I believe that traders like optionsables, vp Financial, shreyas bandi etc. have formed their companies without mentioning trading/investing as the objective. However they mainly use it for commercial purposes. Shreyas Pandey has not had a paid course yet. So they only use the loophole in the law. Build a company with a broad goal, use it to trade. Report it as business income and file taxes normally. Nobody came asking them why they didn’t have an NBFC license and they never had to respond. Don’t ask, don’t tell.