Is bitcoin arbitrage possible in current Indian market. Is anyone doing it? Also I want to know if it's legal to do .
Yes! Arbitrage is possible in Indian market. There are always price differences between the different Indian Exchange. Use this tool for more info:
https://coinfeed.in/crypto-premiums-arbitrage-in-indiaThis tool will show you the INR price gaps between different exchanges for different cryptocurrencies. If you are swift enough, you can make some profits.
And yes, since there is no law governing bitcoin in India, it is completely legal to arbitrage bitcoin. Infact, you can buy/sell bitcoin any number of time, rotate your money as many time as you like and everything is fine if you are paying taxes on your profits.