Forex Trading legal for Indians? I want to trade after 6pm

#1
  1. Is INDIAN people allowed to trade in FOREX market?
  2. If yes then Is Zerodha provide such facility? or Suggest any other Broker.
  3. I want to start trading in Currency but my Job timing is 9am to 6 pm. Is it possible to trade in Indian Currency market after 6 pm?
  4. What is minimum Margin required for trade in Indian Currency market for USDINR or any other pair.
  5. Where Can I get basics of Currency market which can be used for Indian market?
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Forex Trading legal for Indians after 6pm
#2

1. Forex or Currency trading is allowed for Indians only on recognized stock exchanges (NSE, BSE & MCX-SX) and to trade only the rupee pairs. 

    So trading anything else is not really allowed legally. 

2. Yes we are members of Currency Derivative Segment on NSE, BSE and MCX-SX. 

3. There are talks about extending trading time for currency from the present 5 pm to until 11pm, but this might take a while. 

4. Click this link for knowing the margins. 

5. Check out the [Currency Derivative Modules](https://zerodha.com/varsity/module/commodities-currency-and-interest-rate-futures/) .

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Legality of Spot Forex Trading In International Currency Pairs In India
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#3

If you want to trade after 6 pm then trade in MCX Commodity segment… trading window is more than 13hours from 10 AM - 11.30/11.55pm. and margin requerment is less than equity… USA market open after 7 PM and Crude OIL and Natural Gas is most volatile on Wed and Thurs. GOLD, COPPER, CRUDE OIL, NATURAL GAS are traded in NYMEX also… Take Advantage of that…

#4

Just got this circular and message from my bank: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8427&Mode=0 ,
"As you may be aware that trading in foreign exchange (including through electronic/internet trading portals) is prohibited under the Foreign Exchange Management Act (FEMA), 1999."
Further, the Reserve Bank of India (RBI) has clarified that remittance in any form towards overseas foreign exchange trading (including through electronic/internet trading portals or by use of credit/debit cards) is not permitted. RBI has cautioned that any person resident in India collecting and effecting / remitting payments directly /indirectly outside India in any form towards overseas foreign exchange trading through electronic/internet trading portals would make himself/ herself / themselves liable to be proceeded against with for contravention of the Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.
Accordingly, please take note of the prohibitions on using your credit/debit card for such unauthorized transactions in contravention to the FEMA & regulations thereunder and that violation(s), if any, would attract penalties or as RBI or the
Enforcement Directorate may initiate against such residents.
If bank comes across any prohibited transaction undertaken by the Cardholder vide credit card or online banking, the bank will immediately close the card and report the same to Reserve Bank of India

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#5

Scary! Better to stay away from these other than INRpairs!'
Thanks Nithin!

#6

@Niranjan same question from my side too…

#7

Many of my friends says" I want to start trading in Currency but my Job timing is 9am to 6 pm""

.Is it possible to trade in Indian Currency market after 6 pm?

we all know Forex currency market is 24 x 7 hours of trading,but why its is only 8 hours in india , many of too Wants to trade in currency market, ,currency market is little bit more stable than commodity MCX Market ,

forex market more trustable with medium volatility ,we can’t quit our job for trading ,

any higher officials or government body watching this post please don’t ignore this message please do reply our Post, at least increase the currency trading time from 7 hour to 11 hours ,

please its a request from all the job working community.