API Trading on behalf of others - Legal or Illegal

General
1

I wish to start a website like https://www.squareoff.in/ where Users will be able to register themselves and can share their API details that my system can do automatic algorithm trading on their behalf based our own confidential logic against a small fee.

Please let me know whether this is legal or illegal in India.

2

No, this is not legal in India.

  1. One can’t trade on behalf of others unless one has pms or AIF license or a mutual fund house.

  2. Full auto trading is not allowed for retail traders.

If someone else is doing that means it is not right.