Alarmed Indian Officials Race to Tame World-Beating Options Boom

In the autumn of 2024, a senior Indian securities regulator stood before a room full of money managers and foreign investors with an unusual message: India did not want to be the world’s largest derivatives market.

“This is a crown we don’t wish to wear,” Ashwani Bhatia, then a board member of the Securities and Exchange Board of India said at an event in Mumbai.