BSE

Sept 12 (Reuters) - BSE Ltd BSEL.NS:

• BSE: EXCHANGE SCHEDULES MOCK TRADING SESSION FOR EQUITY, EQUITY DERIVATIVES SEGMENTS ON SEPT 13

• BSE: SCHEDULES MOCK TRADING SESSION FOR CURRENCY DERIVATIVES, COMMODITY DERIVATIVES, ELECTRONIC GOLD RECEIPT SEGMENTS ON SEPT 13

Further company coverage: BSEL.NS

(([email protected];))

** Shares of BSE BSEL.NS fall 3.3% and Angel One ANGO.NS fall 4.1%

** India market regulator SEBI will float a consultation paper on ending weekly F&O contracts within a month, CNBC-TV18 reports citing sources

** SEBI plans transition to monthly expiries and may consider same-day expiry across all exchanges, report adds

** Regulator's board likely to be briefed on longer derivative tenures on September 12 and consultation with exchanges to start from next week, report says

** Year-to-date, BSEL up about 24% and Angel One down around 24%

(Reporting by Vijay Malkar)

(([email protected];))

Aug 22 (Reuters) - India's markets regulator proposed that closing auction session to determine prices of shares will first be introduced for derivatives stocks, according to its consultation paper published on Friday.

The regulator will first introduce such a session for highly liquid shares, followed by other equity segments, it said.

A closing auction session is a trading period usually held at or near the end of a trading day to determine the final closing price of a security.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; Mobile: +91 9591011727;))

Updates with comments from regulatory official; rewrites

By Jayshree P Upadhyay

Mumbai, Aug 21 (Reuters) - India's markets regulator is considering fresh steps to cool the country's booming equity derivatives markets as it looks to curb trading in a segment where more than 90% of traders suffer losses.

The steps could include longer maturity derivatives contracts to product suitability rules that limit retail investor participation in riskier segments of the market, regulatory officials said at an event on Thursday.

A surge in derivatives trading over the last few years, driven in part by retail investors, has prompted the Securities and Exchange Board of India (SEBI) to limit the number of contract expiries and increase lot sizes to make such trades more expensive.

To cool the market further, SEBI plans to increase the tenure of equity derivatives contracts, but the proposal is still at a conceptual stage, Chairman Tuhin Kanta Pandey said on the sidelines of the industry event.

SEBI is also "open to" objective and simple criteria to define investors who are considered suitable to trade in derivatives, Ananth Narayan, a whole-time member of SEBI, said at the same event.

The regulator has so far stayed away from limiting retail investor access through suitability rules as these are tough to implement.

A SEBI research paper released last month showed that individual traders made losses of 1 trillion rupees ($11.46 billion) by trading in futures and options, a 41% jump from the the previous year.

Shares of stock exchange operator BSE BSEL.NS and discount broker Angel One ANGO.NS slid 7.6% and 6.7%, respectively, on Thursday following the comments. Derivatives trading contributes more than 50% to BSE's revenue, and three-fourths to that of Angel One.

Separately, SEBI also set up a dedicated unit to examine patterns of manipulation, the regulator's whole-time member Kamlesh Varshney said at the event.

The move comes after SEBI had temporarily barred U.S.-based firm Jane Street for its trading strategies that "manipulated" a key stock market index. Jane Street has denied these allegations and said its trading strategies were simple arbitrage.

Pandey added that SEBI would work with India's corporate affairs ministry and stock exchanges to build a regulated platform for the so called "grey-market", where unlisted shares change hands.

($1 = 87.2480 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai, writing by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Sonia Cheema)

(([email protected]; Mobile: +91 9591011727;))

By Jayshree P Upadhyay

MUMBAI, Aug 18 (Reuters) - India's markets regulator on Monday proposed a phased approach to restructuring existing equity indices that are linked to derivatives contracts to prevent market manipulation.

Analysts expect these changes to make the indexes less prone to external interference, a key focus against the backdrop of a regulatory order last month that had temporarily barred U.S.-based firm Jane Street for its trading activity in a key index.

The proposal, first floated in May, seeks to restructure the two indexes of banking stocks - NSE's Nifty Bank .NSEBANK and BSE's Bankex .BSEBANK - as well as Nifty Financial Services .NIFTYFIN in a phased manner.

The Securities and Exchange Board of India (SEBI) had suggested the indexes would need to have at least 14 stocks and top constituents' weightage cannot be more than 20%. The total weightage of top three constituents cannot be more than 45%.

