FXCON 2026 Charts Roadmap for a Stronger, Digitally Enabled and Future-Ready FFMC Sector
RBI-authorised Full Fledged Money Changers (FFMCs) gathered at FXCON 2026 – The Brainstorming to discuss the evolving regulatory landscape and the future of India’s foreign exchange sector. The convention focused on the Reserve Bank of India’s recent digital initiatives, including the PRAVAAH platform, the Centralized Information Management System (CIMS) portal and the centralisation of regulatory reporting under the Foreign Exchange Management Act (FEMA), 1999.
The convention witnessed participation from industry leaders and over 80 delegates representing Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, Delhi, Kerala and several other states. Senior office bearers of the Foreign Exchange and Money Transfer Association (FEMTA), including B. Raja Reddy, President, and Mukesh Gandhi, Secretary General, attended the event alongside representatives from leading FFMC organisations across the country.
Delegates welcomed the RBI’s digital transformation initiatives, noting that the CIMS portal enables FFMCs to report directly to the RBI without relying on Authorised Dealer Category-I banks. The enhanced PRAVAAH platform was also appreciated for simplifying regulatory processes through a single-window compliance mechanism. Participants further acknowledged the streamlined procedures for opening new branches and changing business addresses as important steps towards improving ease of doing business and strengthening regulatory compliance.
While recognising these reforms, members also discussed the operational challenges associated with the new regulatory framework, including governance, reporting, compliance and organisational preparedness. Concerns were raised regarding the growing dominance and alleged anti-competitive practices of certain Authorised Dealer Category-I and Category-II entities, with participants calling for a fair and competitive business environment that supports independent FFMCs while ensuring regulatory compliance.
Shri Sudhakar Rao Desai, Manager (Retd.), Reserve Bank of India (RBI), provided detailed guidance on the revised regulatory directions, offering practical insights into implementation and addressing operational queries from participants.
The convention also featured technical sessions led by industry experts. K. V. Ashok Kumar discussed the role of artificial intelligence, data-driven decision-making, compliance systems and entrepreneurial leadership in building future-ready FFMC businesses. K. L. Arun highlighted key compliance measures to minimise regulatory risks, while Advocate Khushal Mal Lodha explained the legal aspects of mergers and amalgamations. CA Raghu Vamsi Krishna shared perspectives on acquisitions, business expansion and meeting evolving RBI requirements. Mukesh Gandhi also delivered a presentation on strengthening organisational structures, internal accountability, timely reporting and data management to align with the changing regulatory framework.
The convention concluded with members unanimously resolving to submit a memorandum to the concerned regulators highlighting the sector’s key concerns and recommending measures to ensure fair competition, protect the interests of independent FFMCs and promote a healthy business ecosystem. FEMTA also reaffirmed its commitment to establishing an all-India coordination mechanism to facilitate knowledge sharing, policy advocacy and collective action across the FFMC industry.
