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Android Foreign Trade Portal Applications in India.  What SEBI (securities exchange board of India) Says about foreign trade portals?



In recent period i am seeing lot of online Advertisements of applications used to participate online foreign trade. The main apps where OLYMB TRADE, BINMO, IQ OPTION and more, all advertisements are saying about being financially rich by using  these application to trade in foreign exchange. So I went to Google playstore to see those apps, while I searching the reviews of those apps I found lot of negative comments from the users, that they got cheated. In between I have found one or two good comments too. So I searched on the internet about the investment in foreign trade portals are legal or illegal in India, I found the first organic search result was form an Indian government sites called SEBI (securities exchange board of India) and its clearly mentioned that investors in India are being offered services by various firms through online web portals to trade in a variety of financial products including various types of derivatives, which are apparently traded on overseas platform/exchange. These firms are operating from overseas, but providing/offering services to Indian residents. These firms/entities in order to attract clients solicit their business through various means of communications such as electronic messages, blogs, advertisements, websites, emails, leaflets/pamphlets, apps, calls etc., and also many such entities/portals offer free online registration without complying with the basic Know Your Customer (KYC) procedures and often offer high level of leverage, low brokerage and other incentives for trading on overseas platform/exchange.

Such firms/web-portals/platforms are not supervised by any Regulatory body in India. Further, the inherent complexity of the products offered by such firms/web-portals/platforms may not suit the risk profile of the investors and their excessive leverage can result in significant losses to investors.

In view of above, all investors are cautioned to avoid participating in such unregulated web portals / entities offering transactions in securities (including derivatives) which are executed or undertaken on the terminal of foreign exchanges/platforms. The investors may also note that for any kind of claim/dispute relating to such participation or enforcement of any agreement/contract/claim, etc., the following recourses shall not be available to them: 
·         Rights of investors under bye-laws/regulations of Recognized Stock Exchange(s) and investor protection under Indian securities laws.
·         Dispute resolution mechanism administered by Recognized Stock Exchange(s).
·         Investor grievance redressal mechanism administered by Recognized Stock Exchange(s).
  
For more information please visit https://www.sebi.gov.in/media/press-releases/oct-2018/advisory-in-respect-of-foreign-trading-portals_40848.html

Information Source form SEBI https://www.sebi.gov.in


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