The blog
Writing on research, market microstructure and the systems we build.
Our posts summarise public research and regulation in our own words. Every post credits its sources, with links, at the end.
SEBI stretches FPI KYC review cycles to as long as eight years
From 1 December 2026, most foreign portfolio investors move from annual or three-year KYC reviews to a two- or eight-year cycle, depending on category and jurisdiction. A short summary for anyone tracking the FPI flows that move Indian derivatives.
2 min readRead →SEBI's new margin waiver for early pay-in cash trades, explained
A new SEBI circular lets clearing corporations waive margin on later cash-segment trades once an early pay-in has been accepted. Here is how it works and what it means for capital efficiency.
2 min readRead →SEBI's retail algo trading framework, explained
Since February 2025, retail algorithmic trading in India runs through brokers, approved algos and tagged orders. Here is how the framework works and what it means if you want your own system.
3 min readRead →Index F&O after SEBI's 2024 rules: what changed for systematic traders
Fewer weekly expiries, bigger contracts, extra expiry-day margin and intraday position checks. A plain summary of SEBI's October 2024 measures and how they change strategy design.
2 min readRead →93% of F&O traders lost money. What SEBI's study tells systematic traders
SEBI's study of FY22 to FY24 found that 93% of individual equity F&O traders made losses. We look at what the numbers say and what a disciplined trader can take from them.
3 min readRead →Why most backtests lie, and how to catch one
Try enough strategy variations and one will look brilliant by chance. Here is what the research on backtest overfitting says, and the checks we run before any idea sees capital.
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