India tried to save retail traders from themselves.
It didn't really work.
💸 In FY26, individual traders are likely to have lost over ₹1 trillion again in equity derivatives.
Same story as FY25.
Same pain. Same pockets emptied.
Just… fewer people in the room.
After watching individuals burn ₹1.8 trillion between FY22 and FY24, SEBI rolled out the bouncer pack:
The goal was simple.
Push the retail crowd away from the casino.
Here's what actually happened on NSE:
The small fish swam away.
The whales stayed put.
And the individual share of index options premium turnover actually rose — from 35.7% to 39%.
More concentrated. Just as bloody.
A top broker put it bluntly: client losses look almost identical to last year.
Why?
Because derivatives are a zero-sum game.
Money doesn't grow here. It just changes pockets.
For every retail trader hitting "buy call" on expiry day…
there's a prop desk, an algo, or a foreign fund happily taking the other side.
"They lose in some trades, but they make double in others. That's a trade-off they're willing to take," one broker shrugged.
Famous last words.
If 91% of retail traders lost money in FY25…
and the losses look just as ugly in FY26…
What exactly did the reforms fix?
Some brokers argue SEBI is measuring it wrong — that you should track the same investor across cash, mutual funds, and F&O to see the real picture.
Others say the truth is simpler:
You can change the rules of the casino.
You can raise the minimum bet.
You can shut down half the tables.
But you can't change the gambler.
⚡ SEBI's full FY26 report drops in July.
Brace for a familiar number with a fresh sting.
That's all for now!
