OctaFX India and other 34 Online Forex Trading Platforms Declared Illegal by RBI
RBI Alert: These 34 Forex Trading Platforms illegal
In a recent circular issued by the RBI on 7th September 2022, the apex bank of India has declared 34 online forex trading online platforms as illegal including some famous forex trading platforms such as OctaFX India, Binomo, and Olymp Trade.
RBI has come up with an “Alert List” of entities that are barred from trading in forex under the Forex Exchange Management Act (FEMA) 1999. In the circular issued by the RBI, these companies are neither allowed to trade in Forex nor permitted to run online forex trading platforms on their website.
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RBI keeps up with these types of circulars, last it came up with such a circular in 2015, before that in 2011, and also in February 2022. RBI has clearly stated that people can only carry out forex transactions with authorized individuals on recognized stock exchanges such as National Stock Exchange, BSE, or Metropolitan Stock Exchange or with authorized ETPs only for purposes stated under the FEMA Act.
Know 34 Forex trading platforms illegal in India