Kalshi, the U.S.-based prediction market platform, has added India to its list of restricted jurisdictions. The move follows a ban imposed by Indian market authorities on such platforms. Indian users can no longer access the site or place trades.
India's ban on prediction markets
India's market regulator recently cracked down on prediction market platforms, classifying them as unauthorized gambling or speculative instruments. The ban targets platforms that allow users to bet on the outcome of events, from elections to sports. Kalshi, which is licensed in the United States, was caught in the sweep. The company did not specify the exact date of the restriction, but the change is now reflected on its website.
How Kalshi enforced the restriction
Kalshi updated its restricted jurisdictions list to include India. Users attempting to access the platform from Indian IP addresses are blocked from signing up, logging in, or placing new trades. The company has not disclosed how many Indian users it had before the ban, or whether existing account holders will be able to withdraw funds. A notice on the platform simply states that India is now a restricted jurisdiction.
What this means for Indian traders
Indian users who held positions on Kalshi before the ban are in limbo. The platform has not issued guidance on whether those contracts will settle normally or be voided. The ban also prevents new users from registering. For traders who relied on Kalshi for event-based speculation, the restriction cuts off a popular tool. Alternatives exist, but most other prediction platforms also face regulatory pressure in India.
Broader regulatory landscape
India's clampdown is part of a wider global trend. Regulators in several countries have raised concerns about prediction markets, arguing they resemble gambling and lack consumer protections. Kalshi operates under U.S. Commodity Futures Trading Commission oversight, but that license does not extend to foreign users. The company has blocked users from other jurisdictions in the past, but India is one of the largest markets to be added recently.
Kalshi has not announced any plans to challenge the Indian ban or seek a local license. For now, Indian users are locked out, and the company's next steps remain unclear.
