SGFX.in - Is this really the only INDIAN RBI registered company

[Fxgeek]

The company called SGFX FINANCIAL LIMITED, claims that they registered forex trading broker in INDIA with joint ventures with etoro.com

But, as you see according to RESERVE BANK OF INDIA. Online forex trading is illegal.

Source :- Reserve Bank of India

And still the company SGFX, claim that they are RBI registered
with the following details.

---Co. No. 7468235, licensed by the Reserve Bank of India, license no.: RB/NBFC/FX/03/1079


Their website links:-
1) sgfx.in
2)SGFX financial limited, Forex Broker India, Forex Trading in Mumbai India
3)india.etoro.com


And if noticed, in the main website of etoro.com. They have not mentioned their regulation and license in INDIA.
Source :- Regulation and License | eToro

 

[Pharaoh]

Contact RBI and ask them about this. Please post whatever response you get here.

 

[fxtrader1]

Fedcofmd ✆ fedcofmd@rbi.org.in
06:41 (17 minutes ago)

to me
Dear Sir,

RBI does not issue any licence for forex trading through electronic / internet portals.

FED Help

________________________________
From: FED, Help
Sent: Wednesday, April 11, 2012 3:12 PM
To: Fedcofmd
Subject: FW: Contact us Alert



________________________________
From: xxxxx.x.xxxxxx@gmail.com [xxxxx.xxxx.xxxx@gmail.com]
Sent: Tuesday, April 10, 2012 12:47 PM
To: FED, Help
Subject: Contact us Alert

TO
Foreign Exchange

FROM
xxxxxxxxxxx


Hi, I am in communication with one compnay SGFX , which is claiming that they are the only company which have been given a license to trade foreign exchange in India. Below is detail supplied to me . How can I validate this with RBI? SGFX - this is the only company which is legally trading in india in forex which havin the RBI licence to trade in forex. The licence nuber of RBI The eToro trading platform is a product within SGFX Financials Co UK Limited (Co. No. 7468235, licensed by the Reserve Bank of India, license no.: RB/NBFC/FX/03/1079). sir we can give you the licence no. if you have any doubts you can cross check with RBI. Regards Santosh

Regards
RBI WebMaster

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