Forex Alert: RBI Identifies 19 Unauthorized E-Trading Entities

The Reserve Bank of India (RBI) recently identified 19 illegal electronic forex trading providers. These include 18 web domains and one mobile application, bringing the total number of such identified services to 75​​. The RBI has warned the public against using these platforms as they are unauthorized under the Foreign Exchange Management Act (FEMA) and are not permitted to operate electronic trading platforms (ETPs) for forex transactions. The RBI cannot shut down these websites as they are registered overseas in jurisdictions where their operations are legal​​.

The 19 entities added to the RBI’s Alert List include:

  1. Admiral Market
  2. BlackBull
  3. Easy Markets
  4. Enclave FX
  5. Finowiz Fintech Limited
  6. FX SmartBull
  7. Fx Tray Market
  8. Forex4you
  9. GoDo FX
  10. Growing Capital Services Ltd.
  11. HF Markets
  12. HYCM Capital Markets
  13. JGCFX
  14. Just Markets
  15. PU Prime
  16. Real Gold Capital Ltd.
  17. TNFX
  18. Ya Markets
  19. Gate Trade Mobile Application​​.

The RBI has cautioned the public not to undertake forex transactions on unauthorized ETPs or remit/deposit money for such unauthorized transactions. The Alert List includes names of entities/platforms/websites that appear to be promoting unauthorized entities/ETPs, including through advertisements or claims of providing training/advisory services. The RBI emphasizes that the Alert List is not exhaustive and that the authorization status of any person/ETP can be verified on the RBI’s website. Residents are warned against indirect means of facilitating forex trading through unauthorized entities, including ‘demo trading’ in a ‘simulated environment’. Engaging in forex transactions for purposes other than those permitted under FEMA on ETPs not authorized by the RBI could lead to penal action under FEMA provisions​​​​.



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