RBI declares 34 forex trading platforms as unauthorised - Full list

RBI’s alert list: Keeping forex investors' safety in mind, the Reserve Bank of India (RBI) has released an ‘Alert’ list of entities involved in forex transactions on unauthorized Electronic Trading Platforms (ETP).

RBI had noted that several unauthorised platforms lure people by promising lofty returns. RBI has therefore decided to prosecute users of these restricted platforms from the day forward. This list was released on September 7, 2022 and had 34 names.

What does it mean for the entities under the alert list?

“Alert List" 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.

RBI further clarified that an entity not appearing in the Alert List should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs, which are already made available on the RBI website.