Hyderabad, Telangana, 13th of July, 2026 : The Full Fledged Money Changers (FFMC), institutions authorised by the Reserve Bank of India, under the Foreign Exchange Management Act (FEMA), 1999, came together for FXCON 2026 – The Brainstorming, held today at Somajiguda. The convention focused on the RBI’s recent modernization initiatives, including the PRAVAAH platform, Centralized Information Management System (CIMS) portal and the centralization of regulatory reporting, while deliberating on their impact on the future of the FFMC sector.
The convention 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. and others from around the country. 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 parts of the country.
Members welcomed the RBI’s digital transformation initiatives, observing that the CIMS portal has enabled FFMCs to report directly to the RBI without depending on Authorised Dealer Category-I (AD Category-I) banks, while the enhanced PRAVAAH platform has simplified regulatory processes through a single-window compliance mechanism. Participants also appreciated the streamlined procedures for opening new branches and changing addresses, describing them as positive measures that improve ease of doing business and strengthen regulatory compliance.
At the same time, members noted that the new regulatory framework presents significant challenges in governance, reporting, compliance and operational preparedness, requiring FFMCs to strengthen their systems, processes and compliance culture. Concerns were also expressed over the growing dominance and alleged anti-competitive practices of certain AD Category-I and AD Category-II entities, which could adversely impact the growth prospects of independent FFMCs. Participants collectively called for a fair and competitive business environment that enables FFMCs to serve customers effectively while meeting evolving regulatory expectations.
Shri Sudhakar Rao Desai, Manager (Retd.), Reserve Bank of India (RBI) ; provided detailed insights into the revised regulatory directions, guiding members on practical implementation and compliance requirements while addressing several operational queries.
The technical sessions featured eminent industry experts. K. V. Ashok Kumar, from Sri Vari Money Exchange; highlighted how artificial intelligence, data-driven decision-making, robust compliance systems and entrepreneurial leadership can help build scalable and future-ready FFMC businesses. K. L. Arun, Prime Forex discussed critical compliance checks and safeguards to minimise regulatory penalties. Advocate Khushal Mal Lodha, Lodha Legal Advisors; explained the legal and strategic aspects of mergers and amalgamations, while CA Raghu Vamsi Krishna, Firm: Krishna & Venugopal; shared practical perspectives on acquisitions, business expansion and meeting the RBI’s evolving regulatory mandate. Mukesh Gandhi of Kapnox Forexdelivered a presentation on evolving regulatory expectations and the practical measures required for effective compliance. He emphasized the need for FFMCs to reorganize their companies in line with the emerging regulatory framework, strengthen internal systems and accountability, ensure timely reporting, and maintain readily accessible and accurate data for regulatory review.
The convention witnessed active participation and meaningful exchange of ideas on strengthening the sector through technology adoption, enhanced compliance and collaborative growth. Members unanimously resolved to submit a memorandum to the concerned regulators highlighting the key concerns of the FFMC sector and seeking practical measures to ensure fair competition, safeguard the interests of independent FFMCs and promote a healthy business ecosystem.
Mukesh Gandhi, Secretary General, FEMTA; assured members that FEMTA would actively pursue these initiatives and work towards establishing an all-India coordination mechanism to facilitate knowledge-sharing, policy advocacy and collective action for the benefit of the FFMC fraternity.
The convention concluded with B. Raja Reddy, President, FEMTA; thanking all delegates for their active participation and valuable contributions in making FXCON 2026a meaningful platform for shaping the future of India’s FFMC sector.
FXCON 2026 – The Brainstorming successfully achieved its objective of bringing FFMCs together on one platform to discuss, deliberate and move towards collective representation for the future of the industry.
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