Unauthorised Forex Trading Platforms: RBI Adds 7 More Entities to Its Alert List
Moneylife Digital Team 20 November 2025
Reserve Bank of India (RBI) has expanded its alert list of unauthorised forex trading platforms by adding seven new entities or websites that have been found offering or promoting forex trading services without the mandatory authorisation. This move is part of RBI’s ongoing efforts to caution the public against engaging with unregulated platforms that may lead to financial loss or legal consequences under the Foreign Exchange Management Act, 1999 (FEMA).
 
The newly added entities include the following platforms or websites:
  1. Starnet FX – www.starnetfx.com
  2. CapPlace – capplace.com
  3. Mirrox – mirrox.com
  4. Fusion Markets – fusionmarkets.com 
  5. Trive – trive.com
  6. NXG Markets– nxgmarkets.com
  7. Nord FX – nordfx.com
 
With this update, RBI continues to emphasise that these entities are not authorised to deal in foreign exchange or operate any electronic trading platform (ETP) for forex transactions under the Master Direction – RBI (Electronic Trading Platforms) Directions, 2025, issued on 16 June 2025.
 
The alert list also includes platforms that appear to promote or advertise unauthorised forex trading services, including those offering so-called training or advisory support that ultimately pushes users towards these illegal entities. RBI clarified that this list is not exhaustive and the absence of a name should not be taken as proof of authorisation.
 
The central bank has urged consumers to exercise caution and verify the regulatory status of any platform or intermediary before engaging in foreign exchange (forex) trading. Individuals can confirm whether a person or ETP is authorised by checking the RBI’s list of authorised persons and authorised ETPs, available on its official website.
 
By expanding the alert list, RBI aims to protect the public from fraudulent schemes, misleading advertisements, and unauthorised market activities that pose serious financial risks.
 
RBI’s updated alert list is available here 
 
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