The National Stock Exchange of India, the world’s largest derivatives exchange with over 84 billion contracts processed in 2023, is targeting a valuation of $46 billion in its long-awaited IPO after more than a decade of delays caused by a colocation scandal. India’s securities regulator SEBI has significantly tightened options trading rules, tripling minimum contract sizes and limiting weekly expirations, which has reduced premiums traded by approximately one third. In July 2025, the regulator banned Jane Street from Indian markets and froze $567 million for alleged manipulation of the Bank Nifty index. India’s harsh 30% tax on crypto gains with no loss offset provisions has driven nearly $42 billion in trading volume offshore between February 2022 and October 2023, while the country remains the global leader in crypto adoption according to Chainalysis.
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