All the crypto exchanges in India that I know of only allow you to buy and hold. They don’t allow you to do any intraday. By the way there is usually a big price difference in crypto prices on these exchanges where you trade them in rupees vs trading internationally (upto 25% premium). Also the bid-ask spread on these platforms are huge, so you can’t really do any intraday trade in any case.
Btw, while they all are called exchanges, they can’t be compared to regulated exchanges where there is no counterparty risk. The issue with Crypto is that if you aren’t careful, you could get hacked out of all your crypto, both when it is in your wallet or when it is lying with the platform.
So no, they are not regulated by anyone. RBI had asked all banks in India not to deal with these platforms until recently when they took their instructions back. Crypto wallet is equivalent to demat account, but unlike demat you can potentially lose/hacked/stolen if you aren’t being careful with a crypto wallet.