RBI Expands Ban on Unauthorized Forex Platforms, Including PU Prime, TNFX, Lalit Matta’s Ya Markets and Others

Rbi Ban Forex

In a robust effort to protect investors, the Reserve Bank of India (RBI) has updated its list of banned foreign exchange trading platforms, which now includes Ya Markets, led by Lalit Matta. Additionally, Matta is the owner of Ya Prime, a firm providing liquidity solutions for forex brokerage services. This crackdown underscores the RBI’s commitment to eradicating unauthorized forex operations that can jeopardize investor safety.

The RBI has added 19 new platforms to its ‘Alert List,’ bringing the total to 75. These entities are operating outside the law, lacking compliance with the Foreign Exchange Management Act (FEMA) and the authorization needed to run electronic trading platforms (ETPs). The RBI has issued a strong warning against engaging with these platforms, highlighting the significant risks of financial loss and fraud.

Investors are strongly advised to verify the legitimacy of any forex trading platform by consulting the RBI’s official website. The central bank maintains a comprehensive list of authorized persons and ETPs, which is an essential resource for ensuring compliance and security in forex transactions.

In a related development, India’s foreign exchange reserves rose by $5.077 billion, reaching a total of $595.397 billion, according to the latest RBI data. This increase follows a previous decline of $462 million, as the RBI worked to stabilize the rupee amidst global economic pressures.

The RBI is collaborating with various government agencies to combat illegal forex trading and enhance public awareness. Recent actions by the Enforcement Directorate (ED) have targeted illegal forex operations, resulting in arrests and significant asset seizures, further demonstrating the serious nature of the issue.

As the RBI intensifies its efforts to uphold the integrity of the forex market, investors are urged to remain vigilant. Engaging only with authorized trading platforms is crucial to mitigating risks. For those looking to confirm the status of forex entities, the RBI’s official website provides easy access to updated lists under the ‘Press Release’ section.

As unauthorized trading practices continue to pose challenges in the forex market, it is essential for investors to thoroughly vet any trading platform before making financial commitments.

Here is a list of 75 trading platforms banned by the RBI for conducting any foreign exchange transactions on behalf of investors:

S. No.NameWebsite
1Alparihttps://alpari.com
2Anyfxhttps://anyfx.in
3Ava Tradehttps://www.avatrade.com
4Binomohttps://binomoidr.com/in
5eTorohttps://www.etoro.com
6Exnesshttps://www.exness.com
7Expert Optionhttps://expertoption.com
8FBShttps://fbs.com
9FinFxProhttps://finfxpro.com
10Forex.comhttps://www.forex.com
11Forex4moneyhttps://www.forex4money.com
12Foxorexhttps://foxorex.com
13FTMOhttps://ftmo.com/en
14FVP Tradehttps://fvpt-uk.com
15FXPrimushttps://fxprimus.com
16FX Streethttps://www.fxstreet.com
17FXCMhttps://www.fxcm.com
18FxNicehttps://fx-nice.net
19FXTMhttps://www.forextime.com
20HotForexhttps://www.hotforex.com
21ibell Marketshttps://ibellmarkets.com
22IC Marketshttps://www.icmarkets.com
23iFOREXhttps://www.iforex.in
24IG Marketshttps://www.ig.com
25IQ Optionhttps://iq-option.com
26NTS Forex Tradinghttps://ntstradingrobot.com
27OctaFXhttps://octaindia.net
28Olymp Tradehttps://olymptrade.com
29TD Ameritradehttps://www.tdameritrade.com
30TP Global FXhttps://www.tpglobalfx.com
31Trade Sight FXhttps://tradesightfx.co.in
32Urban Forexhttps://www.urbanforex.com
33XMhttps://www.xm.com
34XTBhttps://www.xtb.com
35Quotexhttps://quotex.com
36FX Westernhttps://www.fxwestern.com
37Pocket Optionhttps://pocketoption.com
38Tickmillhttps://www.tickmill.com
39Cabana Capitalshttps://www.cabanacapitals.com
40Vantage Marketshttps://www.vantagemarkets.com
41VT Marketshttps://www.vtmarkets.com
42Iron Fxhttps://www.ironfx.com
43Infinoxhttps://www.infinox.com
44BD Swisshttps://global.bdswiss.com
45FP Marketshttps://www.fpmarkets.com
46MetaTrader 4https://www.metatrader4.com
47MetaTrader 5https://www.metatrader5.com
48Pepperstonehttps://pepperstone.com
49QFX Marketshttps://qfxmarkets.com/
502WinTradehttps://www.2wintrade.com/
51Guru Trade7 Limitedhttps://www.gurutrade7.com/
52Bric Tradehttps://www.brictrade.com/
53Rubik Tradehttps://www.rubiktrade.com/
54Dream Trade Mobile ApplicationDream Trade Mobile Application
55Mini Trade Mobile ApplicationMini Trade Mobile Application
56Trust Trade Mobile ApplicationTrust Trade Mobile Application
57Admiral Markethttps://admiralmarkets.com
58BlackBullhttps://blackbull.com
59Easy Marketshttps://www.easymarkets.com
60Enclave FXhttps://enclavefx.com
61Finowiz Fintech Limitedhttps://finowiz.com
62FX SmartBullhttps://www.fxsmartbull.com
63Fx Tray Markethttps://www.fxtray.com
64Forex4youhttps://www.forex4you.com
65GoDo FXhttps://www.godofx.com
66Growing Capital Services Ltd.https://www.growingcapital.uk
67HF Marketshttps://www.hfm.com
68HYCM Capital Marketshttps://hycm.com
69JGCFXhttps://jgcfx.com
70Just Marketshttps://justmarkets.com
71PU Primehttps://in.puprime.com
72Real Gold Capital Ltd.https://www.realgoldcapitals.com
73TNFXhttps://tnfx.co
74Ya Marketshttps://www.yamarkets.com
75Gate Trade Mobile ApplicationGate Trade Mobile Application

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