Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
R
Regulatory tightening on retail derivatives losses
SEBI may introduce further measures if retail losses persist; management noted that only <0.3% of customers are loss-making in derivatives, but industry-wide scrutiny could impact volumes.
medium · analyst_question
R
Open interest limit constraints
A single broker cannot exceed 15% open interest per contract; management stated they are at about half the limit, but rapid growth could approach the cap.
medium · analyst_question
R
Integration and scaling of wealth management
Fisdom integration is early; management was vague on timelines and differentiation, indicating execution risk in a competitive space.