The 2012 winter transfer window for Indian football transfers opened on 1 January and will close on 31 January. Additionally, players without a club may join at any time, and clubs may sign a goalkeeper on an emergency loan if they have no registered goalkeeper available.
| Date | Name | Moving From | Moving to | Fee |
|---|---|---|---|---|
| 24 November 2011 | | East Bengal | Pune | Loan [1] |
| 7 January 2012 | | United Sikkim | Pune | Loan [2] |
| 2 January 2012 | | Unattached | HAL | Free [3] |
| 13 January 2012 | | East Bengal | | Free [4] |
| 13 January 2012 | | Royal Wahingdoh | East Bengal | Free [5] |
| 13 January 2012 | | Prayag United | Mohun Bagan | Loan [6] |
| 13 January 2012 | | Mohun Bagan Academy | Mohun Bagan | Academy Product [7] |
| 15 January 2012 | | HAL | Released [8] | |
| 16 January 2012 | | United Sikkim | Shillong Lajong | Free [9] |
| 16 January 2012 | | | Dempo | Free [10] |
| 18 January 2012 | | | Sporting Clube de Goa | Free [11] |
| 19 January 2012 | | Sporting Clube de Goa | Released | |
| 21 January 2012 | | Southern Samity | Shillong Lajong | Free [12] |
| 25 January 2012 | | United Sikkim | Shillong Lajong | Free [13] |
| 26 January 2012 | | Free Agent | Chirag United Club Kerala | Free [14] |
| 27 January 2012 | | Free Agent | Mumbai | Free [15] |
| 30 January 2012 | | | Dempo | Free [16] |
| 6 February 2012 | | Free Agent | Shillong Lajong | Free |
| 14 February 2012 | | Salgaocar | Released | |
| 15 February 2012 | | | Salgaocar | Free |
| 15 February 2012 | | Chirag United Club Kerala | Released | |