RBI Alert List updated: Full list of unauthorised forex trading platforms and what happens if you use them

The Reserve Bank of India (RBI) has updated the 'Alert List' of unauthorised forex trading platforms. In a release dated November 19, 2025, the RBI said it has added seven more platforms to the alert list.

The newly added unauthorised forex trading platforms to the Alert List are Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets and Nord FX.

What is the RBI Alert List?

RBI Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions in India.

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.

Forex trading in India is currently regulated by 'Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025'.

Full RBI Alert List

Source: RBI

Please note that the RBI's list is not exhaustive.

"An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs," the central bank said.

What happens when you use an unauthorised forex trading platform?

According to RBI, forex transactions through unauthorised platforms can lead to penal action under FEMA.

"Resident persons undertaking forex transactions with unauthorised persons and for purposes other than those permitted under FEMA shall render themselves liable for penal action under the Act," RBI said in FAQs on forex transactions dated August 28, 2024.

Earlier in a release dated February 3, 2022, RBI had said, "The RBI cautions the public not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the FEMA."

Is forex trading allowed in India?

Yes. RBI says that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA).

"While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges (National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd.) as per the terms and conditions specified by the RBI from time to time," RBI says.

Further, remittances for margins to overseas exchanges/overseas counterparties are not permitted under the Liberalised Remittance Scheme (LRS) framed under the FEMA.

What to do if you come across an unauthorised platform?