So are you trying to say that a MF invested at 9000 is not making a loss because he's hedged?
What about the customers? They are hedged too, I suppose.
What I am saying is that when the MF buys, they will buy, say 10000 shares of Reliance and if a reverse move is expected, hedge using 10-20 lots. So their losses won't be commensurate with the quantum of the fall. They will similarly play the F&O during the other trending moves, bringing down their purchase cost.
On the other hand, if a small guy buys, say, 50 or 100 shares of Reliance, he will most probably play the F&O to hedge. Without the trade management, he will be like a rudderless ship at the mercy of the waves.