Despite its resemblance to business, Indians view trading and the stock market as “satta” (gambling) due to a complex interaction of cultural, historical, and legal reasons. This viewpoint represents a deeply ingrained cultural and societal attitude toward taking risks and the unpredictability of life, making it more than just a misconception.
India has a long history of gambling, and the country’s culture is strongly rooted in wagering on things like cotton stock exchange rates or other randomly produced numbers, or matka. Despite being prohibited by law, this kind of gambling is very common and has long been a part of Indian culture. For many Indians, the idea that skill and luck can be distinguished is fundamental to comprehending the allure of gambling. The legal and political spheres, where activities like as sports betting, poker, and casinos are viewed as distinct entities based on the skill/chance theory, also reflect this division.
Gambling and investing have become increasingly muddled with the shift from physical to virtual platforms. Trading and stock market activities have also moved to virtual platforms as a result of the accessibility and lack of legislation specifically governing online gambling. The Indian society’s curiosity and growing accessibility to technology-based goods and services have made this transition easier.
The wider societal concept that the struggle between skill and luck serves as a metaphor for life and fate is linked to the cultural and historical background of gambling in India. This idea also applies to trading and stock market activities, where people view the market’s unpredictable nature as a test of their knowledge and intuition, comparable to the unpredictable nature of a game of chance.
Furthermore, the political climate in India has added to the confusion surrounding these activities by sending out conflicting messages about how gambling and online gaming should be regulated. The Indian government has not completely tapped into the potential profits from a well-regulated business, despite requests for a more comprehensive and clear ban on online gambling. The idea that trading and stock market operations are equivalent to gambling is further complicated by this political uncertainty 4.
the perception of trading or the stock market as satta among Indians is not merely a misconception but a reflection of a complex interplay of cultural, historical, and legal factors. It underscores the deep-seated cultural and societal attitudes towards risk-taking and the unpredictability of life, as well as the ambiguity in the legal and political landscape surrounding these activities