As I’ve said before, regulatory risk is the biggest risk for any regulated business.

We are in the middle of a period of excess in options trading. Volumes in index options have gone up from 4.6 lk cr in 2018 to 138 lk cr in 2024, and, more importantly, the share of retail has gone up from 2% to 41%.

We have been a big beneficiary of this jump in volume but have always been aware that it can be significantly reduced in size due to regulations, which can significantly hurt revenues, and that’s also why we have never made any forward projections.

But yeah, times will be tough for the broking industry going forward because almost everyone’s business model is skewed toward earning from options.

Kal Ho Na Ho is a good way to put it. 😬