Is Forex Trading in India legal from Alpari india ?

[ag_fx]

This should answer your questions to an extent.

 

[Raj_sachdev]

thx ankitgarg ....... it was very helpful.

 

[vakratunda]

If Alpari India can provide virtual private server and an A/c, everything will be solved.There will nothing illegal about it.

 

[Raj_sachdev]

vakratunda sorry buddy but didnt understand wht u mean ?

 

[vakratunda]

If Alpari India or for that matter any forex broker allows you to launch a trading robot and has the facility to provide you a private server which can operate your trade nonstop 24*5,things become easy as you dont have to keep your pc switched on.I am on the lookout for such a setup and if it materialises,it is all that is needed. rbi regulation do not stop you from that.

 

[nac]

Hi!

I have the same doubt for years. FOREX is legal or illegal?

I have asked the same to many (factually speaking I would have asked around 50 people over a period of 30 months) That includes CA, ACS, Bank employees, employees of broking firm. I have been told both the things (legal and illegal).

I have google it and read some in websites and forums. Some says legal, some says illegal. Even some threatens like forex traders may happen to go to jail for doing illegal business(as if they are smuggling something) Whatever..... this is the thing i wanna say to you guys.

Upto my knowledge we indians can trade any of the following combination

INR vs USD
INR vs GBP
INR vs JPY
INR vs EUR

If somebody says legal they are meaning these currency combination. Some of securities brokers offering this facility.

I have heard many persons and some companies too, trading currency in our country. It doesn't mean its legal.
Like, motor cycle rider should possess driving license. That's law and we are seeing many riding without it. Is this says that without holding a valid license we can ride???? NOoooo,

Some years back it was only INR vs USD and now we have four combination.
So better trade what we are allowed to. Don't try other combination until our government making it legal.

Happy trading....

 

[vakratunda]

hi friends
if someone works abroad but stays in india(online job),he gets dollars/pounds -will he be jailed? certainly not.once you are trading with Alpari and earning foreign exchange,you are in fact doing good for the country.your trade not on the indian soil hence no limitation of pairs.you can get final confirmation from Alpari itself.here it is understood that you are trading on a foreign platform and NOT in india .visit forums of foreign brokers.
with thanks-vakratunda

 

[rafiswcc]

http://www.hymarkets.com

try above link for any type of trading
i am trading in it from last 2 month.

 

[vakratunda]

hi rafi
thats what i had been saying all the time. i visited HY market site, its good.i did
not find any trading robot support nor any provision of virtual private server
that would have been best possible service one can get.online trading forex can become headfree+handfree 24*5.
with best wishes
vakratunda

 

[roney]

hi Raj,
I have been searching for the same ,the last couple of months and my conclusion is as follows.

As for Alpari,they offer a lot of financial instruments-commodities,derivatives,equities(which are legal) along with forex to trade .So getting a license is not a big deal for Alpari and other similar players like MRC markets (mrc is even a member of NSE and SEBI now ,where they can trade in USD/INR).

Moreover if you you have an NRI status,you can even trade a margin call with Alpari or any other foreign broker.Only resident Indians cannot trade margin.(what an irony).Resident Indians can invest in forex just like you invest in equities and stocks by paying the full value of the currency pair(which is quite huge for a retail investor-1 standard lot=1 lakh units*value of currency which translates to 1.5 lakh $ approximately) So margin is the only option as far as a retail Indian investor is concerned.

As for the status of forex margin trading in India you can better describe it as a semi-legal option as it is difficult to prove what type of trading you are doing in forex,unless RBI or enforcement directorate gets hold of your daily trading statement which is quite improbable as trading is done online and the broker's regional office does not keep any of your physical records.

I hope you are clear now.