What FEDAI actually does
Foreign Exchange Dealers' Association of India FEDAI
Authorised dealers' rulebook: 30 years of forex standards
FEDAI (established 12 Feb 1995; recognised as AD SRO 14 January 2026) has long set the rules for forex business among banks — quoting practices, risk management, broker accreditation — and runs the sector's training machinery. Recognition formalised its role in RBI's new AD-SRO framework.
Rule-making & standards
- Frames rules for forex business inter se ADs (with RBI approval): quotation, documentation, risk practices
- Accreditation framework for foreign-exchange brokers
- Daily reference-rate and market-convention publications (incl. USD/INR 10-year LAV)
Training & committees
- Workshop calendar: 5-day orientation programmes, FX-derivative workshops with Bloomberg, TBML counter-measures, LC documentation
- Technical Advisory Committee (16 banks) and an Education Committee; local committees across centres
- Managing Committee chaired by State Bank of India, with DBS Bank India as Vice Chairman
Membership
- 108 Authorised Dealer members with LEIs (published list with categories: foreign banks incl. branches, PSBs, private banks, SFBs, others)
- Liaison role between RBI and ADs on forex-market operations
Gaps & open questions
- Rule books and circular archives require member access; the public site publishes only summaries
- As an AD SRO recognised in Jan 2026, its SRO-period enforcement record is still building