Writing on LinkedIn, Ahuja traced the surge back to three key factors: a retail trading boom, the rise of weekly options, and the behavioral predictability that followed.
Between 2019 and 2024, derivatives trading volumes in India skyrocketed nearly 40×, making it the world's largest derivatives market by volume. Ahuja pointed out that the real game-changer was the rise of the retail trader.
In 2018, retail investors made up just 2% of derivatives trading. By 2024, that number had ballooned to 41%-translating into an estimated 820× jump in retail-driven volumes. "Trading accounts jumped from 3.6 crore in 2019 to over 15 crore in 2024," he noted, driven by mobile apps, social media-fueled tips, and the thrill of high-leverage gains.
The introduction of weekly options around 2020 was another catalyst. These contracts were cheaper, required less capital, and offered faster turnarounds-making them wildly popular among retail traders. "You could enter with ₹10 and exit within minutes," Ahuja wrote.
This behavioral clustering created predictable price moves-an ideal setup for high-frequency trading (HFT) firms like Jane Street. Armed with speed and sophisticated algorithms, these players began capitalizing on retail habits.

The payoff? In 2024 alone, Jane Street reportedly made over ₹19,500 crore in profit from Indian equity derivatives-more than the entire annual revenue of Britannia, one of India's biggest consumer brands.
"And they did it without selling a single biscuit," Ahuja quipped.
His conclusion: India isn't just a large market-it's a predictable one. And in a game where speed wins, algorithmic giants are here to stay.