Indian retail investors lost 916.85 billion rupees, or $9.61 billion, in equity derivatives in the fiscal year ended March 2026, down nearly 18% from the 1.12 trillion rupees lost a year earlier. The number of individual traders fell nearly a fifth to 7.86 million and total turnover slipped to 202 trillion rupees from 213 trillion, after the Securities and Exchange Board of India introduced a series of measures over the past 18 months to curb speculative trading. The government told Parliament that SEBI's analysis shows retail investors have posted collective losses in the derivatives segment in each of the last five financial years, with 9 out of 10 retail traders losing money on average. The data underscores the risks in India's equity derivatives boom, even in the world's biggest market by volume and one with more than 130 million retail traders.