Since 2020, cash market activity hasn’t grown much relative to options. At the same time, MTF (Margin Trade Funding) activity has significantly increased. MTF as we know it today, began around 2019 and started growing after 2022.

MTF is mostly on NSE, and the growth in options activity over the last 3 years is mostly due to BSE (options started on BSE in 2023). Our MTF numbers have also grown significantly during the period; our total MTF book size is approximately ₹7,400 crores today.