It’s possible. There are 3 ways that can be thought of, 2 of them being a bit complicated and requires a substantial amount to make it anywhere more feasible than selling covered calls/cash secured puts in Indian underlyings would.
Rule of thumb, when you can’t own a thing outright, control it through debt.
Way 1- Get any US resident to form a Trust in the US. An irrevocable one at that.
Important- Don’t be a beneficiary/Trustee to it yourself. Don’t let your US contact be any of those either.
Find a US resident Trustee. There are many firms that can do that for you for a certain fee.
In the foundational documents about instructions on how to run the Trust, mention selling covered calls/cash secured puts/buying and letting real estate/investing in bonds, etc. as the only ways to generate income. Make those instructions immutable, so the Trustee your contact over there appointed can’t make changes to it and/or can’t be forced to make changes to it by any US court of law.
At any point from there on, no one owns the assets of the Trust and no one is entitled to have any share in it’s earnings other than the Trust itself.
Loan a certain amount to the Trust at an exorbitant 200% apy. You’d need a licence for directly lending anything in the US, but there’s a way to circumvent that- bonds. Get the Trust to issue bonds to you. This will also not get you into the “Person of Significant Control” clause.
You are done.
When the Trust is unable to pay the bonds off, take it to a US court of law (ofcourse, after several years or possibly even decades of consideration😉) and get an order to foreclose on it’s assets. Don’t bring the returns back home.
Rinse and repeat.
I think you can get some sweet tax benefits as well. For more details about that, contact any EY consultant. They’ll for sure help you.
Way2- Form a company in the Cayman Islands/or anywhere that bearer bonds are still allowed. I know for a certainty that BVI no longer has them.
Follow step 1.
Way3- Perhaps the easiest. Residency through investment. St. Kitt’s and Nevis is the easiest one to get, albeit you’ll have to shell out a good amount and lock it in their government bonds for what I know is a minimum of 6 months. Job done, you’re now not an Indian citizen anymore.
P.S. :- I know of people who’d even sell their grannies to get those juicy (50% roi/7 days) otm calls on those penny stocks.