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RBI Adds 19 Unauthorised Forex Trading Platforms In Alert List

Published on November 28, 2023
Current Context: The Reserve Bank of India (RBI) has added 19 more unauthorized forex trading platforms to its alert list.
RBI Adds 19 Unauthorised Forex Trading Platforms In Alert List
  • This is the second time this year that the RBI has updated this list.
  • The entities added include BlackBull, Admiral Market, Easy Markets, FX SmartBull, Just Markets, GoDo FX, and others.
  • This brings the total number of banned forex trading platforms on the Alert List to 75.
  • The RBI has cautioned the public against these unauthorized platforms as they 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 RBI has also stated that the list is not exhaustive and an entity not appearing in the list should not be assumed to be authorized.

Question:

Q.1 How many unauthorized forex trading platforms were added to the RBI’s alert list in the last update?
a. 15
b. 19
c. 20
d. 25

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