On February 10, 2023, the Reserve Bank of India published an updated "Alert List" of some suspicious platforms / websites / entities that are not authorized to conduct foreign exchange business under the Foreign Exchange Control Act.。They are not authorized as an electronic trading platform (ETP) for Forex trading.。
The updated list consists of 48 names, including Tickmill, Pocket Option, Pepperstone, FP Markets, Quotex, which appear to be unauthorized。However, the list also includes these entities, which are seen as promoting some unauthorized platforms that claim to provide training services.。
The Reserve Bank of India provided a comprehensive list stating that any such unauthorized entity not included in the list must not believe that they have the right to trade or operate a foreign exchange electronic trading platform.。
The Reserve Bank of India's last alert list, published in September 2022, contained 34 such forex trading platforms, which shocked India's online forex trading community.。Now, in a matter of months, the updated list shows that number has grown to forty-eight.。The reason is not clear, but it is believed that there may be a vulnerable threat related to money laundering, hacking or other related illegal activities, so the Reserve Bank of India has taken strict measures.。However, following these guidelines will help forex traders in India to trade in an efficient and risk-free manner.。
However, it is even better if you always opt for regulated money brokers in India, as the Securities and Exchange Board of India (SEBI) has some restrictions.。The Reserve Bank of India has published on its official website an updated list of forex apps or websites that ban forex trading。In addition, the central bank has warned residents not to use such platforms / sites / entities that appear to encourage ETP / entities.。
While online forex trading is popular in India, they are heavily regulated, with regulators imposing some restrictions.。The Reserve Bank of India (RBI) is the regulator of foreign exchange transactions in India.。In addition, financial institutions providing foreign exchange trading services must be registered with the Reserve Bank of India.。The rules set by the Reserve Bank of India are the maximum funds for transactions, the type of currency used for transactions, and restrictions on certain types of transactions.。Despite these restrictions, online forex trading is growing rapidly in India。