Retail traders may have lost over ₹1 trillion in F&O again in FY26

Indian retail traders likely lost over one trillion rupees in equity derivatives in FY26, broadly in line with the 1.05 trillion rupees lost in FY25, despite Sebi's tightening of derivatives rules. A Sebi study published in July 2025 showed 8.7 million of 9.6 million individual traders lost money in FY25, and broker data suggests FY26 losses have not materially changed even as the count of equity options traders fell to 3.37 million from 4.15 million. Individual share in NSE index options premium turnover rose to 39% in FY26 from 35.7% in FY25, indicating that smaller participants exited but remaining retail traders increased their activity.