Appendix

Source ledger

Every source link on this page was re-checked and live on 29 September 2026.

Published 30 September 2026

Every source cited in "The Casino", in one place. The regulator's own documents first - the file is built on them - then the brokers' filings and calls, then the enforcement record, then the reporting.

SEBI documents

• SEBI study: "Profitability of Retail F&O Traders" (September 2024) - the backbone: 1.13 crore traders, Rs 1.81 lakh crore net losses FY22-FY24, 92.8% loss rate, category P&L, demographics, persistence. (Prologue, Chapters 1-6, 10, 14, Epilogue)
• SEBI press release (September 2024) - headline figures: 92.8% losers, ~Rs 2 lakh average loss, FY24 losses ~Rs 75,000 crore. (Prologue, Chapter 1)
• SEBI circular (1 October 2024): Measures to Strengthen Equity Index Derivatives Framework - upfront option premium mandate and the tightening package. (Chapter 9)
• SEBI settlement order (May 2023) - Mansun Consultancy / P.R. Sundar. (Chapter 11)
• SEBI confirmatory order (December 2024) - Baap of Chart / Mohammad Nasiruddin Ansari and associates. (Chapter 12)

Broker financials and calls

• Entrackr (from RoC filings) - Zerodha FY25: revenue Rs 8,847 crore, PAT Rs 4,237 crore, cash Rs 22,679 crore, 7.26M users, cost table. (Chapters 7, 13, Epilogue)
• The Economic Times - Zerodha FY25 profit -23% on regulatory headwinds. (Chapter 7)
• Angel One Q4 FY25 earnings call transcript - F&O 77% of gross broking income (81-87% prior 11 quarters), orders -22.4%, funding book +98.8%, MTF rate cut, IPL spend. (Chapters 5, 8, 14)
• The Economic Times - Groww FY25 net profit Rs 1,819 crore, tripled. (Chapter 8)
• Billionbrains (Groww) IPO report - FY25 PAT Rs 1,824 crore vs FY24 loss; revenue +49.5% FY25. (Chapter 8)
• Zerodha Z-Connect: "15 years of Zerodha - The risk crystallises" (30 September 2025) - the founder's letter, quoted extensively. (Chapters 13, 14)

Tax and regulation reporting

• The Economic Times (October 2024) - STT hike in force: futures 0.02%, options 0.1%. (Chapter 10)
• The Economic Times (July 2024) - Budget 2024 STT hike as deterrence. (Chapter 10)
• Reuters (October 2024) - the tightening package. (Chapter 9)
• Moneycontrol (October 2024) - daily expiries end, sizes triple. (Chapter 9)
• The Hindu BusinessLine (October 2024) - six changes, phased rollout. (Chapter 9)
• The Hindu (August 2024) - finfluencer association rules. (Chapter 12)

Enforcement and market-structure reporting

• The Hindu BusinessLine (May 2023) - PR Sundar settlement details: Rs 6.55 crore, one-year bar. (Chapter 11)
• CNBC-TV18 (May 2023) - first SEBI action against a major finfluencer. (Chapter 11)
• The Hindu BusinessLine (October 2023) - Baap of Chart interim order: Rs 17.21 crore escrow, Rs 2.9 crore trading loss vs 20-30% profit claims. (Chapter 12, Epilogue)
• The Economic Times (December 2024) - confirmatory order: refund via escrow. (Chapter 12)
• The Hindu (September 2024) - independent report of the SEBI study. (Chapter 1)
• Business Standard (August 2025) - SEBI chairman rejects weekly-expiry ban reports. (Chapter 14, Epilogue)
• IANS (October 2025) - "cannot just shut down" weekly expiries. (Chapter 14)
• CNBC-TV18 (March 2026) - regulator waits on impact; further action only if necessary. (Chapter 14)