Last month, the market regulator had alleged Jane Street used its trading strategies to "manipulate" Bank Nifty, an index of 12 banking stocks.

The top two constituents of the index are HDFC Bank HDBK.NS and ICICI Bank ICBK.NS, with a weightage of 29.09% and 26.47%, respectively.

In its May circular, the regulator had not clarified whether exchanges had to introduce new indexes and discontinue or restructure existing ones, and asked them to submit revised proposals within 30 days for its approval.

The National Stock Exchange of India (NSE) informed the regulator that market participants had suggested restructuring the existing indexes instead of launching new ones, SEBI said.

This would ensure continuity and avoid disruption in derivative contracts linked to these indices, the regulator added.

BSE BSEL.NS had told the regulator it can achieve the proposed adjustment to its index in one go, SEBI said.

The regulator has invited feedback from the market on its proposals till September 8.

(Reporting by Jayshree P Upadhyay; Editing by Leroy Leo)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

Aug 7 (Reuters) - BSE Ltd BSEL.NS:

• JUNE-QUARTER CONSOL NET PROFIT 5.39 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 9.58 BILLION RUPEES

• APPROVES 550 MILLION RUPEES INFUSION IN INDIA INX

Source text: ID:nNSE1tDmw9

Further company coverage: BSEL.NS

(([email protected];;))

Repeats July 17 story with no changes to text

By Bharath Rajeswaran

July 17 (Reuters) - Trading in India's weekly equity index options has slumped by a third since the country's market regulator banned U.S. high-frequency trading giant Jane Street in the local market earlier this month, exchange data showed on Thursday.

National Stock Exchange of India - the world's largest derivatives exchange by number of contracts traded - saw a nearly 36% drop over two weeks in index options premium turnover, a key measure of real capital deployed and risk appetite.

The options premium turnover stood at 396.26 billion rupees ($4.6 billion) on Thursday, which is the day of weekly options expiry on NSE.

The Securities and Exchange Board of India barred Jane Street on July 4, saying an investigation found it manipulated stock indexes through positions taken in derivatives.

NSE's rival exchange BSE BSEL.NS also saw its options premium turnover drop 36.4% below the July 3 levels. BSE index options expire on Tuesdays.

Emails to NSE and BSE were not immediately answered.

Out of the 10 sessions since the ban, turnover has declined in six on a week-on-week basis across both the exchanges.

"The notable decline in options premium turnover can be attributed to the abrupt withdrawal or reduction of activity by Jane Street, which serves as a primary liquidity provider within the options market," said Osho Krishan, senior analyst of technical and derivatives research at brokerage Angel One.

Unless new market-makers step in or volatility rises materially, turnover is unlikely to bounce back soon, Krishan said.

Traders also point to a broader lull in volatility dragging volumes.

"This isn't just a Jane Street story," said Mayank Bansal, a portfolio manager in India's options market. "It's mostly about volatility — once that comes back, so will the volumes."

The Nifty volatility index .NIFVIX has fallen in nine of the 13 sessions in July so far, and was hovering near a more than one-year low.

($1 = 86.0410 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)

(([email protected]; +91 9769003463;))

By Bharath Rajeswaran

July 17 (Reuters) - Trading in India's weekly equity index options has slumped by a third since the country's market regulator banned U.S. high-frequency trading giant Jane Street in the local market earlier this month, exchange data showed on Thursday.

National Stock Exchange of India - the world's largest derivatives exchange by number of contracts traded - saw a nearly 36% drop over two weeks in index options premium turnover, a key measure of real capital deployed and risk appetite.

The options premium turnover stood at 396.26 billion rupees ($4.6 billion) on Thursday, which is the day of weekly options expiry on NSE.

The Securities and Exchange Board of India barred Jane Street on July 4, saying an investigation found it manipulated stock indexes through positions taken in derivatives.

NSE's rival exchange BSE BSEL.NS also saw its options premium turnover drop 36.4% below the July 3 levels. BSE index options expire on Tuesdays.

Emails to NSE and BSE were not immediately answered.

Out of the 10 sessions since the ban, turnover has declined in six on a week-on-week basis across both the exchanges.

"The notable decline in options premium turnover can be attributed to the abrupt withdrawal or reduction of activity by Jane Street, which serves as a primary liquidity provider within the options market," said Osho Krishan, senior analyst of technical and derivatives research at brokerage Angel One.

Unless new market-makers step in or volatility rises materially, turnover is unlikely to bounce back soon, Krishan said.

