Alert! RBI issues list of entities not authorised to deal in forex
Now, the central bank has placed on its website an “Alert List" of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions.
- Sep 7, 2022,
- Updated Sep 7, 2022 4:25 PM IST
The Reserve Bank of India (RBI) on Wednesday released a list of entities not authorised to deal in forex. It had in February this year cautioned people not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or remit, or deposit money for unauthorised forex transactions. Now, the central bank has placed on its website an “Alert List" of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions. The "Alert List" is not exhaustive and an entity not appearing in this list should not be assumed to be authorised by the RBI, it said. The RBI reiterated that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA.
List of unauthorised entities
1 Alpari 2 AnyFX 2 Ava Trade 4 Binomo 5 eToro 6 Exness 7 Expert 8 FBS 9 FinFxPro 10 Forex.com
11 Forex4money 12 Foxorex 13 FTMO 14 FVP Trade 15 FXPrimus 16 FXStreet 17 FXCM 18 FxNice 19 FXTM 20 HotForex 21 ibell Markets 22 IC Markets 23 iFOREX 24 IG Markets 25 IQ Option 26 NTS Forex Trading 27 OctaFX 28 Olymp Trade 29 TD Ameritrade 30 TP Global 31 Trade Sight 32 Urban Forex 33 XM 34 XTB
The Reserve Bank of India (RBI) on Wednesday released a list of entities not authorised to deal in forex. It had in February this year cautioned people not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or remit, or deposit money for unauthorised forex transactions. Now, the central bank has placed on its website an “Alert List" of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions. The "Alert List" is not exhaustive and an entity not appearing in this list should not be assumed to be authorised by the RBI, it said. The RBI reiterated that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA.
List of unauthorised entities
1 Alpari 2 AnyFX 2 Ava Trade 4 Binomo 5 eToro 6 Exness 7 Expert 8 FBS 9 FinFxPro 10 Forex.com
11 Forex4money 12 Foxorex 13 FTMO 14 FVP Trade 15 FXPrimus 16 FXStreet 17 FXCM 18 FxNice 19 FXTM 20 HotForex 21 ibell Markets 22 IC Markets 23 iFOREX 24 IG Markets 25 IQ Option 26 NTS Forex Trading 27 OctaFX 28 Olymp Trade 29 TD Ameritrade 30 TP Global 31 Trade Sight 32 Urban Forex 33 XM 34 XTB