Sebi's survey reveals continued retail trader losses in F&O despite deterrence measures. While active traders decreased, 87.7% still lost money, with average losses rising. Sophisticated traders garnered significant profits, highlighting a lopsided market. The author suggests F&O for many retail participants resembles addictive gambling, warning that a complete crackdown could shift compulsive behavior elsewhere and reduce market liquidity. Instead of harsh bans, a balanced approach with stronger deterrents and investor education is proposed to ensure market participation and inform traders.