Mumbai (Maharashtra) [India], November 19 (ANI): The Reserve Bank of India (RBI) has expanded its 'Alert List' of unauthorised forex trading platforms by adding seven new entities and their websites, cautioning the public against engaging with them for currency trading.

The newly flagged platforms are Starnet FX (www.starnetfx.com), CapPlace (www.capplace.com), Mirrox (www.mirrox.com), Fusion Markets (www.fusionmarkets.com), Trive (www.trive.com), NXG Markets (www.nxgmarkets.com) and Nord FX (www.nordfx.com).

The central bank's notice said that these platforms are not authorised to deal in forex transactions under the Foreign Exchange Management Act (FEMA).

RBI has repeatedly warned investors and consumers to avoid online platforms offering leveraged forex trading, margin trading, or contracts in foreign exchange not conducted through authorised channels.

RBI's Alert List is intended to help the public identify entities that may pose risks, especially as online forex trading scams have been rising in recent years. The regulator has urged users to transact only through RBI-authorised dealers and refrain from using unregulated digital platforms that promise high returns.

The central bank also reminds consumers that unauthorised forex trading can lead not only to financial losses but also to potential penalties under Indian law.

RBI's 'Alert List' features platfoms that are not authorised to conduct foreign exchange transactions under the Foreign Exchange Management Act, 1999 (FEMA), nor permitted to run electronic trading platforms (ETPs) under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.

'Alert List' also contains entities, platforms, and websites that appear to promote unauthorised forex platforms, whether through advertisements or by claiming to offer training or advisory services connected to such unauthorised entities. (ANI)