India's crackdown on derivatives trading has effectively cooled the speculative fever that devastated countless retail investors in options markets. The regulatory intervention managed to rein in excessive leverage and risky positioning that was burning through portfolios. However, the current situation remains murky—market participants are genuinely uncertain whether more restrictions are on the horizon. Will authorities tighten the screws further? Will position limits get slashed more aggressively? The lack of clarity is creating anxiety across the trading community. Traders operating in India's derivatives space are essentially operating in limbo, unsure whether the existing safeguards represent the final regulatory line or merely the opening act of a broader crackdown. This uncertainty itself has become a market factor.