 "Trading on overseas online forex platforms illegal, punishable under FEMA")
The Reserve Bank on Friday updated the 'Alert List' of unauthorised forex trading platforms by adding 19 more entities, including FX SmartBull, Just Markets, and GoDo FX, taking the total to 75.
The Alert List contains the names of entities, which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
The other entities added to the list are Admiral Market, BlackBull, Easy Markets, Enclave FX, Finowiz Fintech, FX SmartBull, Fx Tray Market, Forex4you, Growing Capital Services, and HF Markets.
Other platforms are HYCM Capital Markets, JGCFX, PU Prime, Real Gold Capital, TNFX, Ya Markets, and Gate Trade.
In a statement, the Reserve Bank said the Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities.
"The list is not exhaustive," it said and added an entity not appearing in the list should not be assumed to be authorised by the RBI.
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