Traders also point to a broader lull in volatility dragging volumes.

"This isn't just a Jane Street story," said Mayank Bansal, a portfolio manager in India's options market. "It's mostly about volatility — once that comes back, so will the volumes."

The Nifty volatility index .NIFVIX has fallen in nine of the 13 sessions in July so far, and was hovering near a more than one-year low.

($1 = 86.0410 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)

(([email protected]; +91 9769003463;))

Adds potential timeline for resumption of trading, bourse monitoring and stock market reaction in paragraphs 6-9, 13

By Jayshree P Upadhyay

MUMBAI, July 14 (Reuters) - U.S. high-frequency trading giant Jane Street, which has been accused of market manipulation by Indian authorities, has deposited $567 million in an escrow account so that it can resume trading in the country.

The Securities and Exchange Board of India (SEBI) barred the firm this month from buying and selling securities in the Indian market and put a freeze on $567 million of its funds. Jane Street was only to be allowed to resume trading if an equivalent amount was deposited in an account that gives the regulator rights over the money until its investigation is complete.

SEBI said in a statement on Monday that the money had been transferred and it was examining the company's request that restrictions placed on it be lifted.

"The money has been deposited in good faith. The firm continues to contest the order and will send a formal response rebutting the allegations in coming weeks," said a source with direct knowledge of the matter.

Jane Street did not immediately respond to a Reuters request for comment. It has told its staff it plans to contest SEBI's allegations and that the practices in question were "basic index arbitrage trading".

Even with the ban lifted, the tussle with SEBI is expected to have a huge impact on its business in India, which is the world's biggest derivatives market.

According to a separate source with direct knowledge of the matter, Jane Street does not intend to trade in Indian options while the dispute is unresolved.

Options have been Jane Street's main line of business in India with its exposure to equity derivatives here roughly five to seven times its exposure to regular stocks, said the first source.

SEBI could send instructions to India's exchanges to lift the ban sometime this week, said a third source, adding that the bourses will be directed to monitor Jane Street's trades very closely.

The sources were not authorised to speak to media and declined to be identified.

SEBI has alleged that Jane Street bought large quantities of constituents in India's Bank Nifty .NSEBANK> index in the cash and futures markets to artificially support the index in morning trade, while simultaneously building large short positions in index options which were exercised or allowed to expire later in the day.

The regulator, which tracked Jane Street's trading patterns for more than two years, has also widened its investigation to include other indexes and exchanges, a source has previously said.

Bourse operator BSE BSEL.NS gained 3.2% on Monday on the view that a lifting of the ban could bring more liquidity into the market.

Explosive growth in Indian derivatives trading over the past three years has prompted much consternation among authorities about the fallout for retail investors.

The South Asian country accounted for roughly 60% of the world's equity derivative trading volume in May, and in the past financial year equity derivative losses for India's retail traders widened by 41% to 1.06 trillion rupees ($12.3 billion).

($1 = 85.9640 Indian rupees)

(Reporting by Jayshree Upadhyay in Mumbai; Editing by Edwina Gibbs)

(([email protected]; X: @MukherjeeHritam;))

June 25 (Reuters) - India's market regulator has directed stock exchanges to monitor whether trading members have implemented "corrective actions", after regulatory inspections found violations, according to a circular issued by BSE BSEL.NS on Wednesday.

Securities and Exchange Board of India (SEBI) conducted joint inspections with the stock exchanges, the circular said, without specifying when the inspections were made or what violations were identified.

However, the circular noted that SEBI will forward these violations to an "Assigned Stock Exchange", which will oversee the timeliness and completeness of corrective measures taken by the trading members.

Trading members, including trading houses and brokerages, have to submit a compliance status report within timelines set by the SEBI, with failure to do so attracting escalating penalties, the circular added.

Continued non-compliance beyond 45 days may result in a complete ban on new client onboarding and the disabling of trading terminals across all segments.

The Assigned Stock Exchange will also verify compliance during subsequent inspections and may take stringent action if discrepancies are found between the compliance reports and findings from internal auditors or exchange inspections, the notice said.

The provisions of the circular will come into effect from July 1, 2025.

(Reporting by Sethuraman NR; Editing by Janane Venkatraman)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Updates sourcing, adds text from exchange filings in paragraphs 1 and 3

By Jayshree P Upadhyay

MUMBAI, June 17 (Reuters) - India's markets regulator has approved requests from the National Stock Exchange of India NSEI.NS and BSE BSEL.NS to move the expiry of equity derivatives contracts to Tuesdays and Thursdays, respectively, the exchanges said separately.

