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

Discussion in 'Scam Alerts' started by Fxgeek, Apr 9, 2012.

  1. Fxgeek

    Fxgeek Recruit

    Jan 11, 2010
    Likes Received:
    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

    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
  2. Pharaoh

    Pharaoh Colonel

    Oct 3, 2007
    Likes Received:
    Contact RBI and ask them about this. Please post whatever response you get here.
  3. fxtrader1

    fxtrader1 Recruit

    Jun 13, 2012
    Likes Received:
    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

    Foreign Exchange


    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

    RBI WebMaster

    Notice: This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient, any dissemination, use, review, distribution, printing or copying of the information contained in this e-mail message and/or attachments to it are strictly prohibited. If you have received this email by error, please notify us by return e-mail or telephone and immediately and permanently delete the message and any attachments. The recipient should check this email and any attachments for the presence of viruses. The Reserve Bank of India accepts no liability for any damage caused by any virus transmitted by this email.
: sgfx, sgfx.in

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