Online discount stock brokerage firm E*Trade, which charges really low prices for online trading, has started it’s global trading account. This account allows one to trade worldwide with a highly discounted brokerage prices which could be lower than the current levels by almost 60%.
With the restrictions on rupee conversion it would be really long before such a service is also available to users here in India.
If you are interested in cheap brokerage firms (in the US) you can also try Sogoinvest, Schwab, TD Ameritrade, Scottrade and Zecco
I don’t know about any Indian company which offers the same. Do let us know if you have come across one.