Essentially FEMA wants Indian resident to trade on the cash and avoid leveraging. But still IB offers futures trading in overseas markets ASSUMING futures as cash product which is settled M2M But then its a ASSUMPTION made by IB. It would be great if IB could direct me to a circular on RBI website regarding this. IF IB can not show a suitable circular from RBI website, then IB is playing with innocent Indian residents who are ignorant of the FEMA rules. At the end of day, IB will make brokerage but RBI will run behind those who ignoratnly believed IBs ASSUMPTION.