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RBI Adds 7 New Forex Platforms to Alert List
19 Nov
Summary
- Reserve Bank of India expanded its alert list of unauthorised forex platforms.
- Seven new entities were added, bringing the total to 95.
- These platforms are not authorised to deal in forex or operate electronic trading.
The Reserve Bank of India (RBI) has taken further action to protect the public by adding seven new entities to its 'alert list' of unauthorised foreign exchange trading platforms. This recent update, made on Wednesday, November 19, increases the total count of flagged entities to 95.
These newly added platforms, including Starnet FX, CapPlace, and others, are explicitly stated by the central bank as lacking authorisation to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA). Furthermore, they are not permitted to operate electronic trading platforms for forex transactions, highlighting potential risks for unsuspecting investors.
The RBI also noted that the alert list includes platforms promoting unauthorised entities or offering dubious training and advisory services. The central bank emphatically stated that this list is not exhaustive and that the absence of an entity from the list does not guarantee its authorisation, advising the public to verify authorisation status directly.
