Reading the SEBI FY26 study

Using the summary figures in 1.11 Case 1 (78.6 lakh active individuals, 87.7% loss-makers, average loss per loss-maker ₹1.47 lakh, average profit per profit-maker ₹1.22 lakh, aggregate net loss ₹91,685 crore, transaction costs about ₹25,000 crore): (a) Reconstruct the aggregate net loss from the averages and compare with the reported figure. Suggest reasons for any gap. (b) What fraction of the aggregate net loss is accounted for by transaction costs? (c) The loss rate was 82.1% before costs and 87.7% after. What does the 5.6-point gap tell you about the distribution of pre-cost P&L near zero?