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.

Here’s the full list:

RBI slaps penalties on 3 banks:

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.

Action on co-operative banks:

Earlier on 23 November, the RBI imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance.

ALSO READ: RBI imposes monetary penalty on five co-operative banks. Details here

These co-operative banks are Shri Mahila Sewa Sahakari Bank Ltd, Porbandar Vibhagiya Nagarik Sahkari Bank Ltd, Sarvodaya Nagarik Sahakari Bank Ltd, The Khambhat Nagarik Sahakari Bank Ltd and The Vejalpur Nagarik Sahkari Bank Ltd.

The Reserve Bank had imposed a monetary penalty of ₹2.50 lakh on Ahmedabad’s Shri Mahila Sewa Sahakari Bank Ltd., ₹2 lakh on Porbandar Vibhagiya Nagarik Sahkari Bank Ltd., ₹1 lakh on Himmatnagar’s Sarvodaya Nagarik Sahakari Bank Ltd., ₹50,000 on The Khambhat Nagarik Sahakari Bank Ltd. and ₹25,000 on the Vejalpur Nagarik Sahkari Bank Ltd.

With agency inputs. 

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Updated: 24 Nov 2023, 07:48 PM IST