The Reserve Bank of India (RBI) on Friday issued an updated alert list of entities which are not authorised to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.
The alert list contains the names of entities that do not hold the necessary authorisation under the Foreign Exchange Management Act, 1999 (FEMA) or the Electronic Trading Platforms (Reserve Bank) Directions, 2018, the central bank informed.
RBI alert list of unauthorised forex trading platforms
The RBI has also urged the public to verify the authorisation status of any person or ETP before engaging in any forex transactions. The list of authorised persons and ETPs can be accessed on the RBI’s official website.
The central bank also emphasised that engaging in unauthorized forex transactions or using unauthorised ETPs could lead to financial losses and other risks.
Additionally, the RBI warns that not appearing in the list does not imply that an entity is authorised by the central bank.