My answer will be No one......
Indian Government Rules
You have to pay Tax on Service charge
If they Earn 100 Rs the they need to pay 18 rs as tax only
Exchanges like unicoin and zebpay need to follow the rules Also they need to pay Gst , Returns , Income Tax
This is the main reason behind huge difference between Indian rates and international rates
I wouldn't say that's the reason. The exchanges operate as a brokerage and only taxes they have to pay are on the fees that they charge. So if they sell a BTC to you for 8L, they arent paying a GST or service charge tax on that. Apart from that returns and income tax is something any business has to file. Even the exchanges in US have to do that.