Unregulated Foreign Brokers operating and advertising in India

Hi. I have a question about unregulated foreign brokers like OctaFX who are offering their services in India. OctaFX for example is even advertising openly on Instagram and Youtube. They have also signed well known cricketers to promote their platform. They do not even have an office in India, and if you ask them about it on Twitter, they respond with “we are an international broker we don’t need to be registered in India”. All of it seems like a scam to me. Maybe Zerodha and others could take this up with SEBI/RBI.

As far as I understand, spot Forex trading is illegal in India. It’s the end of 2020 and Indians are still deprived of 24 hours real Forex, but foreign brokers are having a free run. Or am I missing something?

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the forex brokers just like bitcoin brokers operate by exploiting grey areas… best that we can do is not lured by their ads and all the stuff they show.

They try to operate in by luring in investors. They mostly trade in cryptos and try to lure in investors with promise of huge return. Report their profile in Instagram and best try not to do anything they advertise.