The Reserve Bank of India’s (RBI) “Alert List” has entities that aren't allowed to do forex transactions under the Foreign Exchange Management Act, 1999 (FEMA), and aren't allowed to operate electronic trading platforms (ETP) for forex transactions. This list, placed on its website on September 7, 2022, is not exhaustive and presently has 34 entities. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI, the regulator stated. Any resident person conducting a forex transaction from entities in the Alert List will be liable to legal action, under FEMA. Forex transactions can be executed electronically through authorised ETPs by the RBI or on recognised stock exchanges.
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