FEDAI Guidelines for Foreign Exchange.
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 role and responsibilities of FEDAI are as follows:
- Formulations of FEDAI guidelines and FEDAI rules for Forex business.
- Training of bank personnel in the areas of Foreign Exchange Business.
- Accreditation of Forex Brokers.
- Advising/Assisting member banks in settling issues/matters in their dealings.
- Represent member banks on Government/Reserve Bank of India and other bodies.
- Rules of FEDAI also include announcement of daily and periodical rates to its member banks.
FEDAI guidelines play an important role in the functioning of the markets and work in close coordination with Reserve Bank of India (RBI), other organizations like Fixed Income Money Market and Derivatives Association (FIMMDA), the Forex Association of India and various other market participants.
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