Really? There are plenty. It started in 2011 and there are multiple guidelines after that. Query in 'rbi circular on forex trading' you will see exact notices passed on to banks and financial institutes (for tracking individuals). And yes, banks and financial institutes themselves trade in forex but for theer are loads of guidelines for individuals.
Snippet :
3. With a view to further strengthening the restrictions on such online activities which are in violation of FEMA, 1999, AD Category I banks are hereby directed as follows:
(i) All AD Category I banks who offer credit cards or online banking facilities to their customers should advise their customers that any person resident in India collecting and effecting / remitting payments directly /indirectly outside India in any form towards overseas foreign exchange trading through electronic/internet trading portals would make himself/ herself / themselves liable to be proceeded against with for contravention of the Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.
