11 years and octafx is going on without any issues. I am actually considering it now because any illegal stuff cannot operate for 11 years. Heck, it is slightly younger than zerodha. Must be something which keeps it going.
Someone said they are registered as broker in NSE. Means probably they show themselves as authorised brokers for trading CDS markets. And it’s true that you can trade eur/usd and other important pairs i.e futures as NSE allows them. However when users sign up they are probably are offered spot fx or a CFD probably or probably along with nse CDS currency fut these spot fx & CFD are there. I am not a member of octafx but I quite guess this must be the way.
That means even BSE & SEBI knows what they are doing and still not cancelling their registeration? Something is legal here, otherwise banning cryptocurrencies by the govt is also a joke. If we can’t ban a company running right under the nose of SEBI then how we gonna ban anything for that matter?
I think there is a catch and people think they are doing something illegal.
Crypto is not banned by govt yet. RBI earlier tried to do it but it was overturned by supreme court. Currently crypto transactions are taxed. Also companies have to disclose crypto trading / investments etc during a financial year. Thats all.
An interesting article discusses Chinese loan apps and how PGs have enabled payments without proper due diligence. It is almost the same issue with CFD platforms that can take money locally today. This will eventually get banned when the problem becomes larger.
This is a paid article, maybe someone who has access can share some interesting excerpts from this here.
Ah, my bad, I should have worded this better. Of course, I have subscriptions on all of these. I am unsure about sharing bits from the article on this forum personally as CEO of Zerodha since it is behind a paywall. Let me ask the Journo if he is okay, and maybe I can only share excerpts.
An alert list of entities with whom you shouldn’t be dealing.
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.
The list of names include Octafx and a whole bunch of others.
thats the boss here. You did right thing here otherwise people will loose money by betting in forex fraud. Now i think it will help many who are trading big in these companies. I think RBI and Sebi has to be careful about these frauds.