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RBI Banned 75 Forex Trading Platforms | XPO Digi6 Forex Trading Platform | Forex Trading Scam |
Unauthorised forex dealers duping customers: Names of 75 forex dealers on RBI’s alert list
The Reserve Bank of India (RBI) has observed cases where unlicensed businesses have promised Indian citizens excessive or unbelievable profits when they offer foreign exchange (forex) trading services.
According to the RBI press release dated April 24, 2024, “On investigation, it has been observed that to facilitate unauthorised forex trading, these entities have taken recourse to engaging local agents who open accounts at different bank branches for collecting money towards margin, investment, charges, etc. These accounts are opened in the name of individuals, proprietary concerns, trading firms etc. and the transactions in such accounts are not found to be commensurate with the stated purpose for opening the account in several cases.”
RBI has advised banks to be more vigilant and exercise greater caution in this regard. As and when banks come across an account being used to facilitate unauthorised forex trading, they shall report the same to the Directorate of Enforcement, Government of India, for further action, as deemed fit.
List of unauthorized forex dealers
Authorised Dealer Category banks have the right to recommend to their customers that they should only transact in foreign exchange with “Authorised Persons” and “authorised ETPs,” and they should publicise the availability of these lists on the RBI website.
Here is a list of unauthorized forex dealers in RBI’s Alert list
The names of organisations, platforms, and websites that seem to be endorsing unapproved organisations or ETPs are also included in the Alert List. This includes marketing for such unapproved entities and claims to offer advising or training services. This is not a comprehensive list. One should not presume that an organisation not on the list has RBI authorization. The list of approved individuals and authorise ..
Can a resident person undertake forex transaction?
Q2. Who are authorised persons for forex trading?
Q3. Can a resident person undertake forex transactions on internet / electronic trading portals?
Q4. What is an Electronic Trading Platform (ETP)? Do they require authorisation from RBI to operate in India?
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