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Eligibility to obtain FFMC License The Entity that wishes to apply for a Full Fledged Money Changer License must be registered under the Companies Act of 2013. The Entity must have a minimum net-owned fund of INR 25 Lakhs in order to apply for a single-branch license and INR 50 Lakhs for a multiple-branch license.

Yes, the minimum capital required for FFMC Registration is as follows: Single branch: INR 25 Lacs. Multiple branches: INR 50 Lacs.

Basic requirements for obtaining a Forex broker license corporate document regularization; registration of the company as a valid business; state fees; drawing up a business plan; setting up the necessary AML/KYC procedures; opening a corporate bank account; activation of the merchant account;

Benefits of FFMC License An AMC License Holder has the Capability to provide sale facilities and services for foreign exchange; FFMC license holder can offer encashment certificates in case of the Travellers Cheques, Foreign Currency Notes from the Non Residents and Residents;

How to become forex broker in india? Step 1: Understand the Forex Market. ... Step 2: Choose a Business Model. ... Step 3: Decide on Your Target Market. ... Step 4: Get Registered. ... Step 5: Build a Trading Platform. ... Step 6: Choose Liquidity Providers. ... Step 7: Develop a Marketing Strategy. ... Step 8: Hire Staff.

How to become a forex broker Learn about the foreign exchange market. Before pursuing this as a career, study the foreign exchange market and currency trading. ... Understand the role of a forex broker. ... Consider earning a degree. ... Earn a professional certification. ... Pursue a job.

25 lakhs towards applying for a single branch license as well as Rs. 50 lakhs for a multiple branch license. The object clause of Memorandum must reflect the action of money changing to be pursued through the corporation.

The applicant has to be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961, having a minimum Net Owned Funds (NOF) of INR 25 lakh to apply for a single-branch FFMC licence and INR 50 lakh to apply for a multiple-branch FFMC licence.

In order to become a Forex dealer, an individual must have a Master's degree in Finance. After passing out from 12th grade, students can take up Finance, Banking, Marketing and Business Management courses in UG. For taking up PG courses, the candidates need to clear entrance exams like CAT, MAT, GMAT, ATMA, XAT etc.

Money changers would assess a foreign coin for its type, wear and tear, and validity, then accept it as deposit, recording its value in local currency. The merchant could then withdraw the money in local currency to conduct trade or, more likely, keep it deposited: the money changer would act as a clearing facility.