SEBI Chairman Tuhin Kanta Pandey said that the regulator's recent measures are focused on targeting excesses in short-term options, not futures. "You shouldn't be calling it F&O...There was an issue around short-dated options," Pandey said. SEBI introduced various regulatory measures in 2024 and 2025 to target irrational trading behaviour in options, the impact of which SEBI is now assessing.