Lolzzz......My friend the stand of legality on buying/selling in bitcoins is still silent from RBI. If you just want to trade that should not be a problem, but then also it depends on how much are you spending and whether you are using your accounted money for the same or not. Income tax disclosure is also a leg attached to it. However, I being a lawyer may be scaring you a bit too much
You may trade in bitcoins but if it involves huge chunk of money then do consult a consultant, but I think you are a new entrant so the huge exposure part may not be there.
Happy Trading!!!!