Yep you are right.
Typically a person starting trading in the markets does by first investing or equity delivery. A few of them discover intraday trading stocks and the ability to make money being short. And given enough time, most intraday stock traders discover and start trading F&O.
Since in 2020, the influx of people getting started investing was so high, it led to many attempting F&O. So unless we have another period where there is a sudden rush of investors to the market, unlikely that F&O trading activity in terms of participation is going to pick up in the future. As a business we are bracing ourselves for a period where we think F&O trading activity will reduce. The logic is the same, if new investors aren’t adding at same speed and existing F&O traders are stopping, the F&O business slowly and steadily will reduce.