SEBI study: most individual F&O traders lost money
According to a study by the Securities and Exchange Board of India (SEBI) published on 23 September 2024, 93% of over 1 crore individual traders in equity futures and options made losses between FY22 and FY24, averaging around ₹2 lakh per trader including transaction costs. Aggregate losses of individual traders exceeded ₹1.8 lakh crore over the three years. The table below lists the key findings exactly as SEBI reported them.
Key findings
| Finding | SEBI figure |
|---|---|
| Individual F&O traders who incurred losses, FY22 to FY24 | 93% of over 1 crore traders |
| Average loss of those traders over the three years | around ₹2 lakh, including transaction costs |
| Aggregate losses of individual traders, FY22 to FY24 | more than ₹1.8 lakh crore |
| Individual traders with profits above ₹1 lakh after transaction costs | only 1% |
| Average F&O transaction costs per individual trader, FY24 | ₹26,000 |
| Transaction costs paid by individuals, FY22 to FY24 | about ₹50,000 crore (51% brokerage, 20% exchange fees) |
| Traders below 30 years of age | 31% in FY23, 43% in FY24 |
| Individual traders with declared income below ₹5 lakh, FY24 | over 75% |
| Loss-making traders who kept trading after consecutive loss years | more than 75% |
Source: SEBI press release, 23 September 2024 (web page,PDF). Figures verified against the PDF on 17 October 2026. SEBI's earlier study, published in January 2023, found that 89% of individual equity F&O traders lost money in FY22.
What the numbers mean for your process
- Costs are not small. Average transaction costs of ₹26,000 per trader in FY24 mean a trade can be green before charges and red after. Record every trade net of charges.
- Losing traders often keep going. Most loss-making traders continued after consecutive loss years. A written daily loss limit and a weekly review make that decision deliberate instead of automatic.
- Count your own trades. More trades mean more costs. Compare your results by trade number in the day to find where your extra trades stop helping.
Related guides: how to stop overtrading,what to track in a trading journal.
This page summarises public regulatory data. It is not investment advice and not a prediction of anyone's results.
Questions
Where does this data come from?
From the Securities and Exchange Board of India (SEBI), which studied the profit and loss of individual traders in the equity futures and options segment for FY22 to FY24 and published the results on 23 September 2024.
Does this mean every trader loses?
No. The study reports what happened across individual traders as a group in those years. It says nothing about any one person, and it is not a prediction.
What can an individual trader take from it?
Two process points stand out: costs are large enough to matter, so track results after charges; and most loss-making traders kept trading, so set limits and review your own record before continuing.