Mumbai, Aug. 24 -- Some of India's largest stockbrokers have formed an association to promote the interests of retail investors and growth in the securities market even as the market regulator has taken multiple measures to contain the frenzy in the derivatives market.

Christened Association for Retail Investor Safeguard and Empowerment (ARISE-India), the initiative is being jointly led by some large systemically important or qualified stockbrokers (QSBs) focused solely on the retail investor, according to Dinesh Thakkar, chairman and managing director at Angel One, the country's third-largest stockbroker.

While Thakkar declined to reveal the names of the members as the initiative was "evolving", QSBs in India, according to the regulato...