When it comes to forex trading in India, there is lot of speculation specially when a matter of legality or illegality comes into picture. OctaFX and many other Forex brokers have quick gain popularity over the lock down periods wherein everyone was trying to make a living.
These companies were chosen by most of the traders to trade the markets. However, due to lack of clarity in the legal framework or the ignorance of laws with the Indian community, no one bothered to check the technicalities of trading with this firms. For the first time in the year 2022, several notifications have been issued by Reserve Bank of India which is the central bank of India which dictates and monitors all the financial conduct of the financial activities occurring in India.
In such an event Enforcement Directorate has frozen bank accounts of OctaFX for illegal online forex trading. This has been a shocker for majority of traders who are trading with them. The enforcement directorate claims that they have frozen the bank accounts, of OCTAFX and its related entities because they were providing forex platform illegally in India which was violating foreign exchange management act and the total sum of money freezed was to a tune of 21,00,00,000 INR.
The Reserve Bank of India released an alert list containing the names of 34 entities, including OctaFX and many other dealers in forex which provides us trading platforms in the country, legal action under FEMA, if charged for an Indian citizen who resides in India and who undertakes foreign transactions with non-regulated entities shall be punished under FEMA violation so it’s an alarming situation for Indian citizens, electronic trading platforms which are not regulated by any financial or monitory conduct authorities in India may be punishable under FEMA act of 1999. So it’s must for traders and investors to firstly check the legalities with the countries Law point of view stay tuned and stay well informed.Information Credits :-
https://www.livemint.com/news/ed-freezes-octafx-s-bank-account-for-illegal-online-forex-trading-11664449352860.html
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