What’s the news? The RBI has issued an “Alert List” of 34 apps “which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate Electronic Trading Platforms (ETPs) for forex transactions. Popular forex trading app OctaFX, which is one of the sponsors of IPL team Delhi Capitals, is also a part of the list. The Alert List is not exhaustive and “an entity not appearing in it should not be assumed to be authorised by the RBI,'' the central bank said. What are ETPs? RBI defines ETPs as any electronic system, other than a recognised stock exchange, on which transactions in eligible instruments like securities, money market instruments, foreign exchange instruments, derivatives, etc. are contracted. No ETPs shall operate without RBI’s prior approval under The Electronic Trading Platforms (Reserve Bank) Directions,…
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