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The Reserve Bank of India<\/a> (RBI) on Wednesday came out with an \u2018Alert List\u2019 containing the names of 34 entities, including OctaFX, Alpari, HotForex, and Olymp Trade, that are not authorised to deal in forex and operate electronic trading platforms in the country. In a statement, the Reserve Bank of India (RBI) said that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA.<\/p>\n Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on electronic trading platforms (ETPs) not authorised by the RBI shall render themselves liable for legal action under the FEMA The central bank said it has been receiving references seeking clarification on the authorisation status of some ETPs. \u201cIt has, therefore, been decided to place on the RBI website an \u2018Alert List\u2019 of entities which 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,\u201d it said.<\/p>\n The Alert List contains names of entities which are neither authorised to deal in forex nor authorised to ETP for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. Some of the other names in the Alert List include Forex4money, eToro, FXCM, NTS Forex Trading, Urban Forex, and XM.<\/p>\n The RBI further said the list is not exhaustive and is based on what was known to it at the time of publication. \u201cAn entity not appearing in the list should not be assumed to be authorised by the RBI,\u201d the central bank said.<\/p>\n While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges \u2014 National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd. \u201cMembers of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit\/deposit money for such unauthorised transactions,\u201d the RBI said.<\/p>\n The RBI has also provided the list of authorised persons and ETPs on its website.<\/p>\n Read all the Latest Business News<\/b><\/a> and Breaking News<\/b><\/a> here<\/p>\n<\/div>\n[ad_2]\n<\/p>\n News From This Website <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"