RBI Adds 7 New Names to ‘Alert List’ of Unauthorised Forex Trading Platforms
The Reserve Bank of India (RBI) continues its proactive stance against illegal foreign exchange (forex) trading, announcing on Wednesday the addition of seven new names to its ‘alert list.’ This takes the total number of unauthorized platforms on the list to a staggering 95.
New Entities Added to the Alert List
The seven new platforms, entities, and websites added by the banking regulator are
Starnet FX
CapPlace
Mirror
Fusion Markets
Trive
NXG Markets
NordFX
RBI’s Warning and Rationale
The RBI issued a strong caution, clarifying the criteria for inclusion in this list. The alert list contains names of entities that have not received the necessary authorization from the central bank.
“The alert list contains names of entities which are neither authorised to deal in forex under the FEMA [Foreign Exchange Management Act] nor authorised to operate electronic trading platforms (ETP) for forex transactions,” the banking regulator stated.
The list also includes platforms that appear to be promoting these unauthorized entities/ETPs, which may be done through advertisements or by claiming to provide training and advisory services related to forex transactions.
This ongoing update underscores the RBI’s commitment to protecting the public from falling victim to illegal trading operations and maintaining the stability of the forex market.
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