Readings and resources

Read first

1. M00 (the market on-ramp) covers the basics this module assumes: the account stack (M00 · 0.1), reading the quote and order screens (M00 · 0.2) and the instrument map (M00 · 0.4). Reread it if any of 1.1–1.4 feels fast.
2. Larry Harris, Trading and Exchanges (OUP, 2003), chapters 1–6 (the trading industry, orders and order properties, market structures) and the chapters on order-driven markets and call auctions. The best single book on how markets work.
3. SEBI, Profitability of Individual Traders in the Equity Derivatives Segment (FY25–FY26) (PR 50/2026, 20 Aug 2026; PDF https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787233506209.pdf) and the FY23 intraday study (PR 13/2024, 24 Jul 2024, https://www.sebi.gov.in/media-and-notifications/press-releases/jul-2024/sebi-study-finds-that-7-out-of-10-individual-intraday-traders-in-equity-cash-segment-make-losses_84948.html).

For depth 4. Maureen O'Hara, Market Microstructure Theory (Blackwell, 1995), chapter 1 for the auction and dealer frameworks. 5. Joel Hasbrouck, Empirical Market Microstructure (OUP, 2007), chapter 2 (trading mechanisms). 6. NISM Series VIII (Equity Derivatives) workbook, units 6–7 (trading mechanism; clearing, settlement and risk management): https://www.nism.ac.in/ 7. Sucheta Dalal and Debashis Basu, The Scam (first published 1993; later editions) for Case 3; S. K. Barua and J. R. Varma, "Securities Scam: Genesis, Mechanics and Impact", Vikalpa 18(1), 1993.

Primary Indian sources to bookmark

• NSE circulars: https://www.nseindia.com/resources/exchange-communication-circulars
• SEBI circulars: https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=1&ssid=7&smid=0
• NSE pre-open circular and FAQ (NSE/CMTR/74969, 1 Jul 2026): https://nsearchives.nseindia.com/content/circulars/CMTR74969.zip ; FAQ page https://www.nseindia.com/static/trade/continuous-markets-FAQs
• SEBI CAS circulars: 16 Jan 2026 https://www.sebi.gov.in/legal/circulars/jan-2026/introduction-of-closing-auction-session-cas-in-the-equity-cash-segment-and-certain-modifications-in-the-pre-open-auction-session_99122.html ; 15 Oct 2026 https://www.sebi.gov.in/legal/circulars/oct-2026/review-of-certain-aspects-of-the-closing-auction-session-market-timings-and-settlement-methodology-for-derivatives-contracts_105293.html
• SEBI retail algo framework (4 Feb 2025): https://www.sebi.gov.in/legal/circulars/feb-2025/safer-participation-of-retail-investors-in-algorithmic-trading_91614.html
• NSE Indices, Nifty 50 factsheet and methodology: https://www.niftyindices.com/
• NSE STT circular (31 Mar 2026): https://nsearchives.nseindia.com/content/circulars/FATAX73524.pdf ; NSE transaction-charges circular (27 Feb 2026): https://nsearchives.nseindia.com/content/circulars/FA73061.pdf
• Current index levels, including India VIX: https://oicharts.com/indices
• Income Tax Department: https://www.incometax.gov.in/

Lectures MIT 15.401 Finance Theory I (Andrew Lo, 2008), the introductory sessions: https://ocw.mit.edu/courses/15-401-finance-theory-i-fall-2008/ . MIT 18.S096 (2013), Lecture 1 "Introduction, Financial Terms and Concepts": https://ocw.mit.edu/courses/18-s096-topics-in-mathematics-with-applications-in-finance-fall-2013/