--- title: "Who are the market makers and option sellers in India?" description: "Option sellers in India are a mix of groups, and the public NSE participant file lists four of them, Client, DII, FII and Pro." source_url: "https://www.rupeecase.com/learn/questions/who-are-option-sellers-india" --- Model, not market data A seller of one call wins most weeks, and the losing weeks cost several times the premium Model, not market data: one seller of one call on the 10 Jun 2026 chain, sold at its settle price and priced with its own implied volatility, repeated one hundred times. Inputs: one lot of 65 units of the Nifty 23,600 call sold at its settlement premium of Rs 171.00 a unit on 10 Jun 2026, expiry 30 Jun 2026; the forward 23,240.10 and the option's own implied volatility 14.62% over 20 calendar days; the index at expiry follows a lognormal curve around the forward; 100 weeks; before costs and interest. Source: RupeeCase model, inputs from NSE end of day data. As of 10 Jun 2026. NSE publishes open interest by participant category each day for index derivatives. The four groups are Client, DII, FII and Pro, where Pro means proprietary desks. The file counts contracts in each category for futures and for calls and puts, long and short. It does not name a market maker, and it does not say who wrote a given option. Each group is a mix. The Client line holds individual and other non institutional positions. The FII line mixes directional bets, hedges and arbitrage. The Pro line mixes market making, arbitrage and proprietary bets. Reading one group as a single kind of seller misreads the file. A market maker quotes both sides of a price and earns from the spread, and it hedges the risk it takes on. An option seller who is not a market maker takes a view on the index or on volatility. The two are different trades, and the public file does not separate them. The chart is a model, not market data. It takes one seller of one call on the 10 Jun 2026 chain, sold at its settle price and priced with its own implied volatility, and repeats the same sale one hundred times, which the chart counts as weeks. The seller wins in about three weeks out of four. The losing weeks are fewer, but each costs several times the premium, and in this model the gains and losses come out about equal in total, because the option is priced fair. For a view of individual traders by their results, the SEBI Aug 2026 study is the source. Its figures count net outcomes, not sides. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) Who are the market makers and option sellers in India?Option sellers in India are a mix of groups, and the public NSE participant file lists four of them, Client, DII, FII and Pro, without naming market makers or saying who wrote a given option. Reading one of those groups as the whole sell side misreads the file, because each category holds hedges, arbitrage and directional bets together. LGo deeper ## Where Learn teaches this. [Go deeperBuyer or seller: payoffs, margin, win rate and expectancy9 min, Beginner](/learn/path-14/module-14-3-option-buyer-vs-seller)[Go deeperRead SEBI's loss studies before your first trade8 min, Beginner](/learn/path-12/module-12-3-sebi-fo-loss-studies) SSources ## Go to the source. 2 sources, NSE the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [NSE, all reports (derivatives), including participant-wise open interest](https://www.nseindia.com/all-reports-derivatives) NSE 2. [SEBI, Profitability of individual traders in the equity derivatives segment, FY25 to FY26 (Aug 2026)](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) SEBI ?Questions people ask ## Related questions. [QuestionWhat do participant wise OI, the FII long short ratio and FII and DII data tell me?Intermediate, trap check](/learn/questions/participant-wise-oi-fii-data)[QuestionOption buying or option selling: which is better?Beginner, trap check](/learn/questions/option-buying-vs-selling)[QuestionWhy do 9 out of 10 F&O traders lose money?Beginner](/learn/questions/why-fo-traders-lose)[QuestionWhat are open interest, change in OI and cumulative OI?Beginner](/learn/questions/what-is-open-interest)[QuestionIs algo trading legal in India for retail?Beginner](/learn/questions/is-algo-trading-legal-in-india) [All 130 questions](/learn/questions/) Explore next ## Go deeper on this question. * [QuestionWhat is a gamma squeeze?A short answer with a dated chart](/learn/questions/what-is-a-gamma-squeeze) * [QuestionWhat are the call wall, put wall and zero gamma (gamma flip)?A short answer with a dated chart](/learn/questions/call-wall-put-wall-zero-gamma) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) * [GlossaryInvesting glossary, 230 termsPlain word definitions, and the app’s own](/learn/glossary) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.