India's Securities and Exchange Board (SEBI) released a study revealing that retail traders in the equity derivatives segment incurred net losses totaling approximately ₹1.06 lakh crore ($12.2 billion) in the fiscal year 2025, marking a 41% increase compared to the previous year. The study found that 91% of retail traders lost money in derivatives trading for the fourth consecutive year, with an average loss of ₹1.1 lakh per individual. These losses have raised concerns about the risks associated with derivatives trading among retail investors. SEBI and market experts have suggested that tighter regulations, including a product suitability test for retail traders and enhanced investor education, may be necessary to curb these losses. The study also noted a decline in the number of traders following recent curbs on futures and options (F&O) trading. Additionally, a related observation indicated that over half of individuals acting on social media financial advice have experienced losses, underscoring the need for caution in speculative trading.