i heard a post lately which says that india is banning crypto's . ico might also be affected with that ban . not sure if india already lifted that law . anyway , an ico means online and that also means it is not a country specific because not only indian people can invest on your project . and even if the indian country will ban sites that are related to cryptos , you can still access them using vpn and proxy tools .
It is a gray area as there is no clear regulations as for now and the RBI has issued a ban to conduct business with crypto currency related exchanges and for the past few months none of the exchanges as far as i know is not allowing fiat deposit or withdrawals, i heard about p2p model being run in India successfully but there is a direct ban for these activities from the RBI, that being said i do not think any ICO could make an impact if they are planning to source money from India as they will get into legal troubles.
