The penalties will start kicking in December onwards. Until then, brokerages will continue to offer intraday leverage for equities. Thereafter, day traders will have to bring in more capital to trade in equities and F&O segments. The way around it is to trade options. I wrote an answer on the benefits of trading ITM options as compared to Futures93.
Since CO/BO leverage will have to reduce to SEBI prescribed levels (SPAN in F&O and VAR + ELM up to a maximum of 5x in Equities), you're better off trading options if you are an aggressive trader and understand the risks involved in options trading. Technically, there is no leverage when you buy options as you pay up 100% of the margins, upfront. If you are new to options trading, I strongly recommend you to study this module74.
