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"Do the prohibitions extend to Americans working and residing in India? I've just recently landed here to begin a 2-year stint in Pune and am interested in possibly investing in the Indian equity market."

- NO idea , best to walk into a bank and ask a wealth manager, they can help you, do not buy anything else from then though, there is an icici bank office almost everywhere.

Separately, what is required for Indian nationals, native or NRI, to invest in the Bombay Stock Exchange?

Nothing except a PAN number - a tax identification numner. If you have a PAN number you can walk into icici bank ( avoid other brokers IMHO, icici wont go bankrupt or disappear with your money like "hometrade"), meet a bank officer to setup a brokerage account and start trading.
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