"These companies have already begun talks to understand the Indian market and the entry points better," said one source directly involved with an exchange that had begun due diligence for an Indian firm it was considering acquiring. The other two exchanges, he said, were in the initial stages of deciding whether to enter India and weighing their options, which effectively come down to a choice between setting up a subsidiary or buying an Indian firm, as Binance, the world's biggest exchange, did two years ago. Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.