Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the registrations, including banking and payment rails.
Get a forex license in India.
A billion-person market that runs forex its own way: no offshore-style OTC licence - currency trading for residents lives on NSE, BSE and MSE through SEBI-registered brokers, with RBI's authorised-person regime covering money changing and remittance. We license the compliant routes: broker registration at ₹1 crore net worth, clearing membership, FFMC and beyond.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
India in brief
The market where the legal route is the only route.
India regulates forex unlike any offshore centre: under the Foreign Exchange Management Act 1999, residents may transact only through authorised persons and for permitted purposes. Leveraged currency trading for residents is exchange-traded - currency derivatives on the National Stock Exchange, BSE and the Metropolitan Stock Exchange, permitted since 2008 and supervised jointly by SEBI and the RBI. Market access runs through SEBI-registered stock brokers holding currency-segment membership: trading members at a ₹1 crore balance-sheet net worth, clearing members at ₹10 crore with ₹50 lakh liquid net worth, with exchange margins and position limits prescribed down to the client level. Alongside sits the RBI's authorised-person framework - full-fledged money changers from ₹25 lakh net owned funds (₹50 lakh multi-branch), franchisees from ₹10 lakh, and AD Category II firms for remittance business.
The boundary is enforced, not theoretical: offshore OTC platforms marketing margin FX to Indian residents sit on the RBI's public Alert List, remittances for overseas margin are barred under the Liberalised Remittance Scheme, and participants face penal action under FEMA. That is precisely why the compliant architecture is valuable - a SEBI broker registration or RBI authorisation is the only durable way to monetise Indian currency flow, in a market of over a billion people whose derivatives exchanges clear among the world's largest volumes. We structure the entity, the net worth and the memberships, and manage the registrations end to end.
No OTC forex licence for residents - FEMA routes flow through authorised channels: exchange-traded currency derivatives (NSE/BSE/MSE) via SEBI brokers at ₹1 crore net worth, and RBI authorised persons (FFMC from ₹25 lakh NOF). Offshore platforms land on the Alert List.
The reward: lawful access to a billion-person market's currency flow. We build entity, memberships and registrations end to end.
The two routes
The SEBI broker - or the RBI authorised person.
Two regulatory lanes, two businesses: exchange-traded currency derivatives through a SEBI-registered broker, or money-changing and remittance under RBI authorisation. Many groups build both; we fix the lane first.
The SEBI exchange route - or the RBI money-changing route.
01 - SEBI CURRENCY BROKER
The exchange route
Stock-broker registration with currency-derivatives segment membership on NSE, BSE or MSE. Trading member at ₹1 crore net worth, clearing member at ₹10 crore, serving resident flow lawfully at exchange margins.
Stock-broker registration with currency-derivatives segment membership on NSE, BSE or MSE. Trading member at ₹1 crore net worth, clearing member at ₹10 crore, serving resident flow lawfully at exchange margins.
- ✓SEBI stock-broker registration
- ✓Currency derivatives segment - NSE · BSE · MSE
- ✓Trading member: ₹1 crore net worth
- ✓Clearing member: ₹10 crore + ₹50 lakh liquid
- ✓Exchange margins and position limits
- ✓The only lawful leveraged-FX lane for residents
02 - RBI AUTHORISED PERSON
FFMC from ₹25 lakh NOFThe money-changing route
RBI authorisation under FEMA: full-fledged money changer licences from ₹25 lakh net owned funds (₹50 lakh multi-branch), franchisee models from ₹10 lakh, and AD Category II authorisation for remittance business.
FFMC at ₹25 lakh NOF (₹50 lakh multi-branch), franchisees from ₹10 lakh, AD Cat II for remittance. RBI supervision under FEMA.
- ✓FFMC licence - ₹25 lakh NOF single-branch
- ✓₹50 lakh NOF - multi-branch
- ✓Franchisee model - ₹10 lakh NOF
- ✓AD Category II - remittance scope
- ✓Physical and digital FX services
- ✓RBI supervision under FEMA
Costs and timelines are confirmed for your case before any work begins. SEBI, exchange and RBI fees follow their schedules; net worth and deposit requirements are itemised in your quote.
Why India
Scale that forgives the paperwork.
India prices entry in compliance, not capital, and pays in a market no offshore licence can reach.
✓
A billion-person market
The world's most populous market and one of its fastest-growing. Currency flow, remittances and hedging demand compound yearly.Flow compounds yearly.
✓
Exchange volumes that rank globally
NSE clears among the world's largest derivatives volumes. The currency segment gives brokers regulated leverage products with real depth.NSE clears with the largest.
✓
Modest entry net worth
₹1 crore for a trading member and ₹25 lakh for an FFMC. The thresholds are working capital, not walls.₹1 crore TM entry.
✓
A cleanly enforced boundary
The Alert List and FEMA enforcement clear unlicensed competitors out of the resident market. Licensed operators inherit the flow.Alert List clears rivals.
✓
Two regulators, two lanes
SEBI for exchange-traded leverage, RBI for money changing and remittance. Complementary licences that compose into a full FX business.SEBI + RBI compose.
