On October 1, 2024, SEBI released a circular titled ‘Measures to Strengthen Equity Index Derivatives Framework for Increased Investor Protection and Market Stability.’ This marked a significant shift in the regulatory landscape of the equity derivatives market. With growing retail participation, rising speculative volumes, and heightened expiry-day volatility, SEBI has proposed a phased set of reforms to enhance market stability, minimize systemic risk, and protect investors.