Under the Foreign Exchange Management Act (FEMA) 1999, traders who commit a regulatory violation by illegal trading on unauthorized trading platforms or in an unknown area are liable to receive punishment. They are fined a sum of 10,000 rupees for each day they trade. Moreover, illegal traders will likely be imprisoned for up to 5 years under Section 13(1C). There are times when multiple markets around the world are open at the same time and those correlating times make the market especially volatile. For example, when the North American New York session starts the US Dollar is particularly volatile. The same goes for the London session and the pound (especially seen in the forex pair GBP USD), and the Tokyo session with the Japanese yen. This effect is compounded when multiple sessions are open at the same time, for example, the crossover of the New York session and the London session.
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Forex trading, or foreign exchange trading, involves buying and selling currencies to profit from fluctuations in exchange rates. In India, forex trading has garnered significant interest due to its potential for high returns. However, there are specific regulations and considerations that traders must be aware of. This article delves into the legality, best practices, and tools for forex trading in India. Editorial Note: This content has been independently collected by the Forbes Advisor team and is offered on a non-advised basis. This content is not part of the comparison service provided by RunPath Regulatory Services. Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.