Don’t do forex transactions with these 34 entities

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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 (ETPs). As many as 34 entities including OctaFX, Olymp Trade, I-Forex, FBS, Expert Option, Binomo, AVA Trade, IQ Option, Alpari, Forex.com are listed as ETPs by the RBI. These entities are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions.

“The RBI reiterates that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. 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., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd”

The RBI has also cautioned people not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions.

“Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA” the RBI press release said.

List of 34 illegal forex trading platforms

 

 

 

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