There hasn't been a consultation with any of the brokers to the best of my knowledge yet. SEBI always consults the industry players before big regulatory changes. All this reporting based on "sources" without basic verification is not good journalism.

It’s ridiculous to see people comparing options trading volumes in India and the US and claiming that we’re overleveraged. For starters, the comparison itself is flawed. People often look at the number of contracts traded, not the premiums or the actual value involved. If anything, India is significantly less leveraged than the US, even taking into account the fact that our markets are 15–20 years behind theirs. Consider this: in the US, the margin funding market (the equivalent of MTF in India) recently crossed $1 trillion. In India, it’s still under $10 billion—just 1% of that. Similarly, US stocks shorted are estimated to be another $1 trillion, while in India, the stock lending and borrowing market remains practically insignificant. Calling the US a gambling society wouldn’t be unfair. Just recently, there were bets totaling $210 million on whether Zelensky would wear a suit at the NATO summit. 🙂 If you compare our leverage as a country to that of the US, we’re a mere drop in the ocean. Gambling runs deep in American culture. From the stock market to sports, casinos, events, lotteries, prediction markets, and crypto, you can bet on anything So this constant narrative that we’re somehow dangerously overleveraged, just because of the number of options contracts traded, feels… well, misguided.