Published Paper Details:

The Indian capital markets have undergone unprecedented transformation over the past decade, transitioning from a broker-intermediated system with substantial entry barriers to a digitally accessible marketplace available via mobile applications. This shift has facilitated mass participation among first-time investors attracted by zero-commission trading, expedited account activation, and real-time market information dissemination. Yet simultaneously, derivative market participants continue to experience persistent losses despite enhanced access to data and trading infrastructure. This research examines the paradox wherein technological advancement correlates with accessibility expansion while outcomes for many retail participants remain suboptimal. Drawing upon behavioral finance theory, market microstructure analysis, regulatory evidence, and platform design research, this study demonstrates that technology functions as an amplifier of existing investor behavioral patterns rather than as an independent determinant of outcome improvement. The implications suggest that sustainable retail participation requires integration of technological infrastructure with behavioral safeguards, investor education, and regulatory oversight incorporating choice architecture and friction mechanisms.