The alert list “includes names of entities/platforms/websites which appear to be promoting unauthorized entities/ETPs, including through advertisements of such unauthorized entities or claiming to be providing training/advisory services,” the RBI said.
The RBI also said that the list is not exhaustive, adding: “An entity not appearing in the Alert List should not be assumed to be authorized by the RBI to deal in foreign exchange or operate electronic trading platforms for forex transactions. The authorization status of any person/ETP can be ascertained from the list of authorized persons and authorized ETPs available in the RBI’s website.”
The RBI also cautioned against “entities/platforms/websites which appear to be promoting such unauthorized entities/ETPs, including through advertisements of such unauthorized entities or claiming to be providing training/advisory services (eg on social media including video streaming platforms) by providing for ‘demo trading’ in ‘simulated environment’ and such other indirect means for facilitating and doing forex trading through unauthorized entities.
The central bank also reiterated that “residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorized by the RBI shall render themselves liable for penal action under the provisions of FEMA.”
The alert list, the RBI said, also contains names of entities/platforms/websites which appear to be promoting unauthorized entities/ETPs, including through advertisements of such unauthorized entities or claiming to be providing training/advisory services.
Resident persons can undertake forex transactions only with authorized persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA), the RBI said. While permitted forex transactions can be executed electronically, they should be undertaken only on electronic trading platforms authorized for the purpose by the RBI or on recognized stock exchanges, the central bank said. RBI alert list of unauthorized forex trading platformsAlpariAnyFXAva TradeBinomoeToroExnessExpert OptionFBSFinFxProForex.comForex4moneyFoxorexFTMOFVP TradeFXPrimusFX StreetFXCMFxNiceFXTMHotForexibell MarketsIC MarketsiFOREXIG MarketsIQ OptionNTS Forex TradingOctaFXOlymp TradeTD AmeritradeTP Global FXTrade Sight FXUrban ForexMetaTraderXMXTBQuotexFX WesternPocket OptionTickmillCabana CapitalsVantage MarketsVT MarketsIron FxInfinoxBD SwissTrader5Pepperstone Markets