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Ashishkumar Chauhan, the managing director and chief executive officer of National Stock Exchange, said that India is "not the biggest" derivative market, during his address at NDTV Profit's Diwali special event 'Ignite'.

He added that the value traded in options is one-fifth of futures in the local markets and that he can already see the number of people trading in derivatives decreasing.

Chauhan also warned individual investors to avoid trading in futures and options without thorough knowledge.

"Even though I helped bring derivatives to India, they are very sophisticated. Invest

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