Lok Sabha Question No. 5817 (UNSTARRED), answered on 2026-03-30
Subject: Offshore Forex and CFDs Trading Platforms
Ministry: FINANCE
Asked by: Shri Kartick Chandra Paul

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS LOK SABHA

## UNSTARRED QUESTION No. 5817

ANSWERED ON MONDAY, MARCH 30, 2026/CHAITRA 09, 1948 (SAKA)

## OFFSHORE FOREX AND CFDS TRADING PLATFORMS

## 5817. SHRI KARTICK CHANDRA PAUL:

Will the Minister of FINANCE be pleased to state:

- a) whether the Government is aware that offshore forex and Contracts for Difference (CFDs) trading platforms  such  as  Olymp Trade  and  similar  online  platforms  are  operating  in  the  country  without authorization from the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) ;
- b) If  so,  whether  the  Government  has  assessed  the  number  of  Indian  investors  using  such  offshore platforms and the potential financial risks involved;
- c) whether  any  measures  are  being  taken  by  the  Government  to  regulate  or  restrict  access  to  such unregulated offshore trading platforms to safeguard Indian investors, if so, the details thereof; and
- d) whether the Government is considering imposing a ban on such offshore forex and CFD platforms, including Olymp Trade, that operate outside India's regulatory framework and if so, the details thereof?

## ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

(a) to  (d):  As  per  the  extant  statutory  and  regulatory  framework,  persons  resident  in  India  can purchase/sell  foreign  exchange  for  permissible  current  and  capital  account  transactions  only;  and from/to persons authorised by the RBI under the foreign Exchange Management Act (FEMA), 1999. Further, as per Master Direction - Reserve Bank of India (Electronic Trading Platforms) Directions, 2025 dated June 16, 2025 and Electronic Trading Platforms (Reserve Bank) Directions, 2018, no entity can operate an electronic trading platform (ETP) for foreign exchange transactions in India without obtaining prior authorisation of the RBI. A list of entities that have been authorised by RBI to operate an electronic trading platform (ETP) for transactions in eligible instruments is published on the RBI website.

In addition to the list of authorised ETPs, RBI also regularly publishes the 'Alert List' which contains names of entities that have been observed to be offering forex trading facilities to residents without authorisation, or entities that are promoting such unauthorised entities/ETPs. The latest 'Alert List' includes Olymp Trade. The 'Alert List' is compiled through complaints/references received by RBI and other  publicly  available  information.  RBI  has  cautioned  the  public  against  dealing  in  forex  with unauthorized entities/unauthorized forex trading platforms through advisories and awareness campaigns through TV, digital and print media. Further, instructions have been issued to the Authorised Dealer Category - I banks to be more vigilant and exercise greater caution to prevent the misuse of banking  channels  in  facilitating  unauthorised  forex  trading  and  to  sensitise  their  customers  about related risks.

The Ministry of Home Affairs has established the Indian Cyber Crime Coordination Centre (I4C) to provide  a  framework  and  eco-system  for  Law  Enforcement  Agencies  (LEAs)  to  deal  with  any cybercrime in a comprehensive and coordinated manner. The 'Citizen Financial Cyber Fraud Reporting and Management System' has been launched for immediate reporting of financial frauds, including trading through such unauthorised platforms.

Directorate of Enforcement (DoE) is authorised to investigate suspected contraventions of FEMA, 1999, the related rules and regulations, and to adjudicate and impose penalties on those adjudged to have contravened the law. Previously,  in  a  case  pertaining  to  an  illegal  offshore  trading  platform, investigation was initiated by DoE and proceeds of crime attached/seized.