MUMBAI, Oct. 2025 — India’s leading discount brokers — Zerodha, Angel One and Groww — are facing turbulent times. Once riding high on booming derivatives volumes, they now find themselves under regulatory pressure as the Securities and Exchange Board of India (SEBI) tightens rules around futures & options (F&O) trading. What had fueled their stellar growth is now a liability — forcing them to rethink margins, revenue streams and business models.
The F&O Boom and Its Reversal
Over the past few years, a large share of trading volumes in India came from high-frequency, speculative trades in weekly options and expiry-day strategies. Retail investors were drawn in by zero or minimal brokerage
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