RBI Alert List 2023: Updated full list of banned and unauthorised forex trading apps and websites

Updated RBI Alert List (Full List of Apps and Websites Unauthorised for Forex Transactions in India 2023): The Reserve Bank of India on June 7 updated the Alert List of unauthorised forex trading platforms, adding eight more apps to the list. As per the RBI’s updated alert list, there are now 56 forex trading platforms that are now authorised by the central bank

The central bank has added QFX Markets, 2WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade and Trust Trade to the Alert List of unauthorised forex trading platforms.

Earlier on February February 10, 2023, RBI had released an updated “Alert List” of entities/platforms/websites that 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.

“The Alert List has been updated and includes names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services. The Alert List is not exhaustive. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI to deal in foreign exchange or operate electronic trading platforms for forex transactions. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available in the RBI’s website,” RBI said.

The RBI has also cautioned people against such unauthorised platforms.

“Residents are cautioned against entities/platforms/websites which appear to be promoting such unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services (e.g. on social media including video streaming platforms) by providing for ‘demo trading’ in ‘simulated environment’ and such other indirect means for facilitating and doing forex trading through unauthorised entities,” the central bank said.

Full list of unauthorised Forex trading apps and websites: Updated on June 7, 2023

Earlier on 7th September 2022, RBI issued an “Alert List” comprising names of apps and entities that have not been authorised to deal in forex and to operate electronic trading platforms for forex transactions. Many unauthorised platforms lure people by promising lofty returns on investment. However, using such platforms is not just risky but may also land the users in legal trouble. Users of these unauthorised platforms may be prosecuted, according to RBI.

“Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA,” the RBI said in a statement dated 7th September 2022.

The central bank said that the above list is not exhaustive and is based on what was known to the RBI at the time of publication. It said that any entity not appearing in this list should not be assumed to be authorised by the RBI. 

The full list of authorised persons and ETPs for forex transactions are available on the RBI website.

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According to RBI, resident persons should undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA (Foreign Exchange Management Act, 1999). 

“While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd,” the central bank said.