The pandemic-induced rally in the stock market led to explosive growth in the number of demat accounts, with many novice investors trading recklessly on the basis of ads offering "trading as a profession." However, the vast majority of retail investors do not get good returns from the market because they invest in cheap low-grade stocks and do not conduct research. Moreover, the vast majority of traders lose money in reckless overtrading, with a recent SEBI study finding that 89% of traders in the equity F&O segment lost money in FY22. Only disciplined, systematic investment in high-quality stocks/mutual funds can result in good returns over the long term.