RBI makes addition of 19 unauthorised forex trading platforms in Alert List, check details

livemint.com:

Reserve Bank of India on 24 November updated the 'Alert List' of unauthorized forex trading platforms by adding 19 more entities, including FX SmartBull, Just Markets, and GoDo FX, taking the total to 75. According to the list, these entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor to operate an electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The other entities added to the list are Admiral Market, BlackBull, Easy Markets, Enclave FX, Finowiz Fintech, FX SmartBull, Fx Tray Market, Forex4you, Growing Capital Services, and HF Markets.

Other platforms are HYCM Capital Markets, JGCFX, PU Prime, Real Gold Capital, TNFX, Ya Markets, and Gate Trade. In a statement, the Reserve Bank said the Alert List also contains names of entities/platforms/websites that appear to be promoting unauthorized entities. "The list is not exhaustive," it said and added an entity not appearing in the list should not be assumed to be authorized by the RBI.

Earlier in the day, the apex bank regulatory body slapped penalties totaling ₹10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of norms. The apex bank regulatory body made it clear that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The RBI imposed a penalty of ₹one crore on Indian Overseas Bank, ₹5 crore on Citibank, and ₹4.34 crore on the Bank of Baroda.