The Reserve Bank added 19 more companies, including FX SmartBull, Just Markets, and GoDo FX, to the ‘Alert List’ of unapproved forex trading platforms on Friday, bringing the total to 75, according to a PTI report.
The Alert List includes the names of organizations that are not permitted by the Foreign Exchange Management Act of 1999 (FEMA) or the Electronic Trading Platforms (Reserve Bank) Directions of 2018 to deal in foreign exchange or to run electronic trading platforms (ETPs) for forex transactions.
The public has been reportedly cautioned by the RBI not to engage in foreign exchange transactions or send or deposit funds for such unauthorized operations.
The alert list includes the names of organizations, platforms, and websites that seem to be endorsing unapproved firms or ETPs, either by advertisements for such entities or by making claims to offer advisory or training services.
The list of 19 platforms are:
- Admiral Market
- BlackBull
- Easy Markets
- Enclave FX
- Finowiz Fintech Li
- FX SmartBull
- Fx Tray Market
- Forex4you
- GoDo FX
- Growing Capital S
- HF Markets
- HYCM
- JGCFX
- Just Markets
- PU Prime
- Real Gold Capital
- TNFX
- Ya Markets
- Gate Trade Mobile
The apex bank stated, “The list is not exhaustive,” and that one should not presume that an organization that is not on the list has RBI authorization.
In addition, earlier in the day, Indian Overseas Bank, Bank of Baroda, and Citibank were fined INR 10.34 crore by the top bank regulator for breaking rules.
The highest bank regulatory authority made it apparent that the action is focused on regulatory compliance violations rather than the legitimacy of any agreements or transactions the bank has with its clients. Indian Overseas Bank was hit with a penalty of INR 1 crore, Citibank with INR 5 crore, and Bank of Baroda with INR 4.34 crore by the RBI.
