RBI said that these entities are not authorized under the Foreign Exchange Management Act, 1999, (FEMA) to deal in foreign exchange. These entities are also not authorized to operate Electronic Trading Platforms (ETPs) for foreign exchange transactions. RBI said in a statement that they have updated the alert list of entities
RBI List of Unauthorized Forex Entities: The Reserve Bank of India (RBI) on Friday released an alert list of certain entities . 1999, (FEMA) and are also not authorized to operate Electronic Trading Platforms (ETPs) for foreign exchange transactions.”The Alert List has been updated. It includes the names of entities/platforms/websites that promote Unauthorized Entities/ETPs. Including advertisements of such Unauthorized Entities or claiming to provide training/consultancy services. ”
It states that citizens are cautioned against entities/platforms/websites that promote such unauthorized entities/ETPs. Including advertisements of such unauthorized entities or those claiming to provide training/consultancy services (such as on social media including video streaming platforms). These claims include providing other indirect facilities such as ‘demo trading’ in a ‘simulated environment’ to facilitate and conduct foreign exchange trading through unauthorized entities.
RBI also said that if a citizen, directly or indirectly, in Indian Rupees or in any other currency, allows any person to remit/deposit money for carrying out foreign currency transactions other than those permitted under FEMA or authorized by RBI, also use any other means, they will be liable for penal action under the provisions of FEMA.
RBI issues an updated Alert Listhttps://t.co/j1y53QC3cx
— ReserveBankOfIndia (@RBI) February 10, 2023
The list of institutions issued by RBI is as follows. The following entities are neither authorized to deal in foreign exchange nor are they authorized to operate electronic trading platforms:
Alpari — https://alpari.com
Anyfx — https://anyfx.in
Ava Trade — https://www.avatrade.com
Binomo — https://binomoidr.com/in
eToro — https://www.etoro.com
Exness — https://www.exness.com
Expert Option — https://expertoption.com
FBS — https://fbs.com
FinFxPro — https://finfxpro.com
Forex.com — https://www.forex.com
Forex4money — https://www.forex4money.com
Foxorex — https://foxorex.com
FTMO — https://ftmo.com/en
FVP Trade — https://fvpt-uk.com
FXPrimus — https://fxprimus.com
FX Street — https://www.fxstreet.com
FXCM — https://www.fxcm.com
FxNice — https://fx-nice.net
FXTM — https://www.forextime.com
HotForex — https://www.hotforex.com
ibell Markets — https://ibellmarkets.com
IC Markets — https://www.icmarkets.com
iFOREX — https://www.iforex.in
IG Markets — https://www.ig.com
IQ Option — https://iq-option.com
NTS Forex Trading — https://nttradingrobot.com
OctaFX — https://octaindia.net, https://en.octafx.com, and https://www.octafx.com
Olymp Trade — https://olymptrade.com
TD Ameritrade — https://www.tdameritrade.com
TP Global FX — https://www.tpglobalfx.com
Trade Sight FX — https://tradesightfx.co.in
Urban Forex — https://www.urbanforex.com
XM — https://www.xm.com
XTB — https://www.xtb.com
Quotex — https://quotex.com
FX Western — https://www.fxwestern.com
Pocket Option — https://pocketoption.com
Tickmill — https://www.tickmill.com
Cabana Capitals — https://www.cabanacapitals.com
Vantage Markets — https://www.vantagemarkets.com
VT Markets — https://www.vtmarkets.com
Iron Fx — https://www.ironfx.com
Infinox — https://www.infinox.com
BD Swiss — https://global.bdswiss.com
FP Markets — https://www.fpmarkets.com
MetaTrader 4 — https://www.metatrader4.com
MetaTrader 5 — https://www.metatrader5.com
Pepperstone — https://pepperstone.com.
RBI has also said that this list is not complete. “An entity not appearing in the list should not be considered as authorized by RBI.”
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