✓
The rupee's direction of travel
Internationalisation of the rupee, UPI's global spread and rising remittance volumes all run through authorised channels. The licence is the position.Licensed channels win.
How it compares
How India differs from other routes.
The comparison, side by side: India is not an offshore licence. It is market access, priced in compliance.
India vs other jurisdictions
| Feature |  India | Other jurisdictions |
|---|---|---|
| Regime | FEMA - SEBI + RBI lanes | MiFID desks or offshore |
| OTC retail FX | Not permitted for residents | Core product elsewhere |
| Entry net worth | ₹1 crore TM · ₹25 lakh FFMC | US$0-2M spread |
| What you buy | Access to resident flow | Global book, no India |
Regime
IndiaFEMA - SEBI + RBI lanes
Other jurisdictionsMiFID desks or offshore
OTC retail FX
IndiaNot permitted for residents
Other jurisdictionsCore product elsewhere
Entry net worth
India₹1 crore TM · ₹25 lakh FFMC
Other jurisdictionsUS$0-2M spread
What you buy
IndiaAccess to resident flow
Other jurisdictionsGlobal book, no India
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| India | SEBI broker · RBI AP | 25.17% effective | ₹1 crore TM · ₹25 lakh FFMC |
 Singapore | MAS CMS licence | 17% · exemptions | S$1M-5M base capital |
 Hong Kong | SFC Type 3 | 8.25% / 16.5% | HK$30M paid-up + HK$15M liquid |
 UAE · DIFC | DFSA Cat 3A/2 | 9% · 0% qualifying | US$500k-2M, common law |
IndiaLicense typeSEBI broker · RBI AP
Taxation25.17% effective
Requirements₹1 crore TM · ₹25 lakh FFMC
SingaporeLicense typeMAS CMS licence
Taxation17% · exemptions
RequirementsS$1M-5M base capital
Hong KongLicense typeSFC Type 3
Taxation8.25% / 16.5%
RequirementsHK$30M paid-up + HK$15M liquid
UAE · DIFCLicense typeDFSA Cat 3A/2
Taxation9% · 0% qualifying
RequirementsUS$500k-2M, common law
Before you apply
Requirements for the Indian routes.Requirements for the routes.
SEBI, the exchanges and the RBI each test the entity, the net worth and the people. The checklist below is what passing files contain.
01
Indian entity. A company incorporated in India with genuine local management and premises.
02
Net worth. ₹1 crore balance-sheet net worth for a currency trading member; ₹10 crore plus ₹50 lakh liquid for clearing membership.
03
Exchange membership. Admission to the currency segment of NSE, BSE or MSE, with base capital and deposits per exchange rules.
04
SEBI registration. The broker application routed through the exchange, with fit-and-proper directors and shareholders.
05
For FFMC. ₹25 lakh net owned funds (single branch) or ₹50 lakh (multi-branch), with RBI-vetted management.
06
Fit-and-proper people. Directors and key personnel with clean records; SEBI and RBI both screen individually.
07
Compliance officer. A named, qualified compliance owner with reporting lines the regulator can trace.
08
Client protection mechanics. Segregated client accounts, exchange margining, KYC and investor-grievance systems.
09
AML/CFT under PMLA. KYC, transaction monitoring and reporting to FIU-IND, with audit trails.
10
Technology and audit. Exchange-grade systems, cyber-security compliance and the annual audit calendar in place.
01
Indian company, local management.
02
₹1 crore TM net worth.
03
₹10 crore + ₹50 lakh CM.
04
Exchange membership secured.
05
SEBI registration via exchange.
06
FFMC: ₹25-50 lakh NOF.
07
Fit-and-proper people.
08
Named compliance officer.
09
Client protection mechanics.
10
PMLA AML with FIU reporting.
Reflects FEMA 1999, SEBI stock-broker regulations and RBI master directions as of 2026.FEMA + SEBI regs + RBI master directions, 2026.
How it works
From first call to the register.
01
Lane and venue
SEBI broker, RBI authorised person or both. The lane, exchange and structure fixed in writing.SEBI, RBI or both - fixed.
02
Entity and net worth
Indian company, capitalisation to threshold and the fit-and-proper people file.Company capitalised, people filed.
03
Membership and registration
Exchange admission, SEBI registration or the RBI application. Complete files, because every query costs weeks.Complete. Queries cost weeks.
04
Regulatory review
Exchange, SEBI and RBI rounds answered - 4-8 months realistic depending on lane.4-8 months realistic.
05
Registration and launch
Codes live, compliance calendar running, client onboarding open. Resident flow, lawfully.Codes on, flow lawful.
Quick facts
RegulatorsSEBI · RBI
VenuesNSE · BSE · MSE
Trading member₹1 crore net worth
Clearing member₹10 crore + ₹50 lakh
FFMC₹25-50 lakh NOF
OTC retail FXAlert List - barred
Realistic timeline4-8 months
Corporate tax25.17% effective
India licenses operators who respect the boundary. Building inside it, completely, is the entire game, and our job.
On the ground in India
Run from our Mumbai office.
