Foreign Exchange Dealer's Association of India (FEDAI) was set up in 1958 as anassociation of banks dealing in foreign exchange in India (typically called AuthorizedDealers - ADs). It is a self-regulatory body and has been incorporated under Section 25of The Companies Act, 1956. Main activities include framing of rules governing theconduct of inter-bank foreign exchange business among banks vis-à-vis public andliaison with RBI for reforms and development of forex market.
Some of the functions of FEDAI are given below:
- Guidelines and 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.
- Representing member banks on Government/Reserve Bank of India/OtherBodies.
- Announcing daily and periodical rates to member banks.
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