Markets: A Rigorous Course

Facts that change

Core about 5 min
Fact Value As of Source
Share of individual F&O traders losing money 87.7% (FY26); 90.9% (FY25, revised) study released 20 Aug 2026 SEBI PR 50/2026 and study PDF (https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787233506209.pdf); the PDF's text could not be extracted, so figures are as summarised; full table in M01 · 1.11 Case 1
0DTE share of index-option turnover 59% FY26 same
Intraday equity traders losing money 71% FY23 (released 24 Jul 2024) SEBI PR 13/2024
STCG / LTCG on listed equity 20% / 12.5% above ₹1.25 lakh transfers from 23 Jul 2024; reported unchanged for FY 2026-27 Finance (No. 2) Act, 2024 (secondary summaries; verify on incometaxindia.gov.in)
Intraday equity round-trip cost (typical ₹20-cap discount broker, ₹1 lakh) ≈ ₹82.7 (0.083%) 6 Nov 2026 computed from the M01 · 1.7 charge stack
STT on futures / options (sell side) 0.05% / 0.15% of premium from 1 Apr 2026 Finance Act, 2026; NSE circular NSE/FATAX/73524
Retail algo framework in force for all brokers: exchange-tagged API orders, no open APIs, whitelisted static IP, registration above the exchanges' orders-per-second threshold from 1 Apr 2026 SEBI circulars SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013 (4 Feb 2025) and /2025/132 (30 Sep 2025): https://www.sebi.gov.in/legal/circulars/feb-2025/safer-participation-of-retail-investors-in-algorithmic-trading_91614.html
Income-tax Act 2025 replaced the 1961 Act; classifications unchanged, sections renumbered 1 Apr 2026 secondary reports (section numbers not verified); Act text on incometaxindia.gov.in

Create a free account

Reading is open to everyone. An account keeps your progress, answers, notes and code drafts, and gives you the study plan, the journals and the simulator. Running code needs an account approved for it.