Nithin Kamath, founder of Zerodha, highlighted a sharp decline in trading activity amid the market correction, with volumes across brokers dropping over 30%. This marks the first business degrowth for Zerodha in 15 years, driven by market conditions and regulatory changes. He noted that Indian markets remain shallow, with participation limited to 1-2 crore traders. Kamath also warned that if this trend continues, STT collections in FY25/26 could fall below ₹40,000 crore—50% lower than the government's ₹80,000 crore estimate.