In a press release on 8 September 2022, the RBI provided the list of the entities not authorized to deal in forex and to operate electronic trading platforms for forex transactions under the Foreign Exchange Management Act (FEMA), 1999.
If you are violating FEMA in your forex trading then do schedule a Tele-Appointment with an Ozgian to save your precious time and hard-earned money on unwanted legal costs.
The RBI reiterates in a press release that resident persons can undertake forex transactions only with authorized persons and for permitted purposes, in terms of the FEMA. While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorized for the purpose by the RBI or on recognized stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd., and Metropolitan Stock Exchange of India Ltd.
RBI Press Release: 2022-2023/835
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