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Sri Lanka Equity Forum » Stock Market News » CB warns on illegal forex trading

CB warns on illegal forex trading

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1 CB warns on illegal forex trading on Wed May 30, 2012 5:01 pm

Redbulls

avatar
Director - Equity Analytics
Director - Equity Analytics
The Central Bank warned today against advertisements being made in the print and electronic media and Internet and, unsolicited e-mails being circulated, by some companies proprietary concerns and individuals exhorting the public to engage in foreign exchange trading with assurances of guaranteed high returns.

"Some companies and proprietary concerns have even engaged their employees or agents who would personally contact the members of the public to entice them to undertake forex trading with promises of exorbitant returns. These agents and the advertisements on the Internet and in the print and electronic media often exhort, people to trade in foreign exchange, depositing an initial investment in Sri Lanka rupees with a company, proprietorship concern or individual in Sri Lanka to be transferred later into an online account or, payment through credit, debit or any other electronic funds transfer card direct to an online account opened in the name of the investor," a statement from CBSL Exchange Control Department said.

It further noted the Central Bank in the recent past has come across instances where several persons have lost large sums of monies due to the above activities carried on by some unscrupulous individuals and companies.

"The Central Bank wishes to inform the general public that undertaking foreign exchange trading transactions and remitting payments outside Sri Lanka for such transactions by any person without the approval of the Central Bank is illegal and violation of the provisions of section 5(1) and 7(a) of the Exchange Control Act. This is considered as a punishable offence under the Exchange Control Act and we request general public not to fall prey to such transactions."
http://www.nation.lk/edition/breaking-news/item/6600-cb-warns-on-illegal-forex-trading.html

2 Re: CB warns on illegal forex trading on Tue Jun 05, 2012 11:57 am

Flashmark


Equity Analytic
Equity Analytic
This one of the worst descion CB made. CB should take legal actions against those fraudulent brokers and agents. Forex is not a gambling people can not earn money without proper knowledge.Even with proper knowledge some people get lost.CB should warn people about that.If forex is illegal, stock market trading is also illegal. People will lost because of stock trading too.Same theory apply to forex as well. compare to our stock market, forex market is much better.No manipulators there.

So anyone know what CB going to do for our forex accounts? How we get permission from them to continue forex trading?

3 Re: CB warns on illegal forex trading on Fri Jun 08, 2012 11:58 am

Flashmark


Equity Analytic
Equity Analytic
any update?

4 Re: CB warns on illegal forex trading on Fri Jun 08, 2012 12:21 pm

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Flashmark wrote:This one of the worst descion CB made. CB should take legal actions against those fraudulent brokers and agents. Forex is not a gambling people can not earn money without proper knowledge.Even with proper knowledge some people get lost.CB should warn people about that.If forex is illegal, stock market trading is also illegal. People will lost because of stock trading too.Same theory apply to forex as well. compare to our stock market, forex market is much better.No manipulators there.

So anyone know what CB going to do for our forex accounts? How we get permission from them to continue forex trading?
cb is scared of funds going out of our country. i think in india it is allowed. in srilanka only pyramid schemes are allowed and when got caught to the authorities they are scot free..... Crying or Very sad this is the srilanka way of doing things.... forex market of so huge so only big playas like central banks can and major banks with huge funds can manipulate to an extent.......if combined together.... Cool Rolling Eyes

5 Re: CB warns on illegal forex trading on Fri Jun 08, 2012 2:32 pm

Flashmark


Equity Analytic
Equity Analytic

I called and asked from central bank foreign exchange division about this. Person who answered my call, said that forex trading is illegal and if you have money in account withdraw it immediately.Also they have no plan about giving permission to individuals and he said it is legal only for commercial banks. As per my knowledge none of the country totally ban forex trading for individuals other than Sri Lanka.

6 Re: CB warns on illegal forex trading on Fri Jun 08, 2012 2:36 pm

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Flashmark wrote:
I called and asked from central bank foreign exchange division about this. Person who answered my call, said that forex trading is illegal and if you have money in account withdraw it immediately.Also they have no plan about giving permission to individuals and he said it is legal only for commercial banks. As per my knowledge none of the country totally ban forex trading for individuals other than Sri Lanka.
buggers are living stone age...... CB/SEC keeps quiet on insider dealing manipulators while the perpetrators are doing with impunity....and became billionares by speculating where tech/fund do not confluence..... and can not justify such huge moves to the upside in such short time Very Happy

7 Re: CB warns on illegal forex trading on Fri Jun 08, 2012 10:43 pm

reez


Manager - Equity Analytics
Manager - Equity Analytics
can u remember, i published this issue. bt no one believe it

8 Re: CB warns on illegal forex trading on Sat Jun 09, 2012 6:05 pm

traderathome

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
ape kale pinata upan cabba Mad

9 Re: CB warns on illegal forex trading on Fri Oct 05, 2012 6:08 pm

Ashphoenix7


Stock Trader
I was also told by the BOC Treasury guys,when went(BOC Tower Echelon squre.) 3 days ago Forex is illegal since "foreign currency payments online is only for purchases NOT speculative trading"
The long and short of this is that average Sri Lankan still gets peanuts as FD interests from Banks & finance companies and actually are losing since inflation is higher !(...and did you notice the great new buildings of these finance co.s & banks cropping up in Col petty.Nawam Mv & other areas).
Ideally Fx schooling should be available in Sinhala & Tamil for people to have options !
My comments are made in the best interests and not for controversy in this great forum.
There IS RISK like in any investment in FX but needs very high discipline experience & "time invested"
.The courses now emphasize equally to preserve you deposit in Fx trading as much as how to profit.Its know as Money Management.The issue in Fx trading is you are directly trading money, accumulating or losing unlike for eg. investing in a Hardware Shop ,where your money will survive even in small quantities over a period, to cash in later after a bankruptcy.Money is more tangible.Cuts both ways-Cheers

10 Re: CB warns on illegal forex trading on Tue Nov 29, 2016 9:08 am

forex4srilanka

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Equity Analytic
Equity Analytic
අප හිතවත් පාරිභෝගිකයනි,Forex trading සඳහා ඔබ අප තෝරාගත යුත්තේ ඇයි?

එනම්,අප ආයතනය විසින්  ඔබගේ භාෂා පහසුව සඳහා සිංහළ භාෂා මාධ්යයෙන් පාරිභෝගික සේවා සහය අංශයක් පත්කර ඇත.ඔබ ගේ Forex ඟිණුම් ක්ෂණිකව Verify කර ගැනීමට,Fund Deposit හා Withdrawal සම්බන්ඳ තොරතුරැ ක්ෂණිකව ලබා ගැනීමට, අප ආයතනය විසින්  ඔබට ලබාදෙන Bonus ආදී ඔබගේ Forex ඟිණුම් හා සම්බන්ඳ ඕනෑම ගැටලුවකට හා උවමනාවකට අවශ්යය සියලූම පාරිභෝගික සේවා සහය ලබා ගතහැක.ඔවුන් අවුරැදු හතකට එහා සේවා පළපුරැදකින් හෙබි පිරිසකි,එම නිසා ඔවුන් ඔබට අවශ්යය මාර්ගෝපදේශක්වය ලබා දේ.

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