Kiran’s story is not unusual. A Securities and Exchange Board of India (Sebi) study released in August 2026 shows 97 per cent of individual traders are primarily or exclusively option buyers. Many continued trading after losses, hoping to recover them. Overall, 88 per cent of individual traders lost money. Three out of four individual traders had declared income below ₹5 lakh, and this group alone accounted for over half of all losses — around ₹50,000 crore in FY26. Proprietary firms made ₹44,000 crore and foreign portfolio investors (FPIs) made another ₹14,000 crore. Much of the trading on the other side is algorithmic, using infrastructure no individual can match. An individual trader with a phone app is bringing a…
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