Its illegal for a US resident to trade retail FX outside of the US unless the broker is registered with the CFTC. The CFTC has been known to fine brokers. Selecting right broker can help you out in this kind of situation you are expecting.
Open an account with a Foreign Bank like Euro Pacific bank or Saxo Bank. Fund the account through some friend who resides abroad and pay him in India.
Start using your overseas account for Investments or trading whichever you want.
What do you mean? Give funds under management to somebody outside of India? I think it's possible and perfectly legal I've been investing to Hotforex PAMM accounts, a kind of passive investing option with good level of transparency and convenient tools for selection of fund managers.
Yeah it is possible however direct methods are prohibited. You should use online payment systems like Skrill, Webmoney or Perfect Money to top-up and withdraw money from them and then send to your local bank account.