The Reserve Bank of India (RBI) issued the alert list of the illegal Foreign Exchange (Forex) trading platforms.
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate Electronic Trading Platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
The Alert List also contains names of entities/platforms/websites which appeared to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
The list is not exhaustive. An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs.
The RBI will update the list accordingly. The people have to beware of these illegal entities.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
