The Reserve Bank of India has expanded its list of unauthorized foreign exchange trading platforms, now totaling 75, by adding 18 internet domains and one mobile app. The RBI states that these entities, not authorized under the Foreign Exchange Management Act (FEMA), are prohibited from engaging in forex transactions or operating electronic trading platforms.
Although the RBI releases warnings about websites operating illegally in India, it lacks the authority to shut them down as they are registered overseas in jurisdictions where their operations are legal.
For example, Admiral Markets, established in 2001, is headquartered in Estonia. Another platform, BlackBull, is associated with a company incorporated in New Zealand. Easy Markets, based in Cyprus, facilitates trading in forex and other instruments.
The Reserve Bank's Alert List includes names of entities/platforms/websites that seem to be endorsing unauthorized entities. The following are the names of the 19 platforms/websites newly added to the RBI list.
