Very Recently we had a very critical study on Forex trading in India and its legality in India. Iam able to see lots of Forex Brokers Emerging in India and Lots of Traders in india doing marginal forex trading on International forex pairs like EURUSD, USDJPY, USDGBP,…etc. But if you are still not clear whether forex trading is illegal or not in india then here is the complete news covereage from Bloomberg UTV on the legality of forex trading. The 20 minutes coverage on Bloomberg UTV study clearly mentions that Indian Individuals trading in International Forex Pairs like EURUSD, USDGBP, USDJPY…etc are purely illegal
Resident Indians’ overseas investments are currently restricted to $200 000 per annum by the Reserve Bank of India and investors are currently limited by regulations as to where they can invest. But definitely the investment should not be in the forex market segment.
If you are still doing forex trading in International currencies then rethink about it.