How to do Forex Trades in Indian Share Market Legally

FX:GBPUSD   British Pound / U.S. Dollar
Doing Forex trades if the currency pair doesn't have INR is illegal as per FMCA act and it is also a non-bailable offence!

On 13th March, On grounds of Brexit, GBPUSD buying was a trade with a high probability of success. Then how to buy GBPUSD in Indian Market?

It is easy.

Buy GBPINR futures .
Short USDINR futures .

It literally translates into - GBPUSD buy.

Here is easy math to do this on the head -
GBPINR buy + USDINR sell
= GBP - INR - (USD - INR )
= GBPUSD buy

Image before the trade -

Image after the trade -

There is one more magical fact here - There is no COC as it is being negated by the effect of Buying a future and Shorting another one.

See you on the other side!

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