FEDAI was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956.
The Foreign Exchange Dealers Association of India (FEDAI) oversees India's forex markets, offering standardizing guidelines and regulation for banks.
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The Reserve Bank of India has recognised FEDAI as a self-regulatory organisation for authorised dealers, giving it a year to align governance and operations with the Omnibus SRO framework
Established in 1958, FEDAI (Foreign Exchange Dealers' Association of India) is a group of banks that deals in foreign exchange in India as a self regulatory body under the Section 25 of the Indian Company Act (1956).
The Reserve Bank of India (RBI) has decided to recognise the Foreign Exchange Dealers’ Association of India (FEDAI) as an Self-Regulatory Organisation (SRO) for all Authorised Dealers
FEDAI represents member banks while liaising with RBI and other organizations like Fixed Income Money Market and Derivatives Association (FIMMDA), the Forex Association of India, International Chamber of Commerce, and other world bodies related to foreign trade and business.
RBI Recognition of FEDAI as SRO: Recognition: RBI formally recognised FEDAI as a SRO based on its long-standing role in governing conduct in the foreign exchange (Forex) market.
FEDAI was formed to centralize and standardize the foreign exchange functions previously managed by the Exchange Banks' Association across major Indian cities like Mumbai, Kolkata, Delhi, Chennai, and Amritsar.