Star Fing Report

● RBI issued press release clearly states that remittance of any form towards overseas
forex companies is not permitted .
● It also states that forex trading in domestic or overseas markets is illegal for residents of
India.

(IMG 1)
 ● This thing of falsely demanding money from prospective clients has happened
before and the company has encouraged us to try this with our friends and
family(IMG 2)

IMG 2

Furthermore (In point no 2 of circular)

 ● The company enlisted us to do the same job which RBI has told to stay away from to do
the exact work underlined in the circular(Red) .
● The company also provided us huge leverage as mentioned in the circular(blue).

SEBI press release mentions that

● These forex exchanges are not supervised by any Regulatory body of India.
● Investors lose their right to claim/dispute .
The company was asking us to be a part of these unethical practices and get clients for them as
a part of the Internship.
If the company defaults then the financial responsibility of their clients would lie on their Interns.

References

● RBI/2010-11/ 472 April 07, 2011 A.P. (DIR Series) Circular No. 53
● SEBI Pr No: 47/2018