Whalesbook
The Reserve Bank of India has added seven new online trading platforms to its Alert List, bringing the total to 95 unauthorized forex service providers. These platforms are not permitted to offer foreign exchange trading services to Indian residents under the Foreign Exchange Management Act, 1999 (FEMA). The RBI aims to warn the public about these entities, which operate without necessary authorization and could violate Indian laws. Residents are advised to only engage with RBI-licensed and registered forex service providers.