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Sebi study shows FY26 equity derivatives losses fall but per-trader losses rise
Total individual equity derivatives losses declined to ₹91,685 crore in FY26 from ₹1.12 trillion in FY25, but the average loss per trader increased 2% to ₹1.17 lakh.
A Securities and Exchange Board of India (Sebi) study found that total losses among individual equity derivatives traders eased in FY26, even as losses remained widespread across the market. LiveMint Markets reports the regulator said cumulative losses were ₹91,685 crore in FY26, down from ₹1.12 trillion in FY25.
The study also pointed to a shift in how losses are distributed among active participants. While the number of individual traders in the derivatives segment fell for the first time since FY16, down 18% year over year to 8.771 million, the average loss per trader rose 2%, from ₹1.13 lakh to ₹1.17 lakh.
Sebi’s analysis showed that most traders continued to lose money. In FY26, 87.7% of individual traders incurred losses, versus 90.9% in FY25. Trading activity stayed concentrated among options buyers, with 93% classified as “only options buyers” and another 4% as “majorly options buyers,” and roughly 90% of “only options buyers” and 75% of “majorly options buyers” losing in FY26.
The regulator linked loss outcomes to trading frequency and capital size. Traders active for more than 100 days generated 94% of turnover and 87% of total losses, with an average loss of ₹2.76 lakh versus ₹22,000 for traders active 100 days or fewer, and 90% of small traders who used a peak margin under ₹1 lakh incurred losses in FY26, according to the study summarized by LiveMint Markets.