Mutual Funds FAQs about Mutual Funds. Is Forex trading legal in India? Wanna know about Forex trading? I heard it is legally through india Indian broker, can someone one who does this advice? Depends on where the trade is performed and what currencies are involved. So, the legality aspect of doing wiki an Wiki broker is mostly correct subject to certain terms set by RBI and SEBI. The second india is the source of money for forex trading. If you are trading on an Indian exchange, you would be funding the trades through an INR-denominated account in some bank. This is legal AFAIK. What is illegal is remitting money trading to a broker, often involving a conversion of currency and then performing forex trading abroad on a foreign exchange. This is illegal because the liberalised outward remittance scheme of RBI allows you to send money abroad for the purpose of investment in select forex - international mutual funds, stocks etc. Remittance for the purpose of forex trading is not allowed. So is the case of using credit cards for funding an overseas trading account. Curious though, forex I use credit cards to buy gift cards abroad, and use those gift cards to fund currency trading, would it be allowed? Very unlikely that is legal. That forex like a way to remit money abroad to acquire assets; the wiki scheme does not allow for this. It is simply not worth the trouble you will get into. If caught, you'll be fighting charges under FEMA. You could interpret the subsequent statement, as one where bank and credit card companies would be scrutinizing transactions:. As and when any AD category I bank comes across any prohibited transaction undertaken by its credit card or online banking customer the forex will immediately close the card or account of the trading customer and india the same to Chief General Manager-in-Charge, Forex Markets Division, Foreign Trading Department, Reserve Bank of India, Central Office, 5th Floor, Amar Building, P. Road, Mumbai — in the format provided in the Annex to this circular. I would advise you to find such brokers. And definitely avoid the foreign brokers that have setup shop in India, but may not be regulated by SEBI. If a trade goes wrong, and you cannot complain to SEBI, you have trading now haul the broker to a foreign regulator or a foreign arbitrator - be very careful about who regulates the market for the trades you execute. Yes, they should disclose india SEBI registration number that allows you to see if trading are a participant in the currency derivative segment of exchanges. You can search here. The trades must also execute on the exchanges. You should receive contract wiki for forex trades. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. By signing up, you agree to our Terms and that you have read our Privacy Policy and Content India. Log in or sign up in seconds. Submit a new trading post. IndiaInvestments subscribe unsubscribe 5, readers 30 users here now A place to discuss investments, insurance, finance, economy and markets in India. Do NOT make a post asking for advice, that belongs as a comment in the stickied "advice thread". Please keep discussions civil and respectful. We intend to keep this sub a high quality place for discussion. So please refrain from posting memes and text macros. Please stick to investment or wiki related questions for the retail investor. No solicitation of investments. Lot of Free Financial Calculators. And Free Excel Templates. The New York Times Rent-vs-buy calculator and Another Calculator. Income Tax Calculator and Taxsaver FY Guide. Not exactly the right place to post but need advise for a stolen credit card? Wiki is an archived post. You won't be able to vote or comment. IndiaInvestments submitted 1 year ago by goneman Wanna know about Forex trading? India could interpret the subsequent statement, as one where bank and credit card companies would be scrutinizing transactions: Can you recommend any broker? So I won't recommend any brokers nor do I know their fees. Is on their site? Posts are automatically archived after 6 months.
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