India's gambling industry

Late in 2022, in a now famous research report, markets regulator SEBI showed that derivatives trading was overwhelmingly a loss-making proposition for investors. The study showed that 89 per cent of investors lost money in these activities, and just 11 per cent made profits. Warren Buffett famously said: "Derivatives are financial weapons of mass destruction." Of course, he was talking about the economy as a whole, but his statement is just as true for individuals, and this was proven by this study. At the time when the report came out, I wrote about it and ended my article by essentially saying, "Well, what next?" My point was that after such a devastating expose of what derivatives did to individual traders, the regulator could hardly wash its hands off the matter. Logically, the report couldn't