Forex Association Of India
Among the organizations which are a part of the foreign exchange trading sector in India, the Forex Association of India has a place of special importance. The Forex Association of India is affiliated to the Paris based, Association of Cambiste Internationale. Forex Association of India is a national level organization with its members consisting of the Forex dealers, treasury managers as well as brokers of foreign exchange from all over the country.
The main goal of the Forex Association of India is to bring transparency in the way foreign exchange trading market works in India. This is done by ensuring that the foreign exchange trade takes place in a completely professional manner. Forex Association of India provides an informal diaspora where forex related professionals come together and interact about various developments in the market.
All the members are active foreign exchange traders or involved in various activities related to foreign exchange risk management. The body consists of all the commercial banks who are considered Authorized Dealers of foreign exchange in the country. Since these members of the association are biggest traders of foreign exchange, they act as the price providers to people who are involved in the import and export related activities as well as investors who bring in money and take out profit.
Forex Association of India has to take care of its own finances. It does not receive any financial aid from the any of the ministries nor from the Reserve Bank of India. The association undertakes a number of activities to achieve its motives of bringing transparency and ensuring professionalism in the market. The Forex Association of India frequently arranges special meetings in which people from the forex sector come together and analyze various aspects of the market, be they technical like interest rates or other trading avenues or like the volume of sale and purchase or matters that are purely ethical. All the aspects are covered in these meetings. The Forex Association of India has formed a committee to keep an eye on the functioning of forex market. It is the duty of this committee to keep an eye on the problems faced by the various players of the foreign exchange market. The committee also organizes meetings where the different players in the industry sit with each other and discuss about the problems that they are facing and have been noticed or have been bought to the notice of the said market watch committee. The Forex Association of India also trains the members who have to appear in the diploma program of Association of Cambiste Internationale. The association has its own Education Committee for this purpose. The Forex Association of India has become a key participant in the foreign exchange sector of India and has acted time and again for the benefit of forex trade sector.
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