At present, NSE offers weekly and monthly derivatives contracts expiring on Thursdays while BSE offers expiries on Tuesdays.

The weekly contracts are benchmarked against their indexes of top 50 stocks and top 30 stocks, respectively.

Contracts with the new expiry days are applicable from September 1, with those for already introduced contracts remaining unchanged, the exchanges said on Tuesday.

Monthly contracts will now expire on the last Tuesday and Thursday of the month, respectively, for NSE and BSE.

Last month, the Securities and Exchange Board of India said expiry days for all equity derivative contracts would be limited to either Tuesdays or Thursdays to enhance investor protection and market stability.

In October, SEBI reduced the number of weekly options contracts available to investors to one benchmark index per exchange, among other measures, to curb a derivatives trading frenzy.

(Reporting by Jayshree P Upadhyay and Nishit Navin; Editing by Janane Venkatraman, Mrigank Dhaniwala and Tasim Zahid)

Adds comments from sources and BSE

MUMBAI, May 7 (Reuters) - India's top two exchanges, the National Stock Exchange (NSE) and BSE Ltd BSEL.NS, have temporarily restricted access to their websites for overseas users, three sources familiar with the matter said.

This does not impact the ability of overseas investors to trade on the Indian markets, the sources said.

The decision was taken after a joint meeting of exchanges on Tuesday in which cyber threats were discussed, one of the sources said, declining to be identified as the matter is confidential. A BSE spokesperson, when contacted by Reuters, also referred to cyber threats, but did not specify if the exchange had faced one recently.

It comes against the backdrop of an escalating conflict between nuclear armed neighbours India and Pakistan, but sources did not say if the cyber threat was directly linked to recent developments.

Given the sensitivity of the overall environment, some entirely "precautionary" steps have been taken by exchanges, said another of the sources. Indian markets are functioning completely normally, the person said.

"BSE, being a critical market infrastructure institution (MII), proactively and continuously monitors risks at domestic and international levels for potential cyber threats," the BSE spokesperson said in response to an email from Reuters.

"Based on such monitoring of cyber traffic, as a precautionary and protective measure, websites/locations are blocked to protect users and systems," the spokesperson said, adding that access is being permitted on a case-by-case basis.

A spokesperson for NSE did not immediately respond to Reuters' queries.

(Reporting by Ira Dugal and Jayshre P. Upadhyay; Editing by Himani Sarkar and Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

April 9 (Reuters) - Kairosoft AI Solutions Ltd KAIR.BO:

• FILES WRIT PETITION AGAINST BSE

Source text: ID:nBSEZnWWL

Further company coverage: KAIR.BO

(([email protected];;))

** BSE BSEL.NS soars as much as 17.8% to 5,519 rupees; set for biggest intraday pct rise in six months

** Securities and Exchange Board on India proposes rejigging the derivatives expiry schedule to either Tuesday or Thursday to ensure optimal spacing for expiry dates

** Analysts at Motilal Oswal say, with BSE contracts expiring before NSE's, rise in trading volumes will help boost bourse's market share

** Aishvarya Dadheech, chief investment officer of Fident Asset Management, says BSE will gain market share in options trading and reach above 25% -30% from Q2 of FY26 if the dates are changed

** Stock rated "buy" on avg, per data compiled by LSEG

** BSEL gains 1.1% so far this month

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** BSE BSEL.NS rises 4.7% to 4,683.40 rupees

** BSEL's board to meet on Sunday to consider proposal for bonus share issue

** Stock set to snap three-session losing streak

** BSEL down ~12% YTD

(Reporting by Vijay Malkar)

(([email protected];))

** India's BSE BSEL.NS down 9% in 4 sessions after rival NSE shifts derivative expiry day to Monday effective end of day on April 3

** Currently, NSE's derivatives contracts expire on Thursday and those of BSE expire on Tuesday

** BSE's index option premium market share jumped to 22.1% in February from 16.4% in December after it revised the expiry day on its contracts to Tuesday from Friday

** NSE's latest decision may drive BSE's market share lower to 18%, says Nuvama

** Lowers PT to 5,160 from 7,250, retains "buy" rating

** Analysts' avg rating on BSE is "buy"; median PT 6,053 rupees, as per LSEG data

** Stock down 24% YTD

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of stock exchange operator BSE BSEL.NS close 3.47% lower at 4,299 rupees

