The Reserve Bank of India (RBI), issues Alert List of entities which have not authorised forex transactions.

Nevertheless, the RBI continues to receive references seeking clarification on the authorisation status of some Electronic Trading Platform.

Therefore, it has been decided to place on the RBI website an “Alert List" of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions.

The Alert List is not exhaustive and is based on what was known to RBI at the time of this Press Release. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI. The authorisation status of any person / Electronic Trading Platform can be ascertained from the list of authorised persons and authorised Electronic Trading Platform (ETP) which are already made available in the RBI website.

The RBI reiterates that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. While permitted forex transactions can be executed electronically, they should be undertaken only on Electronic Trading Platform (ETP) authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Ltd.

Members of the public are once again cautioned not to undertake forex transactions on unauthorised Electronic Trading Platform (ETP) or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the Foreign Exchange Management Act (FEMA) or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA.

Here is the full Alert list:

• Alpari

• AnyFX

• Ava Trade

• Binomo

• eToro

• Exness

• Expert Option

• FBS

• FinFxPro

• Forex.com

• Forex4money

• Foxorex

• FTMO

• FVP Trade

• FXPrimus

• FXStreet

• FXCM

• FxNice

• FXTM

• HotForex

• ibell Markets

• IC Markets

• iFOREX

• IG Markets

• IQ Option

• NTS Forex Trading

• OctaFX

• Olymp Trade

• TD Ameritrade

• TP Global FX

• Trade Sight FX

• Urban Forex

• XM

• XTB

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