Indian can do trading on mtgox and other trading sites, there's no resctriction about that, main problem is you can't deposit/withdraw fiat easily as international bank wire fees is quite high.
Do you have an idea about the kind of fees for wire transfers? I'm asking coz I'm finishing with an app which accepts only cryptos (Bitcoin, Litecoin etc) and I want to withdraw after a certain threshold. But I have no idea about the wire fees (I have HDFC/Axis bank accounts). If the fees are too high, then I can withdraw in big chunks rather than withdrawing for each transaction.