Propreitary Trading and Tax on speculation income

Hi,

 

1. Is proprietary trading allowed in India? Can a company collect money from Individuals in it's name and then trade on the behalf of the company in the NSE and MCX?

- if you are authorized broking firm in nse/mcx, then you can trade for clients. 

2. i run a small advisory firm and advice on clients primarily on speculation in MCX. Can a client deduct my fees as expenses against the income earned on speculation?

 - there is no such provision for claim of advising fees from speculation income, however if your services rank as subscripttion then they can claim it in respective heads.

Regards

Vivek