Summary

India’s stock market has morphed into the world’s biggest casino, with daily derivatives turnover topping global charts and retail investors rushing in at breakneck speed. After a high-profile tussle involving Jane Street and mounting losses—retail punters collectively shedding billions—questions are being asked about whether this frenzy can last.

On the flip side, India is already leading the pack in crypto adoption and piloting a central bank digital currency for millions. The big question now is whether all that speculative energy will spill over into crypto next—or if regulators and cautionary tales will rein in the next mania.

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