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A bull-market in Indian equities last year sparked spectacular growth in the country’s equity derivatives market, which began trading four years ago. Monthly turnover in equity derivatives grew almost fourfold last year and in February this year it accounted for two-and-a-half times the spot cash market turnover on the National Stock Exchange (NSE).The average daily equity derivatives turnover in January touched Rs150 billion (more than $3 billion).
The Indian stock market had emerged from a bruising crash caused by over-leveraged positions when equity derivatives were first introduced, and there was apprehension over whether the Indian securities market was ready for them.
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