New Delhi:Reserve Bank of India issued an alert on Wednesday, September 7, that listed entities that are not permitted to trade in forex.
These entities are also not allowed to use an electronic trading platform for forex transactions.
The RBI has created an ‘Alert List’ which lists the names and links to the websites of those entities that are not authorized to trade in forex or operate electronic trading platforms to facilitate forex transactions.
It is based on the Foreign Exchange Management Act, 1999 (FEMA).
This list does not include all entities and it is only a summary of what was available to RBI at the time. The RBI should not assume that any entity not listed in the list is authorized.
“The list of authorised people and authorised ETPs can help you determine the authorisation status of any individual or entity.” The circular stated that the RBI.
Here’s the complete Alert list. You can verify that you aren’t using any of these in ignorance.
- Ava Trade
- Expert Option
- FVP Trade
- ibell Markets
- IC Markets
- IG Markets
- IQ Option
- NTS Forex Trading
- Olymp Trade
- TD Ameritrade
- TP Global FX
- Trade Sight FX
- Urban Forex
The circular stated that electronic forex transactions are allowed by RBI. However, they must be made only on authorised electronic trading platforms (ETPs),
which can only be used on stock exchanges like Metropolitan Stock Exchange of India ltd. and National Stock Exchange of India.
The RBI asked the public again to be cautious about not authorizing ETPs. They should not be remitted/deposited money.