Sorry Yash, but I have to disagree. The competion is callled the Indian Premier League, therefore IMO, the captain of each team should be Indian.
Yes Uthappa was playing for Mumbai last time out, therefore he didn't have the opportunity to be the vice captain for The Royal Challengers last time, with Dravid being the 'Icon' player, only he could captain the Royal Challengers last time.
IIFC, Latit Modi said that the 'Icon' players cannot be sold and should be captaining their respective side.
I'm pretty sure if you ask the people of Bangalore who they want as captain of their side, they would prefer one of their own.
Mumbai's favorite son is captaining their side, so I doubt that Mumbai's fans would want Jaffer as their captain! With respect to Wasim Jaffer, he's an awful Twenty20 player, and IMO shoudn't be in any squad or at worst be a player/coach.