By Jayshree P Upadhyay and Jaspreet Kalra

MUMBAI, July 20 (Reuters) – India’s efforts to curtail equity derivatives trading have prompted some of the country’s mom-and-pop investors to shift into leveraged stock bets, driving a surge in margin loans and regulatory caution over the blistering pace of growth.

The world’s most populous nation is home to ‌more than 130 million retail stock traders, with a median age of 32. Their appetite for higher-risk bets had fuelled an options trading boom, raising concerns about financial stability ‌and spurring tighter rules from the authorities.

But there are signs speculative activity has migrated, with younger traders increasingly using broker financing instead of costlier options. Ishan Tanna, a…