Sunday, June 4, 2023

RBI issues alert list: Declares these 34 forex trading online platforms as illegal – Hourly Prime News

India’s apex bank, the Reserve Bank of India (RBI), has cautioned the public not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or remit/deposit money for unauthorised forex transactions.
RBI has placed 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 for forex transactions on its website. In a release, the central bank said that the ‘Alert List’ is not exhaustive and is based on what was known to RBI at the time of issuing the release. It further cautions that an entity not appearing in the ‘Alert List’ should not be assumed to be authorised by the RBI. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs, which are made available in the RBI website.
The RBI reiterates that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd (NSE), BSE Ltd and Metropolitan Stock Exchange of India Ltd.
Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA. Here’s the complete list of the 34 forex trading online platforms banned by RBI.

Sr. No Name Website
1 Alpari
2 AnyFX
3 Ava Trade
4 Binomo
5 eToro
6 Exness
7 Expert Option
9 FinFxPro
11 Forex4money
12 Foxorex
14 FVP Trade
15 FXPrimus
16 FXStreet
18 FxNice
20 HotForex
21 ibell Markets
22 IC Markets
24 IG Markets
25 IQ Option
26 NTS Forex Trading
27 OctaFX
28 Olymp Trade
29 TD Ameritrade
30 TP Global FX
31 Trade Sight FX
32 Urban Forex
33 XM
34 XTB

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