RBI Updates KYC Rules to Enhance Verification and Security
The Reserve Bank of India (RBI) has expanded its ‘Alert List’ of unauthorized forex trading platforms by adding 13 new entities, bringing the total to 88. This list includes names of entities not authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) or to operate electronic trading platforms (ETPs) for forex transactions. Some notable additions to the list include TDFX, Inefex, and Ranger Capital. The RBI emphasized that this Alert List also includes entities promoting unauthorized platforms through advertisements or claiming to offer training/advisory services.
Unauthorized Entities: The updated list features entities like TDFX, Inefex, YorkerFX, Growline, and others, which are not authorized to engage in forex trading or operate ETPs.
Promoting Unauthorized Services: The RBI noted that some entities may promote these unauthorized platforms, potentially misleading consumers.
Verification of Authorization: The RBI cautioned that just because an entity does not appear on this list does not mean it is authorized. Individuals are encouraged to verify the authorization status from the official list of authorized persons and ETPs.
Purpose: The Alert List identifies unauthorized forex trading platforms that are not permitted to operate under the Foreign Exchange Management Act, 1999 (FEMA).
Recent Update: The RBI added 13 entities to the Alert List, raising the total to 88.
Examples of Entities: Notable additions include TDFX, Inefex, Ranger Capital, and others.
Consumer Warning: The list serves as a warning to consumers to avoid engaging with unauthorized platforms and to verify the authorization status of any forex entity.
Promotion of Unauthorized Services: Some listed entities may promote unauthorized services or claim to offer training and advisory, misleading consumers.
Verification: Consumers are advised to check the RBI’s official lists for authorized persons and ETPs to confirm legitimacy.
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