Forex Trading related Query
Hi, I am Rituraj from Mumbai. I am in need of some legal advice. I want to do Binary Option Trading in a foreign market legally from India. Now i have gone through the FEMA 1999 Act and found out it is not legal for INDIVIDUALS as currency exchange is prohibited for forex trading purposes. But recently i came across an article where it mentioned that to do forex or Binary trading legally from India we have to incorporate with a company, have to use free Dollars from our reserve to trade and the leverage ratio will be 1:10.
Sir, i don't have the whole knowledge of the procedure. Can you help me understand how can i start Binary options or forex trading legally in India. I have the free dollars, I am ready to register a company. I just want to know the exact process. I want to mentioned, a maximum of 4 people will be trading as we are 2 to 4 friends. We will not have any other clients, we will not take any money from the market and invest in Forex. We just want to use our own free dollars to trade legally and pay the necessary taxes. We are very confused as we never had an advisor or a guide hence we are seeking your help. Please help us with a legal way to do Binary Options Trading. It is allowed in India only we show our profits and losses as a company or a corporation. Help us find a way. Thank you so much in advance. God Bless