The strongest version of this narrative highlights a genuine policy paradox: a well-intentioned tax instrument may be distorting market behavior in ways that contradict its original purpose. The STT, designed to curb speculation, instead disproportionately burdens futures—used primarily for hedging—while making options, a more speculative instrument, relatively cheaper. This inversion is particularly concerning given the rise of "sachetization," where small, affordable options contracts are mark...