48 Forex Platforms Are Not Authorised by RBI
Moneylife Digital Team 10 February 2023
After warning consumers not to perform forex transactions on unauthorised electronic trading platforms (ETPs) or remit or deposit money for unauthorised forex transactions, the Reserve Bank of India (RBI) released a list of 48 entities that are not authorised to carry out forex transactions. Earlier, RBI published a list of 34 entities in September 2022. 
"The alert list has been updated and includes names of entities that appear to be promoting unauthorised entities, including through advertisements of such unauthorised entities or claiming to be providing training or advisory services. The list is not exhaustive. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI to deal in foreign exchange or operate electronic trading platforms for forex transactions," RBI says in a release. 
The new 14 entities added to the list are Quotex (quotex.com), FX Western (fxwestern.com), Pocket Option (pocketoption.com), Tickmill (tickmill.com), Cabana Capitals (cabanacapitals.com), Vantage Markets (vantagemarkets.com), VT Markets (vtmarkets.com), Iron Fx (.ironfx.com), Infinox (infinox.com), BD Swiss (global.bdswiss.com), FP Markets (fpmarkets.com), Meta Trader 4 (metatrader4.com), Meta Trader 5 (metatrader5.com ), and Pepperstone (pepperstone.com). 
RBI also reiterated that resident Indians can undertake forex transactions only with authorised persons and for permitted purposes in terms of the FEMA (Foreign Exchange Management Act). It also cautioned resident persons against entities that appear to be promoting unauthorised ETPs, through advertisements claiming to be providing training or advisory services by providing for 'demo trading' in a 'simulated environment' and such other indirect means for facilitating and doing forex trading through unauthorised entities.
"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," RBI warns.
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