OctaFX India Reaches Agreement, Denies Relationship With Octa Brand
Tauga Private Limited, previously known as OctaFX India, was fined $37,000 by SEBI and had its registration cancelled. A representative from Octa stated that the company has no operational connection with the Indian firm.
Tauga Private Limited, which previously operated as OctaFX India Private Limited, has reached an agreement with the Securities and Exchange Board of India (SEBI), agreeing to pay a fine of INR 3.2 million (approximately USD 37,000). As part of the agreement, Tauga neither admits nor denies the allegations but will face significant restrictions—its brokerage license revoked, unable to re-register with SEBI for five years, and banned from trading Indian securities for one year.
This fine comes amid allegations that the company had connections to the global OctaFX platform, which SEBI claims operated in India without a valid license. In response, a representative from Octa forex broker told FinanceMagnates.com that there is no operational relationship between Octa forex broker and the now-closed Indian entity.
"The management of Octa is currently not facing any legal issues," said a spokesperson for the multi-asset broker. "The company has no connection to the seized property in Spain and has not been contacted by local authorities. We also do not provide services in Spain, as clearly stated in our Customer Agreement."
Despite reaching an agreement with SEBI, the Enforcement Directorate (ED) in India continues to investigate alleged violations of the Anti-Money Laundering Act involving OctaFX. To date, the ED has seized assets worth USD 34.5 million—including luxury cars, 19 properties in Spain, as well as a yacht and a mini-jetboat. The ED also claims that Octa India generated nearly USD 93.4 million in nine months, which is categorized as criminal proceeds. Two formal charges have been filed against OctaFX and 54 other individuals.
Furthermore, SEBI has asked the Bombay Stock Exchange (BSE) to further investigate the company's actions. According to BSE findings, OctaFX India failed to disclose its connection to the illegal OctaFX.com platform and did not report raids by the Enforcement Directorate that occurred in several cities, including Mumbai, Delhi, Chennai, and Gurugram.
This is not the first time the broker has faced scrutiny in India. In forex broker news last year, Octa denied involvement in money laundering activities, opposing allegations made by Indian authorities.