It is a bit difficult for me to evaluate your profile because I'm not familiar with how your grades translate on a US scale (and i'm not familiar with the caliber of Calcutta). A 58% doesn't sound very good (it wouldn't be a passing grade in the US) but, I'm assuming this is something different than rank or grade point average.
You are in a challenging position because, as you know, Indian males are over represented in the applicant pool. This means you will need to do everything you can to differentiate yourself. Getting credible LORs from a family business can also prove challenging. Hopefully you have a good track record at your current job and you will be able to use recommendations from this employer (although, as a trader, often much of your job is individual and it is hard to show measurable accomplishments in leadership and teamwork).
If you do get a 720 when you take your GMAT, you could potentially be in a position to apply to top-20 schools. Look at the schools to get an idea of how your "stats" stack up against the class profile. Remember that compelling essays and fantastic LORs will be very important for any top school (as will a track record of academic and professional success). Make sure your goals are well-outlined and that you can make a strong argument for why you need an MBA to get where you want to go!
Good luck!
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Jessica
Veritas Prep | MBA Admissions Consulting
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