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Definition: Authorized Forex Dealer
In all countries there is a regulatory body which authorises a financial institution or an individual to act as a dealer involved in the trading of foreign currencies. Such institutions or individuals are known as Authorized Forex Dealers. These dealers insure that transaction of foreign currencies are executed in a legal and fair way.
In The United State, National Futures Association (NFA) authorises dealers for foreign exchange. In India, Reserve bank of India (RBI) is the authorizing body.
In India, Section 10 of the foreign Exchange Management Act 1999 deals with the authorization of forex dealers. Apart from monitoring the transaction, a dealer has an objective to widen the access of foreign exchange facilities to tourists and residents while providing efficient customer service.
For example: Some of the authorized forex dealers in India are – Axis bank , State bank of India, Credit Suisse AG etc.
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