I dont think Indian government will regulate bitcoins anytime soon. They set up a committee recently and they suggested that all the all the crypto currencies should be banned in india. Government wants to ban bitcoin while supreme court doesn't.
Till now government has not being in supportive of crypto as such and in last couple of years we have not heard anything positive form government side. Only it was SC court that made it legal and allowed to open back but again government has the power and they may not want it to be legal. Just wondering why, they dont work on making it legal and regulate if they have that much problem.