The Reserve Bank of India has released an updated “alert list” showcasing other unauthorized forex trading platforms that are violating RBI regulations. The revised list now includes 13 new names, and these entities are prohibited from engaging in foreign exchange transactions under the provisions of the Foreign Exchange Management Act (FEMA), 1999, or from conducting electronic transactions. exchange.

The updated alert list is available here.
Website Sr. No Name
1Ranger Capital https://www.rangercapital.net
2 TDFXhttps://www.tdfx.exchange
3 Inefex https://www.inefex.com/international
4 YorkerFX https://yorkermarkets.com
5 Growline https://grow-line.org
6 Think markets https://www.thinkmarkets.com
7 Smart Prop Trader https://www.smartproptrader.com
8 FundedNext https://fundednext.com
9 Weltrade https://www.weltrade.com
10 FreshForex https://freshforex.com
11 FX Road https://www.fxroad.com
12 DBG markets https://www.dbgmarketsglobal.com
13 Plusonetrade https://www.plusonetrade.com

The alert list, published by the central bank, contains the names of entities that are neither authorized to deal in foreign exchange under the Foreign Exchange Management Act, 1999 (FEMA), nor authorized to operate a foreign exchange platform. electronic trading (ETP) for foreign exchange transactions under the Electronic Commerce Act. Platform Directorates (Reserve Bank), 2018.

It also contains the names of entities/platforms/websites that appear to promote unauthorized entities/ETPs, including through advertisements of such unauthorized entities or claiming to provide training/consulting services.

In April this year, Reserve Bank of India (RBI) Governor Shaktikanta Das raised concerns over unauthorized currency trading platforms and asked banks to remain vigilant against such illegal activities. At a conference in Barcelona, ​​Das said: “We continue to see banking channels being used by certain individuals or entities to fund activities on unauthorized foreign exchange (forex) trading platforms. This justifies increased vigilance on the part of banks.”

In 2018, the RBI introduced guidelines outlining the approval process for electronic trading platforms (ETPs) handling financial market instruments under its regulations. ETPs, electronic systems outside recognized stock exchanges, facilitate transactions in eligible instruments such as securities, money market instruments, foreign exchange instruments, derivatives, etc.

In 2022, the RBI identified misleading advertisements for unauthorized ETPs providing foreign exchange trading services to Indian residents, including on various online platforms such as social media, search engines, Over The Top (OTT) platforms ), gaming applications and others.

The RBI has received reports that these ETPs employ agents who target unsuspecting individuals to participate in Forex trading/investment schemes, luring them with promises of inflated returns. There have been instances of fraudulent activities by unauthorized ETPs/portals, resulting in financial losses to many residents through such exchanges/systems.

The RBI has issued a warning advising the public to refrain from engaging in foreign exchange transactions with unauthorized ETPs or sending money for such unauthorized activities.