ALERT! The RBI Publishes A List Of Entities That Are Not Permitted To Trade In Forex

The Reserve Bank of India (RBI) published a list of organizations that are not permitted to trade in foreign currency on Wednesday. It warned consumers not to conduct currency transactions on unapproved electronic trading platforms (ETPs) or remit or deposit money for unlawful forex transactions in February of this year.

The central bank has now posted an “Alert List” on its website of organizations that are not permitted to trade in forex under the Foreign Exchange Management Act of 1999 (FEMA) or to run electronic trading platforms for forex transactions.

The “Alert List” is not exhaustive, and an entity that does not appear on this list should not be assumed to be authorized by the RBI, according to the RBI, which also reiterated that resident persons can only conduct forex transactions with authorized persons and for permitted purposes under the FEMA.

List of Unauthorized Entities

• Alpari

• AnyFX

• AvaTrade

• Binomo

• eToro

• Exness

• Expert

• FBS

• FinFxPro

• Forex.com

• Forex4money

• Forex

• FTMO

• FVP Trade

• FXPrimus

• FXStreet

• FXCM

• FXNice

• FXTM

• HotForex

• Bell Markets

• IC Markets

• iFOREX

• IG Markets

• IQ Option

• NTS Forex Trading

• OctaFX

• Olymp Trade

• TD Ameritrade

• TP Global

• Trade Sight

• Urban Forex

• XM

• XTB

About FEMA

The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Indian Parliament that seeks to “consolidate and amend the law relating to foreign exchange with the goal of facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.” It was enacted in parliament on December 29, 1999, to replace the Foreign Exchange Regulation Act (FERA). Crimes involving foreign exchange are now classified as civil offenses under this statute.



It applies across India, replacing FERA, which had grown incompatible with the Government of India's pro-liberalization goals. It permitted a new foreign exchange management system commensurate with the World Trade Organization's evolving framework (WTO). It also cleared the way for the 2002 Prevention of Money Laundering Act, which went into force on July 1, 2005.

Stay tuned for more regulatory news.

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