The Foreign Exchange Dealers Association of India (FEDAI), established in 1958, serves as a self-regulatory body for banks dealing in foreign exchange (forex) in India, known as Authorised Dealers (ADs).
Key functions of FEDAI encompass advising member banks on forex dealings, representing them to the government and RBI, announcing daily and periodic forex rates, accrediting forex brokers, and training bank personnel in forex business. FEDAI also aids in settling issues among member banks and promotes adherence to international standards in accounting and risk management.
In the context of global financial market integration and deregulation, FEDAI’s role has evolved significantly. It collaborates closely with the RBI, the Fixed Income Money Market and Derivatives Association of India (FIMMDA), and the Forex Association of India to ensure the smooth functioning of forex markets. This cooperation maximizes synergies among member banks, fostering innovation in customized products and benchmarking against global standards.
As a self-regulatory organization (SRO), FEDAI operates independently of the national government but holds the authority to create and enforce industry regulations and standards. SROs emphasize ethics and equality and are crucial in international industries like finance. Other notable SROs include the Investment Dealers Association of Canada and the National Association of Securities Dealers (NASD) in the United States.
FEDAI has grown to play a crucial role in market stabilization through its partnerships and continues to advance the development of the forex market in India. It remains instrumental in training, accrediting brokers, and advising banks, ensuring the integrity and efficiency of forex transactions in the country.
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