You're right.
Volume in measured in terms of the number of contracts, rather than notional value.
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But when you click on the '+' then most of the volume is Options (6,000,000,000) and the rest is Futures
Link here
India has Securities Transaction Tax and Commodities Transaction Tax. That is a significant transaction expense for a trader. This works out to be lesser for options. Buy and sell shares for short term ruins trading accounts over here. This explains all these aberrations. This also explains why NSE is at the top. Strangely, currency derivatives do not have transaction tax. But volumes are not very high in that segment.


