SEBI: Algo desks made 99% of FPI and prop profits in FY26 derivatives
SEBI's FY26 study shows a lopsided ledger: proprietary desks kept gross profits near flat at ₹44,483 crore (down just 3%), while FPI profits plunged 55% and mutual funds fell 54%. Nearly all of it, 99%, came from algo entities. Retail traders stayed the only big loser, bleeding ₹91,685 crore after transaction costs.