Regarding binary option
4 years ago
I want to know that is binary option trading (like olymp trade and binomo)is legal in India.
As RBI has restricted to involve in overseas foreign exchange broker but in binary option there is no trading ( buying and selling of currencies involved) it is just prediction about the price movement of chosen currencies pair. Also their customers support executives are saying that ther are legal and have no problem.
Is there any legal action may be taken against user by police if someone deposit and withdraw money from bank account to these binary option ??or it has no problem
A.Binary trading is illegal in India. Avoid such options.
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A.Trading through binary options are illegal in India.
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A.Binary Options are not traded on BSE, NSE , NCDEX or MCX, the recognized Exchanges in India. Neither do SEBI rules permit trading of Binary Options. Trading through online brokers in Foreign Currency may lead to violation of FEMA. ( Foreign Exchange Management Act ).
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Shreyash Mohta
Responded 4 years ago
A.Binary Trading is illegal in India and is restricted as per FEMA.
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A.Dear Sir,
Unlike many other countries, binary trading is illegal in India. ... The Foreign Exchange and Management Act (FEMA) prohibits binary trading or for ex trading in India through electronic or online trading portals.
Unlike many other countries, binary trading is illegal in India. ... The Foreign Exchange and Management Act (FEMA) prohibits binary trading or for ex trading in India through electronic or online trading portals.
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