In case of Futures the Buyer has an unlimited loss or profit potential whereas the buyer of an option has an unlimited profit and Limited downside. The Seller of a Futures has an Unlimited loss or profit potential but the seller of an option has a Limited profit but Unlimited Downside.
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KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.