93% of more than 1 crore individual traders in India's equity futures and options segment lost money over FY22 to FY24, an average loss of about ₹2 lakh per trader including transaction costs, according to SEBI (2024) in a study by its Department of Economic and Policy Analysis. The equity derivatives segment is where futures and options on Indian stocks and indices such as the Nifty 50 trade. The study is titled "Analysis of Profits & Losses in the Equity Derivatives Segment (FY22-FY24)."
What the Study Found
SEBI's first study, published January 2023, found 89% of individual F&O traders lost money in FY22, averaging ₹1.1 lakh. The September 2024 update widened the window to three years and found 93% of over 1 crore traders lost money. The top 3.5% of loss-makers, about 4 lakh traders, lost an average of ₹28 lakh each over FY22 to FY24. Only 1% of individual traders earned profits above ₹1 lakh after transaction costs. More than 75% of loss-making traders kept trading F&O after consecutive years of losses.
"93% of over 1 crore individual F&O traders incurred average losses of around ₹2 lakh per trader (inclusive of transaction costs) during the three years from FY22 to FY24."
SEBI (2024), PR No.22/2024, p. 1.
SEBI's August 2026 study put the loss-making share at 90.9% in FY25 and 87.7% in FY26. Among traders active in all five years from FY22 to FY26, 0.5% were profitable every year and 65.6% lost money every year.
Methodology
Each study uses client-level realized profit and loss from India's largest stock brokers, combined with exchange, clearing and KYC data. The January 2023 study used the top 10 brokers, which handled about 67% of individual F&O turnover in FY22. The September 2024 and August 2026 studies used the top 15 brokers, which covered about 90% of individual traders in the 2026 study. Net profit or loss is realized trading profit or loss minus transaction costs for the year.
Key Statistics
| Metric | Finding | Context |
|---|---|---|
| Individual F&O traders with net losses, FY22 | 89% | 45.2 lakh traders, average loss ₹1.1 lakh (January 2023 study) |
| Individual F&O traders with net losses, FY22-FY24 | 93% | Over 1 crore traders, average loss about ₹2 lakh (September 2024 study) |
| Loss-making share, FY25 | 90.9% | August 2026 study; the July 2025 release said nearly 91% |
| Loss-making share, FY26 | 87.7% | Aggregate net losses of ₹91,685 crore (August 2026 study) |
| Profitable in all five years, FY22-FY26 | 0.5% | 65.6% of the same traders lost money every year |
| Intraday cash-segment traders with net losses, FY23 | 71% | 69 lakh intraday traders (July 2024 study) |
Individual Traders vs Proprietary Traders
| Measure | Individual traders | Proprietary traders |
|---|---|---|
| Gross trading profit or loss, FY24 | Loss of over ₹61,000 crore (individuals and others) | Profit of ₹33,000 crore |
| Gross trading profit or loss, FY26 | Loss of about ₹72,000 crore | Profit of about ₹44,000 crore |
| Share of profits from algorithmic trading | Not reported | 96% in FY24, 99% in FY26 |
Why This Matters
India's F&O data is the largest public record of retail derivatives outcomes, measured by the regulator on the full broker book rather than a survey. It is not a pure day-trading statistic: F&O positions can be held overnight. SEBI's July 2024 intraday study is the closer match, and it found 71% of intraday traders in the cash segment lost money in FY23. For how these figures compare with the 97% figure from Brazil, see Do 97% of day traders lose money?.