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Octafx India pays regulators $37,000 to resolve allegations of transaction violations
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India’s securities market regulator has settled with Tauga Private Limited (formerly ActaFX India Private Limited) for allegedly linked to the Global Forex and Disparity (CFDS) trading platform (about $37,000), which operates locally without authorization. However, the company neither acknowledged nor denied the regulator’s allegations.
The settlement between the Securities and Exchange Commission of India (SEBI) and Tagaga also requires the company to hand over its brokerage registration.
In addition, Taga is prohibited from applying for SEBI registration within the next five years and is prohibited from purchasing and trading in the Indian securities market for one year.
SEBI’s investigation focuses solely on the participation of registered entities and unregistered actions in the country. However, the global Octa platform that provides FX and CFDS brokerage services denies any connection to Indian entities.
“Global brokers OCTA have no operating associations with Octafx India Private Limited,” an Octa representative told FinanceMagnates.com. “The claim implies otherwise that it is incorrect.”
$93.4 million in 9 months
Despite a settlement with SEBI, the Financial Crime Agency of India’s Law Enforcement Bureau (ED) continues to investigate the Octafx brand for alleged violations of the country’s money laundering laws. The agency has seized and attached $34.5 million worth of Ottafx-related assets, including 19 properties in Spain owned by Pavel Prozorov, described as “the mastermind behind the platform Octafx.”
Confiscated and attached assets Includes a luxury yacht called cherrya mini jet boat, luxury cars and residential property. However, eighty-eight people denied any connection with Prozolov.
Related: Authorities seized $9.6 million, Actafx called for “unconfirmed” charges in India “unconfirmed”
According to Indian authorities, within eight months, eight people generated about $93.4 million from their Indian business, which was classified as “profits of crime.” The broker brand even sponsors outstanding cricket teams in the Indian domestic league.
ED further noted that it has filed two complaints contafx and 54 others.
A Chapter 8 representative told earlier FinanceMagnates.com. “The company has no contact with any property seized by the Spanish authorities and has not received any notice from local law enforcement. In addition, eight or eight people do not provide services to Spain, as stated in their client agreements.”
Read more: Singapore blocks access to 88 and XM for unlicensed operations
SEBI and BSE surveys
SEBI also advises the Mumbai Stock Exchange (BSE), one of India’s major stock exchanges, to investigate Actafx’s so-called unauthorized forex trading business. BSE submitted its report on March 14, 2022.
According to SEBI, locally registered Octafx India and its directors are associated with unauthorized forex trading platforms through Octafx.com and OctaFX trading applications.
The regulator also noted that Octafx India has hidden and denied its association with the unregistered platform and therefore promoted it indirectly.
Additionally, Actafx India failed to notify SEBI or BSE, and the emergency room raided its office. The agency said its latest raid was conducted in seven locations in four Indian cities (Mumbai, Chennai, Delhi and Gurugram) last June as part of its investigation into Octafx.
“We have no idea about any such action involving our global action regarding the Law Enforcement Bureau’s statement regarding their recent attacks,” the Chapter Eight representative said, adding: “We cannot comment on matters involving unrelated third parties.”
The representative explained: “Octa brokers are open to working with relevant authorities and are ready to help them in accordance with applicable laws and legal procedures.”
India’s securities market regulator has settled with Tauga Private Limited (formerly ActaFX India Private Limited) for allegedly linked to the Global Forex and Disparity (CFDS) trading platform (about $37,000), which operates locally without authorization. However, the company neither acknowledged nor denied the regulator’s allegations.
The settlement between the Securities and Exchange Commission of India (SEBI) and Tagaga also requires the company to hand over its brokerage registration.
In addition, Taga is prohibited from applying for SEBI registration within the next five years and is prohibited from purchasing and trading in the Indian securities market for one year.
SEBI’s investigation focuses solely on the participation of registered entities and unregistered actions in the country. However, the global Octa platform that provides FX and CFDS brokerage services denies any connection to Indian entities.
“Global brokers OCTA have no operating associations with Octafx India Private Limited,” an Octa representative told FinanceMagnates.com. “The claim implies otherwise that it is incorrect.”
$93.4 million in 9 months
Despite a settlement with SEBI, the Financial Crime Agency of India’s Law Enforcement Bureau (ED) continues to investigate the Octafx brand for alleged violations of the country’s money laundering laws. The agency has seized and attached $34.5 million worth of Ottafx-related assets, including 19 properties in Spain owned by Pavel Prozorov, described as “the mastermind behind the platform Octafx.”
Confiscated and attached assets Includes a luxury yacht called cherrya mini jet boat, luxury cars and residential property. However, eighty-eight people denied any connection with Prozolov.
Related: Authorities seized $9.6 million, Actafx called for “unconfirmed” charges in India “unconfirmed”
According to Indian authorities, within eight months, eight people generated about $93.4 million from their Indian business, which was classified as “profits of crime.” The broker brand even sponsors outstanding cricket teams in the Indian domestic league.
ED further noted that it has filed two complaints contafx and 54 others.
A Chapter 8 representative told earlier FinanceMagnates.com. “The company has no contact with any property seized by the Spanish authorities and has not received any notice from local law enforcement. In addition, eight or eight people do not provide services to Spain, as stated in their client agreements.”
Read more: Singapore blocks access to 88 and XM for unlicensed operations
SEBI and BSE surveys
SEBI also advises the Mumbai Stock Exchange (BSE), one of India’s major stock exchanges, to investigate Actafx’s so-called unauthorized forex trading business. BSE submitted its report on March 14, 2022.
According to SEBI, locally registered Octafx India and its directors are associated with unauthorized forex trading platforms through Octafx.com and OctaFX trading applications.
The regulator also noted that Octafx India has hidden and denied its association with the unregistered platform and therefore promoted it indirectly.
Additionally, Actafx India failed to notify SEBI or BSE, and the emergency room raided its office. The agency said its latest raid was conducted in seven locations in four Indian cities (Mumbai, Chennai, Delhi and Gurugram) last June as part of its investigation into Octafx.
“We have no idea about any such action involving our global action regarding the Law Enforcement Bureau’s statement regarding their recent attacks,” the Chapter Eight representative said, adding: “We cannot comment on matters involving unrelated third parties.”
The representative explained: “Octa brokers are open to working with relevant authorities and are ready to help them in accordance with applicable laws and legal procedures.”
(tagstotranslate)Sebi(T)Octafx(T)IctafxIndia
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