A breakdown by quarter shows losses peaked in Q3FY25 and slightly eased in Q4FY25, possibly because of the initial impact of Sebi’s recent reforms. The consolidated losses of individual traders in EDS stood at ₹21,255 crore in Q1 FY25, which rose to ₹25,942 crore in Q2, and further to ₹33,661 crore in Q3, while it declined to ₹24,745 crore in Q4 of the last fiscal.
“During the first three quarters of FY25, the aggregate net loss across the individual traders and the average net loss per person were rising. However, it is seen that in Q4FY25, there is a reduction in the losses of individual traders—both at the aggregate as well as per person level,” the report noted.
Meanwhile, the number of unique individual traders in the EDS declined significantly, from around 61.4 lakh in Q1FY25 to around 42.7 lakh in Q4FY25. This period coincides with the rollout of Sebi’s derivatives-related measures, which began on November 20, 2024.
The report highlighted that recent regulatory measures—meant to enhance market stability and investor protection—are beginning to impact the landscape, particularly in equity index derivatives.