As per my knowledge there is no legal issues till now . As there hasnt been any ICO done in India .But soon one ICO is going to be held in India . Lets wait and watch .
Thats not correct. There were so many ICOs from India. I think not many were aware about that. Humaniq and BitIndia ICOs were from India. Also gexcrypto ICO which is still running is from India. The main problem what I see in starting an ICO in India, is dealing with the income tax department. They will torture us asking for the source of income.