In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.