See Indian Government didn't ban Bitcoin or any cryptos. They have just instruct the banks not to deal in with Cryptocurrency related business. So I dont think that they(firms) or we investors could face any legality issues. Everything is clean and clear and all KYC and AML standards they will apply while doing peer to peer system work. Most of transactions will be through banks. Other thing you are saying the Peer to Peer is not SOLUTION so I am agree with you that it is not. But for this situation temporarily it will be good. Our one Exchange BITBNS also Stated in official announcement that p2p is not solution and they have another plan.
I am sure Indian Government will do something good for Indian Crypto enthusiasts very soon @thegreatparas Thanks for the valuable feedback mate.