Prifinance - India
Mumbai · India
Mumbai, India
01
Entity and net worth structuring
Indian incorporation, capitalisation to the segment thresholds and the corporate layer regulators expect. Built for registration from day one.Capitalised to threshold.
02
Exchange and SEBI files
Membership applications, broker registration and the document trail. Prepared end to end and defended through queries.Files defended end to end.
03
RBI authorisations
FFMC and authorised-person applications with the policy frameworks the RBI examines. Drafted and filed from Mumbai.FFMC/AP from Mumbai.
04
Compliance architecture
PMLA programmes, client-protection mechanics and the audit calendar. Designed before launch, not retrofitted.PMLA, audits, calendar.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of forex businesses in India.
A reformed corporate regime with a clean concessional rate - plus the indirect layer to plan for.
Corporate tax 25.17% effective
The section 115BAA option: 22% base, 10% surcharge and 4% cess - 25.168% all-in for domestic companies that forgo legacy incentives.22% + surcharge + cess.
Standard rates 25% / 30%
Outside the concession, 25% applies up to ₹400 crore turnover and 30% above. Most licensed startups elect 115BAA instead.₹400 crore threshold.
New-manufacturing 15%
Section 115BAB's 15% rate is reserved for new manufacturing companies. Service businesses like broking use 115BAA.Manufacturing only.
GST 18% on services
Brokerage and service fees carry 18% GST. Priced into commissions, with input credits recovering GST on costs.On brokerage, with credits.
Exchange-level levies
Exchange transaction charges and stamp duties apply at the venue level. Modelled into the commission schedule from day one.Priced into commissions.
Treaty network 90+
One of the world's larger treaty networks. Group structures above the Indian entity are modelled per corridor.Corridors modelled.
Tax summary
Corporate - 115BAA25.17% effective
Standard rates25% / 30%
GST on services18%
Surcharge + cess10% + 4%
Tax treaties90+
*Figures as of 2026 per the Income Tax Department. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Indian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, registered business.
Follow Prifinance
Active across our channels.
India · SEBI · RBI
Launch your forex project in India with expert support.
Full-service assistance - from incorporation to SEBI registration, exchange membership or RBI authorisation, and ongoing compliance - run through our Mumbai office.
Get a consultation →Free legal opinion
Is India the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The India forex licence - what clients ask.
Is there an OTC forex broker licence in India?+
No. Under FEMA 1999, residents may transact forex only through authorised persons and for permitted purposes - leveraged OTC FX platforms for residents are not licensable, and offshore platforms marketing to India sit on the RBI's Alert List.
What is the lawful route to leveraged FX in India?+
Exchange-traded currency derivatives on NSE, BSE and MSE, accessed through SEBI-registered stock brokers with currency-segment membership. Futures and options on currency pairs trade at exchange margins under SEBI and RBI oversight.
What net worth does a currency broker need?+
A trading member needs ₹1 crore balance-sheet net worth; a clearing member ₹10 crore with ₹50 lakh liquid net worth - plus exchange deposits and base capital per venue rules.
What is an FFMC licence?+
The RBI's full-fledged money changer authorisation: buying and selling foreign exchange at ₹25 lakh net owned funds for a single branch, ₹50 lakh multi-branch, with franchisee models from ₹10 lakh - the on-ramp for physical and travel FX business.
Can foreign groups enter?+
Yes - through an Indian company meeting the net-worth and fit-and-proper tests. Foreign ownership in broking is established practice; structuring the holding and approvals correctly is the craft.
How long do the registrations take?+
Realistically 4-8 months depending on the lane - exchange membership and SEBI registration typically inside that window, RBI authorisations on their own clock. Complete files are the speed lever.
How are Indian brokers taxed?+
Most elect section 115BAA: 22% plus surcharge and cess - 25.17% effective. GST of 18% applies to brokerage services, and exchange-level charges are modelled into commissions.
What happens to unlicensed platforms serving India?+
The RBI names them publicly on its Alert List, LRS remittances for overseas margin are barred, and users and promoters face penal action under FEMA - the enforcement that clears the market for licensed operators.
Which exchange should a new broker choose?+
NSE carries the deepest currency-segment liquidity; BSE and MSE offer competitive economics. Many members join more than one - we model the deposits, charges and flow to fit the business plan.
Why Prifinance for India?+
A Mumbai presence, both regulatory lanes under one roof, and files built for regulators that enforce the boundary - entity, net worth, memberships and compliance delivered as one programme.
OTC licence?+
None for residents - FEMA bars it.
Lawful leverage?+
Exchange-traded on NSE/BSE/MSE.
Broker net worth?+
₹1 crore TM; ₹10 crore CM.
FFMC?+
₹25-50 lakh NOF money changer.
Foreign owners?+
Yes - structured properly.
How long?+
4-8 months by lane.
Taxes?+
25.17% effective; GST 18%.
Unlicensed rivals?+
Alert List + FEMA action.
Which exchange?+
NSE deepest - we model.
Why you?+
Both lanes, one programme.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Google
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Google
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Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which India route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of SEBI and the Reserve Bank of India or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.