The Securities and Exchange Board of India (Sebi) has expressed concern over high equity derivatives turnover visàvis cash turnover.For every one rupee of cash turnover, Rs 15.6(notional value) of derivatives is traded. The derivatives to cash turnover in India is the world´s second highest, after South Korea, where it is 24 times.Australia, Japan and Spain have a derivatives to cash ratio of less than five. The markets regulator has also raised concern overalot of individual investors dealing in the derivatives space without understanding the risks.Sebi on Wednesday issued a discussion paper on ´Growth and development of the equity derivatives market in India´. “Orderly growth, development and alignment of both cash and derivatives markets is important,” it has said. “The discussion paper has been prepared to undertake an assessment of the derivatives market in India, to evaluate whether there isaneed to further strengthen the regulatory framework.” Sebi has given market participa