India’s securities market regulator, SEBI, has surprised investors by refraining from announcing measures to limit a surge in derivatives trading. Despite concerns over the growing retail participation and speculative bets reaching the highest levels in the world, SEBI did not make any changes to the index-derivatives rules. This decision comes amid a frenzy of retail traders in India, with regulators worried about undisciplined and inexperienced investors taking on excessive risk in the overheated stock markets.