Mumbai: The
RBI
has added 18
internet domains
and one
mobile application
to the list of illegal
foreign exchange trading platforms
that provide services to Indians. This brings the total number of identified providers to 75.
According to RBI, these entities are not authorised to deal in foreign exchange under the Foreign Exchange Management Act (FEMA), nor are they allowed to operate electronic trading platforms for forex transactions.
While RBI issues alerts against websites that provide services illegally in India, it cannot shut them down as they are registered overseas in countries where they are legal. For instance, Admiral Markets is a company established in 2001 with its headquarters in Estonia. Another trading platform, BlackBull, belongs to a company incorporated in New Zealand. Cyprus-based Easy Markets facilitates trading in forex and other instruments.
The other websites/platforms named by RBI include Enclave Fx, Finowiz Fintech, FX SmartBull, Fx Tray Market, GoDo Fx, Growing Capital, HF Markets, HYCM Capital Markets, PU Prime, Real Gold, TNFX, and Ya Markets.
In addition to these domains, RBI has named Gate Trade — a mobile application that provides forex trading services.
“The alert list also contains names which appear to be promoting unauthorised entities... This list is not exhaustive. An entity not appearing in the list should not be assumed to be authorised by RBI,” the advisory said.
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