RBI Alert List Velocity: how fast India's unauthorised-forex list grows
entities on the RBI's unauthorised-forex Alert List between the first captured version (Feb 2023) and the current one (November 19, 2025) — a 98% expansion in under three years.
Additions per dated list version
The RBI updates the list irregularly (roughly 2–4× a year). Counts below compare consecutive captured versions of the official page, so each bar aggregates every update inside that interval — an honest floor, not a per-announcement count.
The 7 names added in the latest update (November 19, 2025)
- CapPlace
- Fusion Markets
- Mirrox
- NXG Markets
- Nord FX
- Starnet FX
- Trive
The 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 under the Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025 dated June 16, 2025. 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. This list is not exhaustive. An entity not appearing in the list should not be assumed to be authorised by the RBI.
Method & source
Source: Reserve Bank of India — Alert List (updated as on November 19, 2025), official page rbi.org.in, collected via dated Internet Archive capture of the official page (2026-07-02).
Version dates and totals from dated Internet Archive captures of the official page (timestamps in the dataset): Feb 10, 2023 (48) · Nov 24, 2023 (75) · Oct 22, 2024 (88) · Nov 19, 2025 (95). Name matching between versions is case-insensitive. The full searchable database with a liveness audit is at the RBI Alert List Tracker. No affiliate links on this page.
Cite this data
This dataset is free to cite and republish with attribution (CC BY 4.0). Suggested citation:
Forex India Pro. “RBI Alert List Velocity.” https://forexindiapro.com/artigos/rbi-alert-list-velocity. Data accessed 2026-07-18.