RBI Updates Alert List of Unauthorised Forex Trading Platforms Including 13 New Entities
Tuesday, 22 October 2024, 09:01
RBI’s Action on Unauthorised Forex Platforms
The Reserve Bank of India (RBI) has updated its ‘Alert List’ of unauthorised forex trading platforms, adding 13 more entities including TDFX and Inefex. With this update, the total number of listed platforms rises to 88, highlighting the growing concern over illegal forex trading practices.
Details of the Alert List
- Entities are unauthorized to deal in forex under the Foreign Exchange Management Act, 1999.
- The list also includes platforms promoting unauthorized operations.
- This includes advertisements falsely presenting advisory or training services.
RBI emphasized that just because an entity is not listed does not mean it holds authorization. For validity, the authorisation status can be confirmed from the list of authorized persons and electronic trading platforms (ETPs).
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.