AnyFX, Ava Trade, Binomo, e Toro, Exness, Expert Option, FBS, FinFxPro and Forex.com.
The Central Bank also advised that, "An entity not appearing in the alert list should not be assumed to be authorized by the RBI. The authorization status of any person or ETP can be ascertained from the list of authorized persons and authorized ETPs, which are already made available in the RBI website," said the Central Bank, in a statement.
RBI also warned the individuals that undertaking foreign exchange transactions for reasons other than those permitted under the Act or via unauthorized platforms would be liable to face legal action.
"While permitted transactions can be executed electronically, they should be undertaken only on ETPs authorized for the purpose by the RBI or on recognized stock exchanges, namely National Stock Exchange of India, BSE Ltd and Metropolitan Stock Exchange of India Ltd," said RBI.
On February 3rd this year, RBI cautioned the people not to undertake forex transactions on any unauthorized ETPs, remit or deposit money for unauthorized forex transactions.
