ForexLicenses
2Strong

SEBI regulated forex brokers

Securities and Exchange Board of India · 🇮🇳 India

The Securities and Exchange Board of India (SEBI) is the financial regulator for India, established in 1992. ForexLicenses.com classifies it as tier 2 (strong regulation). We currently match 89 brokers in our database to an SEBI licence.

In India, retail forex trading is legal only through exchange-traded currency derivatives on NSE, BSE and MCX, via SEBI-registered brokers, and mainly in rupee pairs plus a few cross-currency contracts. The Reserve Bank of India maintains an Alert List of unauthorised forex trading platforms and has repeatedly warned that remitting money to offshore forex brokers breaches the Foreign Exchange Management Act. Indian traders should therefore treat offshore broker licences very differently from other countries.

Key rules for retail clients

Tier
Tier 2 — Strong regulation
Compensation
Exchange Investor Protection Funds
Leverage
Exchange-set margins on currency derivatives
Negative balance protection
Not a regulatory requirement
Client money
Exchange clearing and client collateral rules
Complaints
SEBI SCORES / SMART ODR

Brokers licensed by the SEBI 89

Broker Licences on record Licence Score Actions
1 AO Angel One Exchange-traded currency broker, since 1996 SEBI 53Moderate Licences Visit site
2 GF Geojit Financial Services Exchange-traded currency broker, since 1987 SEBI 53Moderate Licences Visit site
3 ID ICICI Direct Exchange-traded currency broker, since 2000 SEBI 53Moderate Licences Visit site
4 MO Motilal Oswal Exchange-traded currency broker, since 1987 SEBI 53Moderate Licences Visit site
5 5 5paisa Exchange-traded currency broker, since 2016 SEBI 48Moderate Licences Visit site
6 AB Aditya Birla Money Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
7 AB Alice Blue Exchange-traded currency broker, since 2006 SEBI 48Moderate Licences Visit site
8 AG Almondz Global Securities Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
9 AR Anand Rathi Share and Stock Brokers Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
10 AC Arihant Capital Markets Exchange-traded currency broker, since 1992 SEBI 48Moderate Licences Visit site
11 AS Ashika Stock Broking Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
12 AC Asit C. Mehta Investment Intermediates Exchange-traded currency broker, since 1984 SEBI 48Moderate Licences Visit site
13 BN B.N. Rathi Securities Exchange-traded currency broker, since 1985 SEBI 48Moderate Licences Visit site
14 BW BMA Wealth Creators Exchange-traded currency broker, since 1990 SEBI 48Moderate Licences Visit site
15 BB Bajaj Broking Exchange-traded currency broker, since 2006 SEBI 48Moderate Licences Visit site
16 BK Batlivala & Karani Securities Exchange-traded currency broker, since 1868 SEBI 48Moderate Licences Visit site
17 BB Beeline Broking Exchange-traded currency broker, since 2000 SEBI 48Moderate Licences Visit site
18 BP Bonanza Portfolio Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
19 CB Canara Bank Securities Exchange-traded currency broker, since 1996 SEBI 48Moderate Licences Visit site
20 CB Centrum Broking Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
21 CB Choice Broking Exchange-traded currency broker, since 1993 SEBI 48Moderate Licences Visit site
22 DB Dalal & Broacha Exchange-traded currency broker, since 1971 SEBI 48Moderate Licences Visit site
23 EW Elite Wealth Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
24 EG Emkay Global Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
25 ES Eureka Stock & Share Broking Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
26 FS Fairwealth Securities Exchange-traded currency broker, since 2004 SEBI 48Moderate Licences Visit site
27 F Flattrade Exchange-traded currency broker, since 2004 SEBI 48Moderate Licences Visit site
28 GC Globe Capital Market Exchange-traded currency broker, since 1985 SEBI 48Moderate Licences Visit site
29 GS Guiness Securities Exchange-traded currency broker, since 1993 SEBI 48Moderate Licences Visit site
30 HS HDFC Securities Exchange-traded currency broker, since 2000 SEBI 48Moderate Licences Visit site
31 HS Hem Securities Exchange-traded currency broker, since 1993 SEBI 48Moderate Licences Visit site
32 IC IDBI Capital Markets Exchange-traded currency broker, since 1993 SEBI 48Moderate Licences Visit site
33 IS IIFL Securities Exchange-traded currency broker, since 1996 SEBI 48Moderate Licences Visit site
34 IS Indira Securities Exchange-traded currency broker, since 1987 SEBI 48Moderate Licences Visit site
35 IC Inditrade Capital Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
36 IG Inventure Growth & Securities Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
37 JF JM Financial Services Exchange-traded currency broker, since 1973 SEBI 48Moderate Licences Visit site
38 JB Jainam Broking Exchange-traded currency broker, since 2003 SEBI 48Moderate Licences Visit site
39 JC Joindre Capital Services Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
40 KR K.R. Choksey Shares & Securities Exchange-traded currency broker, since 1978 SEBI 48Moderate Licences Visit site
41 KC Kantilal Chhaganlal Securities Exchange-traded currency broker, since 1954 SEBI 48Moderate Licences Visit site
42 KS Khambatta Securities Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
