1. What this book actually is

Every one of the 1,028 closed positions was bought and sold in equal quantity — the statement contains no partially-exited lot anywhere in the closed book. What remains open, 46 legs, is a separate and much larger structure discussed below. So this is not a book holding options and managing them; it is 1,028 complete round trips.

Those round trips turned over ₹229.8 crore of premium — ₹105.7 crore bought, ₹124.2 crore sold — to produce ₹9.73 crore of gross profit. That is a 4.2% edge on churn, or 9.7% on the premium actually deployed at any one moment. Both numbers are true and the gap between them is the single most important thing on this page: the second sounds like a fund; the first is what the account actually earned.

The statement aggregates by contract, not by fill, so it does not disclose when any leg was opened. An April expiry may have been traded in March or in April. This page therefore buckets by expiry month throughout, and any read-across to a calendar month is approximate.

2. The profit was concentrated in a handful of trades

The distribution is not smooth. The median leg made ₹60,401. The mean leg made ₹94,693. That gap is the whole story: a long right tail doing the work. Twenty-five legs together out-earned the entire book — the cumulative sum crosses 100% of total profit at 25 and reaches 148% at 50, which is only possible when the losers are small and the winners are large.

The single best leg made ₹1.38 crore — more than the whole of May and June combined. Twenty-four legs lost more than ₹20 lakh each.

3. It was not a scalping book, despite scalping's reputation

The most counterintuitive number in the statement: the only losing tenor bucket is the front of the chain. Thirty-one legs expiring within a week of the window opening lost ₹42.9 lakh — a 30% loss on premium deployed. Trading the nearest expiry, the strategy most associated with scalping, was the one thing this book demonstrably did badly.

Profit concentrates in the far end instead: 621 of 1,028 legs sat more than 75 days from expiry and produced ₹7.56 crore of the ₹9.73 crore total. Whatever this trader was doing, it was not repeatedly buying the front of the chain and selling it the same day.

4. What was still open on 30 September

46 legs remained open, carrying ₹2.46 crore of unrealised loss — a quarter of the realised profit, given back. Unlike the closed book, direction here is not inferred: the broker states it in the sign of the open quantity, and this page's verification step proves that convention exact across all 46 legs.

Thirty-six of those legs are short. Short premium committed totals ₹10.58 crore against ₹1.82 crore long, and ₹11.60 crore of the ₹12.40 crore sits in Nifty alone. A short-premium position earns from decay and from a market that goes nowhere; it loses quickly and without limit when the market rises. The December-2026 cluster shows that asymmetry in action — ₹2.5 crore of unrealised loss concentrated in a handful of far-dated Nifty legs.

Twenty of these legs expire after the statement window, including three in December 2027. Whatever this position was, it was not being wound down at the reporting date.