Get All Access for $5/mo

RBI Releases Alert List Of Illegal Forex Trading Platforms RBI also warned the individuals that undertaking foreign exchange transactions for reasons other than those permitted under the Act or via unauthorized platforms would be liable to face legal action

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

RBI Twitter handle

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 operate electronic trading platforms for forex transactions. This move comes in line after RBI receiving repeated enquiries on the authorization status of some electronic trading platforms.

Out of the 34 entities enlisted as 'alert list', some of them are Alpari, AnyFX, Ava Trade, Binomo, e Toro, Exness, Expert Option, FBS, FinFxPro and Forex.com.

The Central Bank also advised that, "An entity not appearing in the alert list should not be assumed to be authorized by the RBI. The authorization status of any person or ETP can be ascertained from the list of authorized persons and authorized ETPs, which are already made available in the RBI website," said the Central Bank, in a statement.

RBI also warned the individuals that undertaking foreign exchange transactions for reasons other than those permitted under the Act or via unauthorized platforms would be liable to face legal action.

"While permitted transactions can be executed electronically, they should be undertaken only on ETPs authorized for the purpose by the RBI or on recognized stock exchanges, namely National Stock Exchange of India, BSE Ltd and Metropolitan Stock Exchange of India Ltd," said RBI.

On February 3rd this year, RBI cautioned the people not to undertake forex transactions on any unauthorized ETPs, remit or deposit money for unauthorized forex transactions.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.