On October 27, reports surfaced indicating that regulatory tightening has led to a cooling of trading activities in both the spot and derivatives markets. This, in turn, has significantly slowed down the revenue growth of Citadel Securities' India operations. According to Tofler documents, for the fiscal year that concluded in March of this year, the market maker's operating revenue saw a modest increase of approximately 4%, reaching INR 41.7 billion (equivalent to about USD 438 million). However, due to escalating costs, its after-tax profit experienced a 5% decline, falling to INR 19.6 billion. This performance starkly contrasts with the previous fiscal year, during which its profit surged by 41% and revenue skyrocketed by 39%. The data underscores a gradual cooling of the post-pandemic boom in India's capital markets. In response, regulatory authorities are implementing measures to curb speculative trading in the options and futures markets, aiming to safeguard retail investors. These measures have, in turn, impacted the growth trajectory of institutions such as Citadel Securities. Simultaneously, the burgeoning popularity of AI trading in the United States, coupled with the depreciation of the rupee, has prompted foreign institutional investors to redirect their focus toward other, more appealing markets.