 "RBI expands alert list, names 13 unauthorised forex trading platforms")
The Reserve Bank of India (RBI) has released an updated ‘alert list’ of 13 unauthorised foreign exchange trading platforms accused of violating regulations. These entities are prohibited from participating in forex trading, or from conducting electronic trading of foreign exchange transactions.
The list also names entities/platforms/websites which appear to be promoting unauthorised entities/ electronic trading platforms (ETP), including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
The updated alert list along with websites:
Also Read
 "UPI")
 "JP Morgan")
 "RBI, Reserve Bank of India")
 "Microfinance")
Ranger Capital www.rangercapital.net
TDFX www.tdfx.exchange
Inefex www.inefex.com/international
YorkerFX www.yorkermarkets.com
Growline grow-line.org
Think Markets thinkmarkets.com
Smart Prop Trader www.smartproptrader.com
FundedNext www.fundednext.com
Weltrade www.weltrade.com
FreshForex www.freshforex.com
FX Road www.fxroad.com
DBG Markets www.dbgmarketsglobal.com
Plusonetrade www.plusonetrade.com
The RBI warned that the absence of an entity from the list should not be taken as an indication of its authorisation. RBI advised checking the status from the list of authorised persons and electronic trading platforms.
In April, RBI Governor Shaktikanta Das had raised concerns over unauthorised forex trading platforms and asked banks to maintain vigil against such illegal activities.
In 2022, RBI warned against misleading advertisements promoting unauthorised ETPs that offer forex trading services to Indian residents. These advertisements were found on various online platforms, including social media, search engines, OTT platforms, gaming applications, and more.
FAQ on forex transactions
Can a resident person undertake forex transaction?
Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA).
Can a resident person undertake forex transactions on internet / electronic trading portals?
Permitted forex transactions executed electronically should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges (NSE, BSE and MSE) as per the terms and conditions specified by RBI from time to time. As per FEMA, resident persons are not permitted to undertake forex transactions on unauthorised ETPs.
Resident persons undertaking forex transactions on unauthorised ETPs shall render themselves liable for penal action under FEMA.