Here is today’s RBI Press Release…
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54333
Why the hell FTMO is there? It is a prop trading firm not a broker or exchange. They give you money to invest just like a hedge fund.
As per my understanding , there is no set law not to trade in CFD. These companies which allow to trade forex are not registered with Sebi and hence not regulated. Hence if a company goes bust there is no legal recourse for an individual to get your money back, nor do these companies offer insurance on your capital. The CFD firms which are regulated overseas have insurance cover ( Europe, Australia and ME ) which protects the customers. The Sebi is acting in good faith to keep the Indian custom r safe. Yes there are loopholes and like pointed out depositing in INR and withdrawal on INR cannot be purviewed here as there is no FX transaction here. You doing so under your own risk.
Nithin sir, as per RBI unauthorized forex transactions are illegal in India that I know but do you have any plan in future to introduce forex trading in zerodha?? (like EURUSD, GBPUSD etc)
Forex trading which is traded on Indian exchanges is on our list of things to do. But there is a technical complexity due to the marked to market happening in dollar. Our systems aren’t wired for it today.
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