Consider the following statements: I. India accounts for a very large portion of all equity option contracts traded globally thus exhibiting a great boom. II. India's stock market has grown rapidly in the recent past even overtaking Hong Kong's at some point of time. III. There is no regulatory body either to warn the small investors about the risks of options trading or to act on unregistered financial advisors in this regard. Which of the statements given above are correct?

I. Correct. India has accounted for a very large share of global equity/options contracts in recent years, especially led by massive retail participation on exchanges like NSE.

II. Correct. India’s stock market capitalization rose sharply and, around 2024, briefly/overtly surpassed Hong Kong’s market capitalization at one stage.

III. Incorrect. This is wrong because SEBI is the statutory regulator for the securities market; it issues investor warnings and can act against unregistered investment advisers/research analysts.

Therefore, the correct answer is (a) I and II only.