My paperwork was into the DGCA on April 1, for approval to fly on my FAA license... will let you know when I get it.
Another guy on another forum had his security clearance in 3 weeks.
On a side note my Indian employment visa was issued by the SFO Consulate in 1 day!
The document you need to read is here :
http://dgca.nic.in/cars/D7G-G2.pdf