RBI alerts public about 34 illegal forex trading platforms
The Reserve Bank of India has again cautioned the public not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or remit/deposit money for unauthorised forex transactions.
The central bank also released an ‘Alert list’ of 34 entities that are neither authorised to deal in forex under the Foreign Exchange Management Act (FEMA), 1999 nor authorised to operate ETPs for forex transactions.
Some of the entities listed are Alpari, AnyFX, Ava Trade, Binomo, eToro, Exness, Expert Option, FBS, FinFxPro and Forex.com. Websites of some of these platforms show offers for foreign exchange transactions using several cross-currency pairs. Some websites also offer 50 per cent increases in deposits. OctaFX, one of the entities which has been listed, is an official sponsor of the Delhi Capitals team in the Indian Premier League cricket tournament.
“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, namely, National Stock Exchange of India Ltd, BSE Ltd and Metropolitan Stock Exchange of India Ltd,” the RBI said.
RBI said residents 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.
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