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<h1>Only 'residents in India' under FEMA 1999 can trade in currency futures; regulated entities need RBI approval.</h1> Only individuals or entities classified as 'residents in India' under the Foreign Exchange Management Act, 1999, are permitted to engage in the currency futures market. Scheduled banks and other entities regulated by the Reserve Bank of India or other relevant laws must secure permission from the appropriate regulatory departments of the Reserve Bank before participating in this market. Similarly, other regulated entities require approval from their respective regulators to engage in currency futures trading.