Its primary objective was to bring about uniformity in  7  the rates offered by different Authorized Dealers in a bid to avoid unhealthy competition and ensure uniform service to clients 9. 19. As the foreign exchange markets developed, the roles and responsibilities of  FEDAI also evolved.
FEDAI has been instrumental in conceptualising detailed rules on the conduct of foreign exchange business among banks and its customers and has hence contributed to customer protection and fair treatment. It has effectively acted as a bridge between the market participants and the regulator and has contributed to the development of the foreign exchange regime in the country over the years.