** Stock downfall came in after competitor NSE NSEI.NS revises its derivatives weekly and monthly expiry day to Monday from Thursday, effective from April 3

** This change will position NSE derivatives expiry right ahead of BSE's expiry on Tuesday

** If BSE does not move expiry days, its market share in index options premium could fall, while revenue may drop by 8%-12% and earnings are likely to decline by 10%-15%, Jefferies says

** Brokerage adds that the damage can be limited if BSE moves its expiry day to Thursday

** Over past 10 days, BSEL has lost ~20% due to concerns that the market regulator's proposal to bring down market volatility doesn't bode well for the stock

** BSEL shares down 16.3% in 2025 so far, against benchmark Nifty 50's .NSEI 5.9% drop, as per data compiled by LSEG

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

** BSE BSEL.NS falls 5.2% to 4,397 rupees, lowest since November 27, 2024

** Stock down for sixth straight session, losing ~26% so far

** BSE among top losers on Nifty mid-cap index .NIFMDCP100, which is down 1.1%

** Goldman Sachs says Indian markets regulator's proposal to bring down market volatility doesn't bode well for BSE

** Cuts PT to 4,880 from 5,650 rupees

** Stock rated "buy" on avg; median PT is 6,100 rupees - LSEG

** YTD, stock down 17%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of stock exchange co BSE Ltd BSEL.NS fall about 13% in February, its biggest monthly drop since February 2023

** Stock falls 11% on Friday to 4,587 rupees, lowest since early Dec 2024

** Reuters could not immediately ascertain the reason behind the move

** Analysts, on average, rate BSEL "buy", with median PT of 6,100 rupees - data compiled by LSEG

** Stock down ~3.1% YTD

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

** Stock exchange operator BSE BSEL.NS rises 3.7% to 5,840 rupees, adding to 8.6% jump on Wednesday

** Goldman Sachs GS.N buys ~729,000 BSE shares for an avg of 5,504.42 rupees each, a 6% premium to Tuesday's close

** GS now adds 0.5% stake, per Reuters calculations

** Average rating of 10 analysts covering BSE is "buy"; median PT is 6,100 rupees - LSEG data

** Stock has gained 13.5% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.

A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.

It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.

The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.

The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.

But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.

Kotak and its peers may find their dealmaking crown was easier to earn than to hold.

Follow @ShritamaBose on X

CONTEXT NEWS

Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.

(Editing by Antony Currie and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

** Shares of BSE BSEL.NS rise 1.7% to 5,661.65 rupees

** The stock exchange's Q3 consol net profit and revenue doubles y/y

** Trading vols at 2.1 mln shares, 1.3x the 30-day average

** BSEL more than doubled in 2024 vs over four-fold rise in 2023

(Reporting by Vijay Malkar)

(([email protected];))

Feb 6 (Reuters) - BSE Ltd BSEL.NS:

• DEC-QUARTER CONSOL NET PROFIT 2.2 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 7.74 BILLION RUPEES

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

** Shares of stock exchange operator BSE BSEL.NS rise as much as 5.7% to 5,760 rupees after Nuvama initiates coverage with "buy" rating

** Says BSE has "immense scope" to grow customer base as it has 1.5-2 mln customers vs National Stock Exchange's NSEI.NS 4.2 mln

** Sets PT at 6,370 rupees; median PT of 9 brokerages is 5,060 rupees - LSEG

** Nuvama says diverse revenue streams, which includes mutual fund distribution platform and colocation services, will amplify BSE's growth potential

** Higher contract sizes to reduce clearing charges to 734 rupees by FY26 from 2,013 rupees per 10 mln rupees of premium turnover in FY24, lifting EBITDA margin over FY24-FY27 - Nuvama

** Avg recommendation on stock is a "buy" - LSEG

** BSE's stock price rose nearly ten times in last two years

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Shares of BSE Ltd BSEL.NS jump 6.3% to 5,480 rupees

** Motilal Oswal lists stock exchange operator as a top pick for 2025; maintains "buy" and PT of 6,500 rupees

** Brokerage likes BSEL's focus on increasing revenue and market share in the futures and options segment by adding new products and colocation

** Adds, while new regulations on F&O trading have hurt volumes, they would reduce regulatory and clearing costs and help boost profitability

** Jefferies agrees, upgrading BSEL to "hold" from "underperform" and raising PT to 5,250 rupees from 3,500 rupees

** Analysts tracking BSEL rate stock "buy" on avg - data compiled by LSEG

** Stock rose 56% in 2024, more than double the Nifty midcap 100 .NIFMDCP100 index's ~24% rise that year

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of BSE Ltd BSEL.NS rise 1% to 5,178 rupees amid drop in broader market with benchmark Nifty 50 .NSEI trading 1.6% lower

