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Mutual Funds are allowed though for everyone.
To answer your question, firm does not check your trades. Your contract provides for clauses that you will abide with the firm's trading polices which includes taking prior permission.
Nonsense 18 yr old nibba nibbi prepare for clat to become a suited slave.
Further, some firms say that they have a trading policy and one can get the permission if they want to trade in a security but most of the time the permission is not granted.
To sum it up: equity investing is allowed but with prior permission which in most firms is not granted easily.