RBI updates alert list of unauthorised forex trading platforms. Check the list
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The Reserve Bank of India (RBI) on Wednesday, November 11, 2025, has added seven more online trading platforms to its Alert List of unauthorised forex service providers, according to the latest update issued by the central bank. The announcement aims to remind the public that these platforms are not allowed to offer foreign exchange trading services to Indian residents, according to the RBI update.
Currently, the Alert List contains 95 names of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate an electronic trading platform (ETP) for forex transactions, per RBI circular.
In the new update, the RBI named Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX as entities added to the list. Each platform has been identified along with its website address so that users can verify and avoid them, according to the RBI circular.
The Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
Experts say the Alert List is designed to warn consumers about platforms that claim to offer forex trading facilities but operate without permission.
November 2025
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The central bank said that residents in India are not allowed to trade in forex through electronic platforms that are not authorised under Indian law. An entity not appearing in the list should not be assumed to be authorised by the RBI.
The RBI stressed that the list is not exhaustive and only represents platforms that have come to the central bank’s notice so far. The regulator also said that any entity not authorised by the RBI but still offering forex trading services in India is violating the Foreign Exchange Management Act (FEMA), according to the RBI update.
To help people stay safe, the residents should only deal with entities that are licensed and registered to offer forex services. A list of authorised dealers and authorised electronic trading platforms is also available on the central bank's website.