After circulars and threats from RBI on overseas forex and derivatives trading, now SEBI has issued an advisory today. This only shows there are large no. traders who trade forex overseas from India
I think in the age of internet, online wallets and encrypted communication Govt is loosing grip 
on a definite source of tax income. See below snap shot from advisory. Obviously they are worried about high leverage, low brokerage. What they are not saying is absence of shit load taxes and charges. 
