How to Check Forex Broker Alert Lists India 2026 — Screening & Verification Workflow

What Is the RBI Alert List?

The RBI (Reserve Bank of India) publishes an Alert List of entities that are not authorised to deal in foreign exchange or to operate as payment aggregators in India. This list is available at rbi.org.in and represents RBI's official warning to Indian consumers about specific entities operating without the required authorisation.

The Alert List is updated periodically as new unauthorised entities are identified. It is a reactive mechanism -- entities only appear after RBI has specifically investigated and confirmed their unauthorised status. The list should be checked regularly, particularly before depositing with any forex or financial platform that is not a well-known, major international broker.

SEBI Investor Advisories on Forex and Binary Options

SEBI issues investor advisories warning about platforms and practices that pose risks to retail investors. These advisories are published at sebi.gov.in and cover:

• Platforms offering unregistered investment advisory services
• Entities soliciting forex or binary options investments without authorisation
• Telegram groups and social media accounts offering "guaranteed returns"
• Firms falsely claiming SEBI registration

SEBI has specifically warned about binary options platforms and certain forex signal providers. Binomo, for example, has been cited in SEBI communications as a platform Indian investors should be cautious about. The binary options sector in general has attracted regulatory concern -- see our binary options scams India guide for the full picture.

How to Check If Your Broker Is Flagged

Step-by-step process to verify a broker's status:

1. Visit rbi.org.in and search for "Alert List" in the search bar
2. Download the current Alert List PDF and search for the broker name
3. Visit sebi.gov.in and check the Investor Advisories section
4. Verify the broker's regulation claim at the regulator's own website (ASIC at asic.gov.au, FCA at register.fca.org.uk)
5. Search for "[broker name] withdrawal problems" and "[broker name] scam" on Google and Trustpilot
6. Check the broker's Trustpilot rating with specific attention to withdrawal-related reviews

This process takes 15 minutes and should be done before opening any account, regardless of how professional the broker's website looks.

What Happens If You Trade With a Flagged Broker

Trading with a broker on the RBI Alert List creates multiple simultaneous risks:

FEMA risk: The underlying transactions may be viewed as violations of foreign exchange regulations, creating potential FEMA liability.

Withdrawal risk: Unauthorised brokers that have been flagged by RBI often have significant withdrawal problems. They may refuse withdrawals, impose arbitrary delays, or simply stop responding.

Counterparty risk: Entities on the RBI alert list have no regulatory oversight, no capital requirements, and no client fund protection. If the entity becomes insolvent or decides to exit the market, client funds are at maximum risk.

Tax complication: Losses from flagged entities are difficult to declare and may attract additional scrutiny given the regulatory status of the platform.

Choosing a Regulated Alternative & Performing Due Diligence

The brokers on our reviewed list are regulated by established international authorities (such as ASIC, FCA, or CBI Ireland) and do not appear on the RBI Alert List. However, remember that absence from the RBI Alert List does not constitute RBI authorization or regulatory endorsement. These platforms remain offshore entities operating outside domestic Indian regulatory frameworks, meaning rigorous individual due diligence remains essential before depositing any capital.

RBI Alert List India -- FAQs