RBI just published a list of such unauthorized trading platforms, warning Indians that trading on these platforms can be prosecuted under the FEMA act...
I'm surprised that, so many are surprised that just 1% of active traders make more than bank fixed deposits over 3 years timeframe. Active trading is like running a business, only a small % succeed...
With mandatory physical delivery for stock options and the removal of the Do Not Exercise (DNE) facility for options (Especially buy options), the risk of huge losses has gone up significantly...
You need to get a CA to validate IT returns (ITR) or get a tax audit if profit when trading is< than 6% of turnover or if the turnover is> Rs 10 crores. This is an anomaly...
when you buy options the max you can lose is the premium you have paid. But to get a sense of risk and how fast or easily you can lose, you should look at the exposure or contract value...