The study looked at how trading Single Stock Futures (SSF) affected the liquidity of stocks in the National Stock Exchange (NSE). They found that introducing SSF led to increased liquidity in the underlying stocks, with lower bid-ask spreads and return variance. This was because informed traders moved to the futures market, leading to better pricing and reduced volatility in the spot market. As a result, dealers in the spot market were able to decrease spreads and improve liquidity.