IG Index from India

J

j2a_aj

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Hi,

I see that a lot of the IG Markets users are based out of India. I was wondering what the legal usage of IG markets from India was. I spoke to my CA and he said that IG Index falls under the category of internet gamblimg and hence fund transfer to and from India would not be possible.

Can someone please shed some light on this.

Thanks


J
 
Legally speaking , its a grey area in best of times , you can deposit funds in your IG Index account from your Indian Bank account easily or better use your debit card to make such a transaction instantly . All you need is right CA / tax lawyer to handle your tax returns with IT deptt in India , its not a big issue .
 
sineater79 said:
Legally speaking , its a grey area in best of times , you can deposit funds in your IG Index account from your Indian Bank account easily or better use your debit card to make such a transaction instantly . All you need is right CA / tax lawyer to handle your tax returns with IT deptt in India , its not a big issue .
Click to expand...

Thanks. Will talk to my CA.
 
Sending money overseas for deposit for margin trading is specifically excluded from the liberalized remittance scheme, so technically illegal. Lots of people do it though.
 
For your reference, Interactive Brokers offers

a) Direct Market Access to Indian markets for Indian residents. Hence, Indian clients can trade NSE stocks, options and futures.

b) NRI's (outside of India) Direct Market Access to Indian NSE products.

To learn more visit www.interactivebrokers.co.in
 
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