Retail F&O in India
Equity-derivatives participation across brokers — the boom, the curbs, and the retreat
“F&O clients” = client codes active in equity derivatives on NSE (half-yearly Risk-Based-Supervision factsheets); “F&O share” = derivatives ÷ a broker’s unique clients. NSE-only, never summed across venues. One client can trade both cash and derivatives, so the segments overlap.
Equity vs derivatives client base
Clients active in cash equity vs equity derivatives on NSE, half-yearly
What SEBI changed
The measures that reshaped index derivatives — and when they landed
Brokers by F&O clients
Derivatives-active clients per broker, with F&O share and 1-year change
| # | Broker | F&O clients | F&O share | 1Y change |
|---|---|---|---|---|
| loading… | ||||
Who leans on F&O
Derivatives as a share of each broker’s own client base (brokers with ≥50k clients)
Most F&O-heavy
Least F&O-heavy
How retail traders actually fare
SEBI’s study of individual equity-derivatives traders
Derivatives segment participation
Share of factsheet-reporting brokers enabled for each derivatives segment
Retail F&O in India — Mar 2026
1.12 Cr clients were active in equity derivatives on NSE as of Mar 2026, down 20.7% from the 1.41 Cr peak in Mar 2025. SEBI found 93% of individual F&O traders lose money.