Hi friends,
I saw so many debating about legality of forex in India. Just for you informations i personaly visited HDFC bank amd discussed the issue wiuth the manager at Vasai (E) branch. She said after confirmations from her seniors that any one can trade in forex .
She gace me a circular copy of RBI which states that any one can invest up to 25000 USD per year . The copy of the circular can be found on RBi site at
http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/51175.pdf Please do your own home work about this document.
As far as choice of broker is an issue, there is no broker from India who will provide you a plateform for forex trading.
One has to rely on offshore broker only.
Now aboput the brokers , please do you own research and choose youor broker. I will prefer that one must open an a/c with US based broker who is regd with NFA. I will prefer CMS, due to high leaverage and hedging facility.
Hope this will be helpful to those who are intrested in trading forex.
Happy Trading