So I asked my CA about all the questions I had, so he simply answered if you’re not using margin you can day trade, the risk you take is up to you!
But yeah our Indian CA’s still lack knowledge on this!
USA stock market is different from the Indian market.
here you don’t require margin to day-trade there are two types of accounts in the USA
Cash account - you pay full price for stocks and no margin is included in this
Margin account - as you know what this is
Indians are only allowed to open a cash account
here’s what I think, Well RBI never mentioned anything related to not trading intraday in USA stock market.
They just mentioned to not get included in marginal based activities including options/derivatives.
If I’m bringing US dollars to India that’s a win in the end for India, proprietary desks allow day trade in US market using Cash account.
The confusion is and the problem is what if people are good at speculation or intraday but not buy and hold
It’s a grey area but not illegal.
I have webull currently for trading which I use for swing.
Applied for TD Ameritrade and waiting.