Forex trading in India is regulated strictly by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). Only currency derivatives involving INR-based pairs are legally tradable by retail investors, and these must be traded through SEBI-registered brokers on recognised Indian exchanges like NSE and BSE.
On platforms like Quora, many Indian traders seek clarity on which forex brokers are SEBI-registered, safe, and legal. This article summarises the key information on SEBI-registered forex brokers, their legal framework, and common Quora queries.
What Are SEBI Registered Forex Brokers?
- Brokers authorised by SEBI to offer currency futures and options on INR-based pairs
- Required to comply with strict KYC, capital adequacy, and reporting norms
- Provide access only to currency derivatives on NSE, BSE, or MCX-SX
- Prohibited from offering leveraged trading on non-INR pairs like EUR/USD or GBP/USD
Popular SEBI Registered Brokers Frequently Discussed on Quora
1. Zerodha
- Most popular SEBI-registered broker
- Offers currency derivatives on NSE and BSE
- Robust platform (Kite) and mobile app
2. Angel One
- SEBI-registered with extensive retail client base
- Competitive brokerage plans
- Provides access to NSE currency futures and options
3. ICICI Direct
- Backed by ICICI Bank, fully SEBI-compliant
- User-friendly trading terminals
- Offers currency futures and options trading
4. Upstox
- Discount broker with SEBI registration
- Access to NSE currency segment
- Intuitive web and mobile platforms
5. Sharekhan
- Established SEBI-registered broker
- Offers comprehensive educational resources
- Supports currency derivatives trading
6. Motilal Oswal
- SEBI registered with strong research support
- Access to currency futures and options
- Robust trading platforms
Common Quora Questions on SEBI Registered Brokers
Which forex brokers are legal in India?
Only SEBI-registered brokers offering INR-based currency futures and options on NSE/BSE are legal.
Can I trade EUR/USD or GBP/USD through SEBI brokers?
No, retail trading in non-INR currency pairs is prohibited in India.
Is Zerodha safe for forex trading?
Yes, Zerodha is fully SEBI-compliant and one of the safest brokers for currency derivatives in India.
Are offshore brokers like Exness legal in India?
No, they are not registered with SEBI and using them may violate Indian forex regulations.
How do I verify if a broker is SEBI registered?
Check the official SEBI website’s Intermediary Search or consult broker disclosures.
Key Takeaways
- Forex trading in India is restricted to INR currency pairs via SEBI-registered brokers
- Popular SEBI brokers include Zerodha, Angel One, ICICI Direct, Upstox, and Sharekhan
- Offshore brokers are not legal and should be avoided
- Quora is a helpful platform but always cross-check broker claims with official sources
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