There are already a couple of exchanges established in India, i've been in touch and already been investigating potential there. The regulation is a hell hole which is the main hurdle that is why you didn't see any major exchange pop up. I believe recently some news came out that the government regulators are freaking out about bitcoin, just study the Gold climate there and you'll realize how hard the government makes it there for regular people to import and profit from gold.

and with bitstamp & BTC-e around it's easy enough for them to just trade there. Indians speak and read english so they don't need dedicated Indian websites. Also rupees are constantly depreciating so going to USD is also a plus for them.