The Reserve Bank of India (RBI) on Friday said that it has added 19 websites to the Alert List of unauthorized forex trading platforms.
These entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms (ETPs) for forex transactions.
The 19 entities are:
1. Admiral Market https://admiralmarkets.com
2. BlackBull https://blackbull.com
3. Easy Markets https://www.easymarkets.com
4. Enclave FX https://enclavefx.com
5. Finowiz Fintech Limited https://finowiz.com
6. FX SmartBull https://www.fxsmartbull.com
7. Fx Tray Market https://www.fxtray.com
8. Forex4you https://www.forex4you.com
9. GoDo FX https://www.godofx.com
10. Growing Capital Services Ltd. https://www.growingcapital.uk
11. HF Markets https://www.hfm.com
12. HYCM Capital Markets https://hycm.com
13. JGCFX https://jgcfx.com
14. Just Markets https://justmarkets.com
15. PU Prime https://in.puprime.com
16. Real Gold Capital Ltd. https://www.realgoldcapitals.com
17. TNFX https://tnfx.co
18. Ya Markets https://www.yamarkets.com
19. Gate Trade Mobile Application
The RBI has warned the public not to conduct forex transactions or remit/deposit money for such unauthorised operations.
The alert list contains the names of entities/platforms/websites that appear to be promoting unauthorised entities/ETPs, including through ads of such unauthorised entities or claiming to provide training/advisement services.
The authorisation status of any person/ETP can be determined using the RBI’s website’s list of authorised persons and authorised ETPs.
Meanwhile, India’s foreign exchange reserves surged by $5.077 billion to $595.397 billion, as per Reserve Bank of India data updated Friday.
Earlier, forex reserves fell by $462 million, bringing the total to $590.32 billion for the week ending November 10.
The reserves fell as the central bank used its funds to protect the rupee from pressures caused mostly by global developments over the previous year. When measured in dollars, foreign currency assets indicate the impact of the appreciation or depreciation of non-US currencies held in foreign exchange reserves, such as the euro, pound, and yen.
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