** Goldman Sachs says BSEL to continue to benefit from strong growth tailwinds for the country's stock market; starts coverage with "neutral" rating at a TP of 5,060

** While the TP reflects a 1.2% downside from BSE's last close, it is still the highest among the eight analysts covering the stock - data compiled by LSEG

** Due to BSE's operating model, growth in India's corporate earnings will act as powerful compounder for its largest equities trading segment revenue - Goldman Sachs

** Adds recent reforms in options trading cloud outlook for India's second-largest stock exchange, which is trading at full valuations

** Stock jumped 140% in 2024 after surging more than 4-fold in 2023

(Reporting by Nishit Navin in Bengaluru)

(([email protected];))

Corrects paragraph 13 to say BSE's shares have gained about 10%, not doubled, since Nov. 20

By Ira Dugal

MUMBAI, Jan 10 (Reuters) - India's record-breaking capital-raising spree will continue in 2025 given the strong pipeline of firms looking to go public, the head of the country's oldest exchange told Reuters.

"There are 90-plus companies that have already filed their draft prospectus with the regulator, looking to raise an estimated 1 trillion rupees ($11.65 billion) at some point this year," Sundararaman Ramamurthy, the CEO of BSE BSEL.NS said on Thursday.

Last year, 91 large firms went public on the BSE, earlier known as the Bombay Stock Exchange, and the NSE, or National Stock Exchange, raising a record 1.6 trillion rupees via initial public offerings (IPOs), according to analytics firm Prime Database.

Overall public equity fundraising more than doubled to 3.73 trillion rupees.

Ramamurthy said the IPO boom has more Offers for Sale (OFS), where large shareholders sell existing shares, with the proceeds going to them, instead of fresh issues that provide firms with capital to invest.

"I would like to see the OFS percentage coming down and fresh capital raising go up."

BSE earned 1.57 billion rupees in listing fees in the first-half of 2024-25, according to East India Securities. This compares to 1.3 billion rupees in fees reported a year earlier.

Ramamurthy declined to comment on BSE's financials ahead of its upcoming quarterly earnings.

The gains from the IPO pipeline, however, are being tempered by tighter rules for trading derivatives.

The notional value of derivatives traded in India has declined 40% since September, in anticipation of the new rules, while premiums have fallen 15%-20%, Ramamurthy said.

A further decline could be expected since three of the six new rules introduced by the markets regulator will be implemented by April.

"We have to wait till April to judge the final impact," Ramamurthy said.

BSE's shares have gained about 10% since Nov. 20, when the rules were implemented, as analysts expect a lower impact on the exchange compared to the NSE, which has larger derivative trading volumes.

DIVERSIFYING REVENUE STREAMS

BSE, which earns a major chunk of revenue from transaction charges and services to firms including listings, is looking to diversify its income streams, Ramamurthy said.

It aims to grow its index business, which licences indexes used by funds to benchmark investments.

"We have launched 15 indices since the middle of last year and there is room to continue working on that front," he said.

It is also considering expanding its co-location services, which are in demand as high-frequency and algorithmic trading increase.

"There is good possibility of generating revenue (in co-location), but we have not made a decision yet. We will look at it after April once market volumes settle down."

($1 = 85.8380 Indian rupees)

(Reporting by Ira Dugal, additional reporting by Bharath Rajeswaran; Editing by Sonia Cheema)

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Dec 23 (Reuters) - The National Stock Exchange of India NSEI.NS and BSE BSEL.NS will have full trading on Saturday, Feb. 1, on account of the Union budget presentation, the exchanges said on Monday.

(Reporting by Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; 8800437922))

** Shares of stock exchange co BSE Ltd BSEL.NS rise as much as 2.9% to a record high of 5,794 rupees

** Reuters could not immediately ascertain the reason behind BSEL's move

** Analysts, on average, rate BSEL "hold", with median PT of 4,000 rupees - LSEG data

** Stock up 161% YTD

(Reporting by Aleef Jahan in Bengaluru)

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Dec 9 (Reuters) - Vikram Thermo (India) Ltd VKMT.BO:

• VIKRAM AROMA RECEIVED IN PRINCIPLE LISTING APPROVAL FROM BSE

Source text: ID:nBSE5ZvcfT

Further company coverage: VKMT.BO

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