FXCON 2026 Focuses on RBI Reforms, Digital Compliance and Future Readiness of India’s FFMC Sector

FFMC representatives discuss PRAVAAH, CIMS, regulatory reporting, AI adoption and industry challenges at Hyderabad convention.

Full Fledged Money Changers (FFMCs), authorised by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act (FEMA), 1999, gathered for FXCON 2026 – The Brainstorming at Somajiguda. The convention examined the impact of the RBI’s recent digital initiatives, including the PRAVAAH platform, Centralized Information Management System (CIMS) portal and the centralisation of regulatory reporting on the future of the FFMC sector.

The Brainstorming brought together Full Fledged Money Changers (FFMCs) from across India to discuss regulatory developments, compliance requirements and the future direction of the sector.

The convention focused on the Reserve Bank of India's digital transformation initiatives, including the PRAVAAH platform, Centralized Information Management System (CIMS) portal and the centralisation of regulatory reporting.

The event was attended by Girish Bhatia, Kk Forex, Pune; D.Karthikeyan, Akr Forex Services, Coimbatore; Nirmit Sehgal, Abn Travels and Forex, Delhi; Christy Sebastian, Premier Forex, Kerala; Ganesan, Rkk Forex & Services, Chennai; Subramonian P G V, Vsn Money Exchangers, Chennai; Mohamed Sukri, Gem Money Changers, Chennai; P. Rama Krishna, Gvr Forex Pvt Ltd, Visakhapatnam; R Ravi Kumar, Qubexplus Forex, Visakhapatnam; Satish V, Geo Forex, Visakhapatnam; Rasheeda Begam, ARMANIA FINANCIAL, Karimnagar; M.Yella Reddy, Sambtek Forex Limited, Hyderabad; Dheeraj Bhatnagar, Cnmoney Financial, Hyderabad; Sohrab Surana, Arihant Forex, Hyderabad; Piyush Gandhi, Kapnox Forex, Hyderabad; K.Ravi Shankar, Precise Forex, Hyderabad, along with other industry representatives from across the country.

The convention was also attended by B. Raja Reddy, M/s Raja Forex; President, FEMTA; Mukesh Gandhi, M/s Kapnox Forex, Secretary General, FEMTA; and over 80 delegates representing Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, Delhi, Kerala and other states.

Members Discuss RBI's Digital Initiatives

Participants welcomed the RBI's digital transformation measures, stating that the CIMS portal enables FFMCs to report directly to the RBI without depending on Authorised Dealer Category-I (AD Category-I) banks.

They also noted that the enhanced PRAVAAH platform has simplified regulatory procedures through a single-window compliance mechanism.

Members appreciated the revised procedures for opening new branches and changing branch addresses, observing that these measures improve ease of doing business and regulatory compliance.

Industry Raises Operational Concerns

During the discussions, members noted that the revised regulatory framework requires FFMCs to strengthen governance, reporting systems, compliance processes and operational preparedness.

Participants also expressed concerns regarding the growing dominance and alleged anti-competitive practices of certain AD Category-I and AD Category-II entities, stating that these could affect the growth of independent FFMCs.

Members called for measures to ensure a fair and competitive business environment while meeting evolving regulatory requirements.

Technical Sessions Focus on Compliance and Technology

Shri Sudhakar Rao Desai, Manager (Retd.), Reserve Bank of India (RBI), delivered a session explaining the revised regulatory directions, implementation requirements and compliance procedures while responding to operational queries from participants.

The technical sessions included presentations by:

• K. V. Ashok Kumar, Sri Vari Money Exchange, on artificial intelligence, data-driven decision-making, compliance systems and leadership for scalable FFMC businesses.
• K. L. Arun, Prime Forex, on compliance checks and safeguards aimed at reducing regulatory penalties.
• Advocate Khushal Mal Lodha, Lodha Legal Advisors, on legal and strategic aspects of mergers and amalgamations.
• CA Raghu Vamsi Krishna, Firm: Krishna & Venugopal, on acquisitions, business expansion and compliance with RBI regulations.
• Mukesh Gandhi, Kapnox Forex, on evolving regulatory expectations, internal systems, accountability, timely reporting and maintaining accurate data for regulatory review.

Memorandum to Regulators

The convention concluded with members resolving to submit a memorandum to the concerned regulators outlining the key issues affecting the FFMC sector and seeking measures to ensure fair competition, protect independent FFMCs and support a balanced business environment.

Mukesh Gandhi, Secretary General, FEMTA, said that FEMTA would continue to pursue these initiatives and work towards creating an all-India coordination mechanism to facilitate knowledge-sharing, policy advocacy and collective action for the FFMC sector.

The event concluded with B. Raja Reddy, President, FEMTA, thanking delegates for their participation.

According to the organisers, FXCON 2026 – The Brainstorming was organised to provide a common platform for FFMCs to discuss regulatory developments and industry issues while working towards collective representation for the sector.