What being listed actually means

Both halves of this matter, and most coverage online gives you only one of them.

The RBI’s own wording is worth quoting exactly: an entity not appearing in the list should not be assumed to be authorised by the RBI. Authorisation status can be checked against the RBI’s published lists of authorised persons and authorised electronic trading platforms.

The entries most Indian traders are searching for

Several heavily marketed names sit on this list. The numbering below is the RBI’s own.

The “what it is” and “note” columns are CTE’s description, not the RBI’s. The RBI publishes only a number, a name and a website.

Why MetaTrader 4 and 5 are on a list of unauthorised entities

This confuses people, and it is the clearest illustration of how the list works. MT4 and MT5 are not brokers. They are the software almost every retail forex broker runs on. Their inclusion tells you the RBI is targeting electronic trading platforms as a category under the ETP Directions, not adjudicating the conduct of individual firms.

It follows that inclusion is a statement about authorisation status in India, not a finding of wrongdoing. A firm can be perfectly reputable in its home jurisdiction and still appear here.

When a listed firm disputes its inclusion

FundedNext published a response after being added in October 2024, arguing that the listing was made in error because the company has no activity in India, and noting that inclusion carries no penalty or prohibition on its business. The RBI’s framing supports part of that: the list is informational and addressed to Indian citizens.

That said, it does not change the position of an Indian resident. If you deal with a listed entity you are outside Indian regulatory protection regardless of how the firm characterises the listing.

The binary options entries deserve separating out

Not all listed entities are equivalent, and pretending otherwise would be its own kind of dishonesty.

Binomo (4), Expert Option (7), IQ Option (25), Olymp Trade (28), Quotex (35) and Pocket Option (37) are binary options platforms. These are a different proposition from a regulated CFD broker that happens to lack Indian authorisation. Binary options are banned outright for retail clients in a number of major jurisdictions, and the products are structured so that the platform profits when the client loses.

There is no alternative to redirect you to here, because the honest answer is not to trade these at all – in India or anywhere else.

The full list – all 95 entities

Reproduced from the RBI’s published Alert List, updated 19 November 2025. Websites are shown as plain text rather than links, deliberately.

Source: Reserve Bank of India, Alert List, updated 19 November 2025. Always check the current version on the RBI website before acting – the list is revised periodically and this page is checked, not live.

Firms not currently on the list

Read the caveat before you read the names.

As of the 19 November 2025 list, the following prop firms do not appear: FundingPips, FXIFY, The5ers, Alpha Capital, E8 Markets. That is a statement about the list, not a recommendation, and it can change at any update – FundedNext was itself unlisted until October 2024.

For what any of this means in practice – the FEMA and LRS position, how prop payouts are taxed, and which payment rails actually clear an Indian bank – see the Trading in India hub.

Disclosure: CTE earns affiliate commission from some trading firms, including FundingPips and The5ers. CTE also has an affiliate relationship with FundedNext, which is on the list above, and is not recommending it to Indian readers. This page exists to report the RBI’s list accurately, not to route you anywhere.

Questions people actually ask

Is it illegal to trade with a firm on the RBI Alert List?

The RBI does not use the word illegal about the firms. It says they are not authorised to deal in forex under FEMA or to operate a forex trading platform in India, and warns that forex transactions through unauthorised platforms can attract penal action under FEMA. The regulatory question attaches to the resident making the transaction.

How often is the list updated?

Irregularly. It has been revised several times, with batches of new entities added – 19 in November 2023, 13 in October 2024, and 7 in November 2025. There is no fixed schedule.

Can a firm be removed from the list?

The RBI has not published a removal process alongside the list. Firms that dispute inclusion have generally done so through public statements rather than any visible delisting.

Does this apply to Indians living abroad?

FEMA rules turn on residency status rather than citizenship. A non-resident Indian is in a different position from a resident, and that distinction is worth taking to a qualified professional rather than reading off a website.

What about crypto exchanges?

This particular list covers forex trading platforms. Crypto exchanges in India fall under a separate regime involving registration with the Financial Intelligence Unit, which is not what this list tracks.

RBI list version: 19 November 2025. This page last checked 18 August 2026. Next check: November 2026.