Consider the following statements : 1. India accounts for a very large portion of all equity option contracts traded globally thus exhibiting a great boom. 2. India's stock market has grown rapidly in the recent past even overtaking Hong Kong's at some point of time. 3. 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 1 and 2 are correct because India’s National Stock Exchange (NSE) is the world's largest derivatives exchange by volume, and the Indian stock market briefly surpassed Hong Kong’s in early 2024 to become the fourth-largest globally. Option (d) is incorrect because Statement 3 is false; the Securities and Exchange Board of India (SEBI) is the statutory regulator that actively issues risk disclosures for retail investors and penalizes unregistered financial advisors. The core concept tested is the recent growth and regulatory framework of the Indian capital markets.