A recent study by the Securities and Exchange Board of India (SEBI) reveals that 93% of individual traders in the equity futures and options (F&O) segment incurred losses between FY22 and FY24. The study highlights that 91.1% of individual traders made losses in FY24 alone, with aggregate losses amounting to Rs 1.81 trillion. The average loss per trader was Rs 2 lakh, while the top 3.5% of traders faced losses of Rs 28 lakh each. In total, 1.1 crore traders were affected, and despite consecutive losses, 75% continued trading. In contrast, proprietary traders and Foreign Portfolio Investors (FPIs) profited primarily through algorithmic trading, with FIIs and prop desks making Rs 59,000 crore in FY24.