RBI Alert List Updates on Unauthorised Forex Trading Platforms
RBI's Alert List on Unauthorised Forex Trading Platforms
The Reserve Bank of India (RBI) has recently updated its list of unauthorised forex trading platforms, which includes several entities that are not allowed to conduct foreign exchange transactions under the Foreign Exchange Management Act (FEMA), 1999. The Alert List serves to protect consumers by identifying platforms that have not received the necessary approvals.
What is the Alert List?
- The Alert List details entities that lack the authority to deal in foreign exchange.
- It includes organizations that promote unauthorised entities and electronic trading platforms.
- Consumers are advised to verify the status of platforms before engaging in forex dealings.
New Additions to the List
- Ranger Capital
- TDFX
- Inefex
- YorkerFX
- Growline
- Think Markets
- Smart Prop Trader
- FundedNext
- Weltrade
- FreshForex
Those who engage with unauthorised forex trading platforms risk facing legal actions due to violations of the FEMA. The RBI urges caution and recommends checking with their official resources for authorized dealers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.