Reserve bank of India (RBI) has released an alert list of illegal forex trading platforms and cautioned against people undertaking transactions on them.

The list names 34 unauthorised electronic trading platforms, including OctaFX (official trading sponsor of IPL team Delhi Capitals), Olymp Trade, I-Forex, FBS, Expert Option, Binomo, AVA Trade, IQ Option, Alpari, Forex.com and TP Global Forex.

The RBI admits that the ‘alert list’ is not exhaustive and is based on what was known to the central bank at the time of this press release. An entity not named in the list should not be assumed as being authorised by the RBI.

The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs, which are already made available in the RBI website, the RBI said.

Resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA), the RBI said in a statement. 

While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd, the central bank said.

“Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA,” it added.

In February, the RBI had warned people against trading forex on unauthorised platforms.