New Delhi : In a decisive move to safeguard retail investors from fraudulent digital forex schemes, the Reserve Bank of India (RBI) has expanded its ‘Alert List’ by adding seven more unauthorized forex trading platforms. The updated list now encompasses 95 entities that operate without RBI’s permission under the Foreign Exchange Management Act (FEMA), 1999, and are not authorized to run electronic trading platforms for forex transactions in India.
The newly flagged platforms include Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX. These entities often entice Indian investors with promises of high returns via aggressive social media marketing and influencer promotions, but their offshore operations place users at significant risk of financial losses.
RBI emphatically advises investors to exercise caution and conduct thorough verification before engaging in any forex trading activity. Authorized forex trading is strictly limited to rupee-paired products offered by entities regulated under RBI guidelines or derivatives traded on recognized Indian exchanges. Any forex dealings involving offshore platforms, contracts for difference (CFDs), high-leverage accounts, or dollar-denominated pairs through unregulated foreign brokers fall outside the legal framework and could expose investors to fraud and legal consequences.
This renewed crackdown aligns with RBI’s ongoing efforts to clamp down on digital financial fraud amid rising complaints from retail investors across India. The central bank reiterates that the absence of a platform from the alert list should not be construed as RBI approval, urging users always to verify the authorization status on official RBI lists.
By reinforcing these protective measures, RBI aims to bolster investor confidence and promote transparency and security in India’s rapidly growing digital forex market.
For more information and to check the complete updated Alert List, investors should visit the official RBI website and remain vigilant against unsubstantiated claims of guaranteed profits by forex platforms or their promoters.
The Reserve Bank of India is headquartered in Mumbai, Maharashtra, which is the financial capital of India and the base for RBI’s central operations.
