When will Indian Forex Brokers be allowed to operate ?

[arun_17]

I really dont know why the Indian Government does not allow Indian Forex Brokers to operate !

When do you people think our government would allow Indian Forex Brokers to operate .

And what is the reason our Government does not allow Indian Forex Brokers to operate ?


I would be very happy if someone could provide me with the answer to my questions . I have to make a big decision in my life on the data I get !
Thanking you in advance ,

Arun.

 

[duster]

I really dont know why the Indian Government does not allow Indian Forex Brokers to operate !

When do you people think our government would allow Indian Forex Brokers to operate .

And what is the reason our Government does not allow Indian Forex Brokers to operate ?


I would be very happy if someone could provide me with the answer to my questions . I have to make a big decision in my life on the data I get !
Thanking you in advance ,

Arun.

Well, I moved to India quite recently, but as far as I understand the reason is that Forex Brokers' operations suppose constant exchange of rupees against some other currency - because most popular Forex currency pairs don't include rupees. And this is the problem - Reserve Bank of India is very concerned about currency exchange which is basically a foreign investment. RBI is afraid (as far as I know) of rupee currency getting weaker - that's why. But anyway, in recent years RBI kept softening foreign investment rules - now any Indian can invest up to 200,000 USD per financial year - just several years ago the limit was 50,000 USD.

I'm not sure, but maybe you can open a Forex Broker in India if you maintain customers' accounts in rupees. Like, you show the balance in rupees but when customers trade EUR/USD for example - you provide them with "virtual" conversion, so people can only withdraw or deposit rupees, but they can trade dollars or euros. But again, I'm not really sure about this. I'm just getting into this...

 

[arun_17]

thanks for the reply duster

We can only hope that the rules will change ! And it should soon ...
For me - I am still confused if I can take Forex Trading as a serious option.

Anymore comments are welcome !!

 

[duster]

thanks for the reply duster

We can only hope that the rules will change ! And it should soon ...
For me - I am still confused if I can take Forex Trading as a serious option.

Anymore comments are welcome !!

A serious option for what? For earning money?

Then it depends on your attitude and skills - the same holds for any area in the world. Serious surgeons, serious programmers, serious managers, serious forex traders or serios _whoever_ earn money, and all the rest don't.

All investments are quite risky and all have specific advantages and disadvantages, there is no perfect way to make money - otherwise the whole world would have switched to it hehe

 

[storm]

Hello Friends,
Indian govt. has allowed forex trading and SEBI has appointed 500 brokers for that. I m really interested in investing in currency trading but I need little bit of guidance and help.
I m not able to figure it out from where to start with. PLEASE HELP

 

[duster]

Storm,

You are right Indian Government has allowed SEBI to start forex trading in India. Many brokers are there in India who are trading Forex. India infoline, ashika stock broking ltd i know at present are working in forex. But i don't know any foreighn broker in India.

I'm setting up a branch office for http://www.forex4you.com in Mumbai. So probably it will be the first foreign broker in India