The Reserve Bank of India (RBI) on Wednesday added seven new names to alert list of unauthorised forex trading platforms, according to a press release. With the updated list, the total number of unauthorised forex trading platforms stand at 95.
Which entities have been listed?
The entities which got listed include Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX.
What will happen to listed entities?
The alert list contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions, according to the RBI.