43 KS Kotak Securities Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
44 KF Kunvarji Finstock Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
45 LS LKP Securities Exchange-traded currency broker, since 1948 SEBI 48Moderate Licences Visit site
46 MS Mandot Securities Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
47 MF Marwadi Financial Services Exchange-traded currency broker, since 1992 SEBI 48Moderate Licences Visit site
48 M Mastertrust Exchange-traded currency broker, since 1985 SEBI 48Moderate Licences Visit site
49 MN Monarch Networth Capital Exchange-traded currency broker, since 1993 SEBI 48Moderate Licences Visit site
50 NM Navia Markets Exchange-traded currency broker, since 1985 SEBI 48Moderate Licences Visit site
51 NB Nirmal Bang Exchange-traded currency broker, since 1986 SEBI 48Moderate Licences Visit site
52 PL Prabhudas Lilladher Exchange-traded currency broker, since 1944 SEBI 48Moderate Licences Visit site
53 PR Pravin Ratilal Share & Stock Brokers Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
54 RG RK Global Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
55 RB Religare Broking Exchange-traded currency broker, since 1984 SEBI 48Moderate Licences Visit site
56 SS SBICAP Securities Exchange-traded currency broker, since 2006 SEBI 48Moderate Licences Visit site
57 SG SMC Global Securities Exchange-traded currency broker, since 1990 SEBI 48Moderate Licences Visit site
58 SS SPA Securities Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
59 S Sharekhan Exchange-traded currency broker, since 2000 SEBI 48Moderate Licences Visit site
60 SS Sunidhi Securities & Finance Exchange-traded currency broker, since 1985 SEBI 48Moderate Licences Visit site
61 SF Sushil Finance Exchange-traded currency broker, since 1982 SEBI 48Moderate Licences Visit site
62 SI Swastika Investmart Exchange-traded currency broker, since 1992 SEBI 48Moderate Licences Visit site
63 SR Sykes & Ray Equities Exchange-traded currency broker, since 1996 SEBI 48Moderate Licences Visit site
64 SS Systematix Shares & Stocks Exchange-traded currency broker, since 1985 SEBI 48Moderate Licences Visit site
65 TS Trustline Securities Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
66 VS Ventura Securities Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
67 WF Wallfort Financial Services Exchange-traded currency broker, since 1994 SEBI 48Moderate Licences Visit site
68 WB Way2Wealth Brokers Exchange-traded currency broker, since 2000 SEBI 48Moderate Licences Visit site
69 WC Wisdom Capital Exchange-traded currency broker, since 1995 SEBI 48Moderate Licences Visit site
70 EM Enrich Money Exchange-traded currency broker, since 2007 SEBI 47Moderate Licences Visit site
71 GW Goodwill Wealth Management Exchange-traded currency broker, since 2008 SEBI 47Moderate Licences Visit site
72 NW Nuvama Wealth Exchange-traded currency broker, since 2008 SEBI 47Moderate Licences Visit site
73 SO SAS Online Exchange-traded currency broker, since 2008 SEBI 47Moderate Licences Visit site
74 TS Tradebulls Securities Exchange-traded currency broker, since 2009 SEBI 46Moderate Licences Visit site
75 U Upstox Exchange-traded currency broker, since 2009 SEBI 46Moderate Licences Visit site
76 Z Zerodha Exchange-traded currency broker, since 2010 SEBI 46Moderate Licences Visit site
77 AD Axis Direct Exchange-traded currency broker, since 2011 SEBI 45Moderate Licences Visit site
78 T Tradejini Exchange-traded currency broker, since 2012 SEBI 45Moderate Licences Visit site
79 SB Shoonya by Finvasia Exchange-traded currency broker, since 2013 SEBI 44Weak Licences Visit site
80 T TradeSmart Exchange-traded currency broker, since 2013 SEBI 44Weak Licences Visit site
81 YS Yes Securities Exchange-traded currency broker, since 2013 SEBI 44Weak Licences Visit site
82 ZS Zebu Share and Wealth Exchange-traded currency broker, since 2013 SEBI 44Weak Licences Visit site
83 F Fyers Exchange-traded currency broker, since 2015 SEBI 43Weak Licences Visit site
84 P ProStocks Exchange-traded currency broker, since 2016 SEBI 43Weak Licences Visit site
85 S SAMCO Exchange-traded currency broker, since 2015 SEBI 43Weak Licences Visit site
86 MS m.Stock by Mirae Asset Exchange-traded currency broker, since 2018 SEBI 42Weak Licences Visit site
87 S Stoxkart Exchange-traded currency broker, since 2020 SEBI 41Weak Licences Visit site
88 D Dhan Exchange-traded currency broker, since 2021 SEBI 40Weak Licences Visit site
89 KN Kotak Neo Exchange-traded currency broker, since 2022 SEBI 40Weak Licences Visit site

Frequently asked questions

How do I check if a broker is SEBI regulated?

Search the firm's name or licence number on the SEBI official register (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=13), confirm the status is current and that the website domain you're using is listed, then check the SEBI warning list for clones.

Does the SEBI offer investor compensation?

Exchange Investor Protection Funds

What leverage do SEBI-regulated brokers offer?

Exchange-set margins on currency derivatives

Is negative balance protection required by the SEBI?

It is not a regulatory requirement under the SEBI, though some brokers offer it contractually.

Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. Consider whether you understand how they work and whether you can afford to take the high risk of losing your money. Read more.