The Reserve Bank has taken strict action against 13 forex trading platforms for violating the rules. The Reserve Bank has released its alert list which includes the names of these unauthorized platforms. Participation in forex trading or electronic trading of foreign exchange transactions on these trading platforms has also been banned. This list also includes some names that were promoting such unauthorized institutions or electronic trading platforms or were promoting such unauthorized institutions or were talking about providing training or advisory services.
 

Who is included in the list

The 13 platforms included in the updated list of the Reserve Bank include Ranger Capital, TDFX, Inefex, Yorker FX, Grow Line, Think Markets, Smart Prop Trader, Funded Next, Weltrade, FX Road, DBG Markets and Plus One Trade. The Reserve Bank has warned that if the name of a company or entity is not included in this list, it does not mean that it has been authorized. The Reserve Bank has advised that before doing any trade, please get complete information about the trading platform. In April this year itself, Reserve Bank Governor Shaktikanta Das had expressed concern over such unauthorized forex trading platforms and directed banks to be strict about such illegal activities. Earlier in the year 2022 itself, the Reserve Bank had warned about such advertisements which were promoting unauthorized platforms offering forex trading services to Indians.