Consider the following statements : I. India accounts for a very large portion of all equity option contracts traded globally thus exhibiting a great boom. II. India's stock market has grown rapidly in the recent past even overtaking Hong Kong's at some point of time. III. There is no regulatory body either to warn the small investors about the risks of options trading or to act on unregistered financial advisors in this regard. Which of the statements given above are correct?

Statements I and II are correct because India has emerged as the world’s largest derivatives market by volume and recently surpassed Hong Kong to become the fourth-largest stock market globally. Statement III is incorrect because the Securities and Exchange Board of India (SEBI) actively regulates the market, issues mandatory risk disclosures for retail traders, and penalizes unregistered financial advisors. The core concept tested is the recent structural growth of India's capital markets and the regulatory oversight provided by SEBI.