RBI places unauthorised forex dealers on alert list

Mumbai: The Reserve Bank of India (RBI) on Wednesday placed an 'alert list' of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor operate electronic trading platforms for forex transactions.

It further cautioned the public not to conduct forex transactions on unauthorised electronic trading platforms (ETP).

The alert list includes names of companies like Alpari, AnyTrade, Binomo, eToro, FinFxPro, FXCM, and iFOREX including 34 other such firms, a central bank note carried on its website said.


The regulator said that any entity not appearing in the Alert List should not be assumed to be authorised by the RBI. "The authorisation status of any person or electronic trading platform can be ascertained from the list of authorised persons and authorised ETPs, which are already made available in the RBI website," the regulator said.

The regulator also reiterated that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, under the terms of the FEMA.