Autonomy vs. Addiction
Comparing F&O trading warnings to cigarette health advisories, Pandey acknowledged the limits of regulation in curbing risky behaviour. “People do smoke cigarettes still. If it is an addiction and you’re mindful of risk, that’s different,” he said, stressing that repeated losses often serve as their own lessons: “People experiment, learn from mistakes, and sometimes become better players.”
However, he reiterated Sebi’s stance against leveraged trading, citing its prohibition in sectors like Alternative Investment Funds (AIFs): “We very much discourage leverage. In Indian jurisdiction, leverage buyouts aren’t allowed. But you can’t control people’s lives, in a democracy, they must have choice.“