The Fusion Markets RBI warning concerns the broker’s authorisation in India. The Reserve Bank of India’s Alert List, updated on 19 November 2025, names Fusion Markets among entities not authorised to deal in foreign exchange under the Foreign Exchange Management Act, 1999 and not authorised to operate a forex electronic trading platform under the RBI’s directions. The entry is an official authorisation alert, not a fine and not a cancellation of the broker’s overseas licences.
What the RBI Said About Unauthorised Forex Platforms
The central bank explains that its Alert List includes entities lacking Indian forex authorisation and websites that appear to promote unauthorised services. It also says the list is not exhaustive, so a platform’s absence should never be read as confirmation that it is approved.
Fusion Markets was one of seven platforms added in the November update. The RBI’s position is specific to India: foreign regulatory status does not grant permission to deal in forex with Indian residents or operate an electronic trading platform there.
Fusion Markets Holds an Australian Licence
Fusion Markets operates through FMGP Trading Group Pty Ltd, which holds Australian Financial Services Licence 385620 from the Australian Securities and Investments Commission. The supplied company disclosures also identify entities registered in Vanuatu and Seychelles.
The Australian licence is a genuine regulatory credential. It does not, however, answer whether the broker may serve a resident of another country. Jurisdiction, legal entity and product scope all matter. The RBI’s alert addresses that precise gap rather than disputing the existence of ASIC oversight in Australia.
What the Alert Means for Indian Traders
Indian residents should verify a provider against the RBI’s current authorised-person and authorised-platform records before funding an account. A broker website being reachable from India, accepting an application or displaying a foreign licence does not establish local authorisation.
Traders elsewhere should still identify the company named in their client agreement and confirm its licence directly with the issuing regulator. Protections can differ substantially between a group’s Australian, Vanuatu and Seychelles entities. Our Best Forex Brokers in 2026 directory helps readers compare brokers, but the regulator’s own register remains the primary source for legal status.
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Fusion Markets’ ASIC licence is real, but it is not portable. The RBI listing asks a separate question—whether the broker is authorised for the relevant forex activity in India—and the official answer is no. Indian traders should not infer local permission from overseas supervision, however credible that supervision may be.
About Fusion Markets
Business: Forex and CFD broker
Australian entity: FMGP Trading Group Pty Ltd
Australian licence: AFSL 385620
India status: Named on the RBI Alert List
Frequently Asked Questions
Is Fusion Markets authorised in India?
No. The RBI Alert List updated on 19 November 2025 names Fusion Markets among entities not authorised for the forex activities described by the central bank.
Is Fusion Markets regulated?
Yes. An Australian group entity holds ASIC licence 385620, and the group discloses further entities in Vanuatu and Seychelles. Those registrations do not provide Indian authorisation.
Is the RBI listing a fine?
No. It is an authorisation alert rather than a monetary sanction. It warns that the named platform lacks the relevant RBI permission in India.