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The correct answer is option 3 - Syed Mushtaq Ali Trophy. The Syed Mushtaq Ali Trophy is the latest trophy introduced in Indian domestic cricket competition.
Let`s analyze the other options to understand why they are not the correct answers.
Option 1 - Deodhar Trophy: The Deodhar Trophy is a List A cricket competition in India, but it was introduced in 1973-74, which makes it older than the Syed Mushtaq Ali Trophy. Therefore, it cannot be the latest trophy introduced.
Option 2 - Vijay Hazare Trophy: The Vijay Hazare Trophy is another List A cricket tournament in India. However, it was first played in 2002-03, which also makes it older than the Syed Mushtaq Ali Trophy. Hence, it is not the correct answer.
Option 4 - Duleep Trophy: The Duleep Trophy is a First-class cricket competition in India and has a long history. It was started in 1961-62 and is clearly not the latest trophy introduced in Indian domestic cricket.
Therefore, the correct answer is option 3 - Syed Mushtaq Ali Trophy, as it is the latest trophy introduced in Indian domestic cricket.