AA. India's apex bank, the Reserve Bank of India (RBI), has cautioned the public not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or Investor alert! RBI says forex trading on these 34 platforms is illegal List includes Alpari, AnyFX, Ava Trade, Binomo, eToro, Exness, among others; RBI says people can undertake forex 1. The Reserve Bank of India, on Wednesday, has released a list of 34 entities that are not authorized to deal in forex under the foreign exchange management act and not allowed to The Reserve Bank of India (RBI) on Wednesday released a list of 34 entities that are neither authorised to deal in forex under the Foreign Exchange Management Act (FEMA), , nor The Reserve Bank of India, on Wednesday, has released a list of 34 entities that are not authorized to deal in forex under the foreign exchange management act and not allowed to ... read more
com and TP Global Forex are among the 34 names on the list. In February this year, RBI had warned people against trading forex on unauthorized platforms following growing reports of people falling prey to such entities. RBI had said entities undertaking transactions for purposes other than those permitted under the Foreign Exchange Management Act FEMA or on electronic trading platforms ETPs not authorized by the RBI can face penal action under the Foreign Exchange Act.
While the regulator did not name any of these entities at that time, it received several references seeking clarification on the authorisation of these entities which has now forced RBI to come out with an alert list. The entities in the alert list are neither authorised to deal in forex under the Foreign Exchange Management Act, FEMA nor authorised to operate electronic trading platforms for forex transactions.
While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz. and Metropolitan Stock Exchange of India Ltd," it said.
According to a 4 February Mint report, RBI had noticed that these platforms offered a derivative product called contracts for differences CFD during the lockdown period. CFD is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled.
RBI has also cautioned against misleading advertisements of unauthorised ETPs electronic trading platforms offering forex trading facilities to Indian residents, including on social media platforms, search engines, over-the-top platforms and gaming apps.
Some of these platforms also claim to be regulated by overseas regulators and recipients of global awards, it had added. Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image. You are now subscribed to our newsletters. My Account. OctaFX is the official trading sponsor of Indian Premier League IPL team Delhi Capitals.
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RBI has also cautioned against misleading advertisements of unauthorised electronic trading platforms offering forex trading facilities to Indian residents, including on social media platforms, search engines, over-the-top platforms and gaming apps. MUMBAI: The Reserve bank of India RBI on Wednesday put out an alert list of entities involved in forex transactions on unauthorized electronic trading platforms.
OctaFX, Olymp Trade, I-Forex, FBS, Expert Option, Binomo, AVA Trade, IQ Option, Alpari, Forex. com and TP Global Forex are among the 34 names on the list. In February this year, RBI had warned people against trading forex on unauthorized platforms following growing reports of people falling prey to such entities. RBI had said entities undertaking transactions for purposes other than those permitted under the Foreign Exchange Management Act FEMA or on electronic trading platforms ETPs not authorized by the RBI can face penal action under the Foreign Exchange Act.
While the regulator did not name any of these entities at that time, it received several references seeking clarification on the authorisation of these entities which has now forced RBI to come out with an alert list. The entities in the alert list are neither authorised to deal in forex under the Foreign Exchange Management Act, FEMA nor authorised to operate electronic trading platforms for forex transactions.
While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz. and Metropolitan Stock Exchange of India Ltd," it said. According to a 4 February Mint report, RBI had noticed that these platforms offered a derivative product called contracts for differences CFD during the lockdown period. CFD is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled.
RBI has also cautioned against misleading advertisements of unauthorised ETPs electronic trading platforms offering forex trading facilities to Indian residents, including on social media platforms, search engines, over-the-top platforms and gaming apps.
Some of these platforms also claim to be regulated by overseas regulators and recipients of global awards, it had added. Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image. You are now subscribed to our newsletters. My Account. OctaFX is the official trading sponsor of Indian Premier League IPL team Delhi Capitals.
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Gopika Gopakumar. Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows.
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RBI had said entities undertaking transactions for purposes other than those permitted under the Foreign Exchange Management Act (FEMA) or on electronic trading platforms (ETPs) not According to RBI, resident persons should undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA (Foreign Exchange Management AA. India's apex bank, the Reserve Bank of India (RBI), has cautioned the public not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or 1. The Reserve Bank of India, on Wednesday, has released a list of 34 entities that are not authorized to deal in forex under the foreign exchange management act and not allowed to But it is ending; RBI has put out a list of forex apps deemed illegal in India. RBI has put out an 'Alert List' (opens in new tab) of entities that are neither authorised to operate forex trading The Reserve Bank of India (RBI) on Wednesday released a list of 34 entities that are neither authorised to deal in forex under the Foreign Exchange Management Act (FEMA), , nor ... read more
Premium Why is it so difficult to get 5G network on your smartp Abhijith S. Whatsapp fact check: Do you need a valid PUC for an insurance claim? Coin Master. com, Forex4Money, Foxorex, FTMO, FVPTrade, FXPrimus, FXStreet, FXCM, FxNice, FXTM, HotForex, iBell Markets, IC Markets, iFOREX, IG Markets, IQ Option, NTS Forex Trading, OctaFX, OlympTrade, TD Ameritrade, TP Global FX, Trade Sight FX, Urban Forex, XM, and XTB. The cenyral bank said while permitted forex transactions could be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges -- National Stock Exchange of India Ltd. No Name Website 1.
The RBI said it has been receiving references seeking clarification on the authorisation status of some ETPs. Written by Rajeev Kumar. The RBI may impose further requirements if the ETP operator is found to be in violation of the provisions of the Directions or any rbi forex trading illegal rules or regulations or conditions of the authorization. com, Forex4Money, Foxorex, FTMO, FVPTrade, FXPrimus, FXStreet, FXCM, FxNice, FXTM, HotForex, iBell Markets, IC Markets, iFOREX, IG Markets, IQ Option, NTS Forex Trading, OctaFX, OlympTrade, TD Ameritrade, TP Global FX, Trade Sight FX, rbi forex trading illegal, Urban Forex, XM, and XTB. com Femina ETimes Grazia Zoom Travel Destinations Bombay Times Cricbuzz. You are now subscribed to our newsletters.