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The Reserve Bank of India has issued an updated Alert List identifying entities, platforms, and websites that appear to be promoting or facilitating unauthorised forex trading. This follows earlier cautionary press releases issued in February and September 2022, where the RBI warned the public about platforms operating without regulatory approval under the Foreign Exchange Management Act, 1999 (FEMA).
The updated list includes names of entities and websites that may be advertising unauthorised electronic trading platforms or offering training and advisory services that indirectly encourage forex trading through unapproved channels. The RBI has clarified that the list is not exhaustive, and the absence of a name should not be interpreted as authorisation. Members of the public can verify the regulatory status of any person or platform through the list of authorised persons and authorised electronic trading platforms available on the RBI website.
The central bank has urged residents to remain cautious, especially against platforms using social media or video streaming services to promote “demo trading,” simulated trading environments, or other indirect methods designed to entice users into unauthorised forex activities.
The RBI has reiterated that any individual who remits or deposits funds—whether in Indian rupees or foreign currency—towards forex trading not permitted under FEMA, or on electronic platforms not authorised by the RBI, may face penal action under the law.
[RBI]