List of Indian Forex Brokers
Is Forex Trading Legal in India?
Forex Trading in India is not regulated, i.e, Forex Brokers not supposed to collect the money or do dealing services such as trading behalf of a client. There are many debates which going in India is forex trading is legal or illegal but the truth is it's not regulated so there is no regulatory authority which governs forex brokers.
What is the regulated way to operate forex business in India?
Regulated Services such as – Customer Support (Voice & Non-Voice), Non-Trading Activities, Seminars and Webinars
Non-Regulated Services such as – money polling with assured returns, Ponzi schemes(monthly returns), Fund management, Dealing desk (behalf of client company will appoint a dealer to do trading after getting a confirmation from clients), Bank wire (forex brokers may collect money from client to the third party banks, agents or their own bank account –its non-regulated)
Who can Monitor or take action against Forex Brokers?
RBI and Fema will monitor transactions to/from your bank account for any suspicious/unlawful activity related to currency trading
RBI Reserve Bank of India www.rbi.org.in/
FEMA Act: www.rbi.org.in/scripts/fema.aspx
RBI FAQ: www.rbi.org.in/scripts/FAQView.aspx?Id=80
Fema Act: dor.gov.in/Foreign_Exchange_acts
Fema Rules: dor.gov.in/Foreign_Exchange_rules