Announcements

We have an important update regarding a circular issued by the RBI on 5 January 2024.

As per the circular, Indian residents are allowed to participate in currency derivative trading on Exchanges only for the purpose of hedging.

Hedging here refers to protecting against potential losses from currency fluctuations that arise from international transactions, which are allowed under the Foreign Exchange Management Act (FEMA) of 1999 and its associated rules. These transactions could be planned for the future or might have already occurred.

Keep in mind

• No fresh position shall be permitted in currency derivatives from 3 April 2024
• All open positions need to be closed or shall be squared off by us by 4 April 2024 EOD

For your reference, please refer to the circular here: bit.ly/3U2m2Dx