BSE

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

By Shritama Bose

MUMBAI, June 29 (Reuters Breakingviews) - The world's top venue for trading in equity options by volume is treading carefully with its own listing plans. India's National Stock Exchange may seek a $52 billion market capitalisation in its Mumbai initial public offering. After a decade of delays to its debut, accepting a valuation discount to rival BSE BSEL.NS, formerly Bombay Stock Exchange, is a prudent hedge against regulators tightening rules to curb retail losses and their push to loosen the bourse's dominance.

Founded in 1992, NSE executes equity options contracts worth 142 trillion rupees ($1.5 trillion) in turnover annually, thanks to the rapid uptake of trading by retail investors following the Covid pandemic. NSE controls three-fourths of that lucrative trade. A listing will also yield a windfall for its long-time backers like Temasek and State Bank of India SBI.NS.

They and CEO Ashishkumar Chauhan, who took the role in 2022 after 10 years leading BSE, all appear determined to ensure a deal is done. Assume NSE's earnings of 103 billion rupees increase 34% for the year to the end of March - the same pace of earnings growth Visible Alpha estimates for BSE - and the $52 billion market capitalisation works out to 36 times earnings, compared to BSE's 49 times multiple.

Both exchanges are exposed to a potential plunge in trading volumes, with each generating roughly 60% of its top line from derivatives. The official crackdown, which last year temporarily banned high frequency trader Jane Street, also saw authorities increase minimum contract sizes, implement a ban on lending to high-frequency traders and impose higher taxes on derivatives transactions. If retail investors' chunky losses continue, more restrictions could follow.

NSE's sheer outsize influence is seen as a problem too. Its market share in options trading has tumbled to 75% from 97% two years ago, when the regulator began tightening control over the number and frequency of contracts the exchanges can offer. As a result, NSE's bottom line fell 16% in the most recent financial year even as BSE's grew 88%. Another reason for Chauhan to accept a discount is simply that BSE's scarcity premium will disappear. All that makes selling cheap an imperative more than an option.

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CONTEXT NEWS

India's National Stock Exchange will sell up to 149 million shares, 6% of its total outstanding, in a Mumbai initial public offering, the bourse said in a draft prospectus filed on June 17.

State Bank of India, a Morgan Stanley affiliate, Canada Pension Plan Investment Board and Temasek are among existing shareholders who will offer shares in the issue.

A record 20 bookrunning lead managers are advising the issue, led by Kotak Mahindra and JM Financial.

(Editing by Una Galani; Production by Aditya Srivastav)

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

MUMBAI, June 17 (Reuters) - The National Stock Exchange of India (NSE) filed draft papers on Wednesday for an initial public offering, in what will be one of two mega IPOs in the country this year alongside Mukesh Ambani's Reliance Jio.

NSE, India's largest bourse and the world's most active derivatives exchange, has been trying to list since 2016 when it first submitted IPO papers with the markets regulator that were stalled due to an ongoing regulatory enquiry.

Rival exchange BSE Ltd BSEL.NS was listed in 2017.

(Reporting by Jayshree P Upadhyay in Mumbai and Hyunsu Yim in Barcelona; Editing by Anil D'Silva)

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

** Exchange operators BSE BSEL.NS and Multi Commodity Exchange of India (MCX) MCEI.NS shares down 4.4% and 3.8%, respectively

** Brokerage firm Angel One ANGO.NS drops 3%

** Central bank to go ahead with stricter rules on bank lending for proprietary trading, RBI governor says

** "The impact on proprietary trading - where firms trade using their own money - is the most severe; banks are prohibited from directly funding these trades, and any guarantee issued must be fully secured by cash or government bonds," HDFC Securities had said in a note

** BSEL, ANGO and MCEI rated "buy" on average by analysts, per data compiled by LSEG

** YTD, BSEL, ANGO and MCEI up 47.6%, 39.5% and 25%, respectively

(Reporting by Vivek Kumar M)

(([email protected];))

June 4 (Reuters) - BSE Ltd BSEL.NS:

• INDIA'S BSE TO HOLD MOCK TRADING ON JUNE 6 ACROSS ALL SEGMENTS

Further company coverage: BSEL.NS

(([email protected];))

May 29 (Reuters) - BSE Ltd BSEL.NS:

• INDIA'S BSE TO CONDUCT MOCK TRADING ON MAY 30 FOR CURRENCY, COMMODITY, EQUITY DERIVATIVES AND EQUITY SEGMENT

Source text: [ID:]

Further company coverage: BSEL.NS

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May 22 (Reuters) - India's Ambuja Cements, Tube Investments Of India, Colgate Palmolive Dropped From Bse 100 Index .BSE100:

• INDIA'S ASHOK LEYLAND, PAYTM AND CG POWER AND INDUSTRIAL SOLUTIONS ADDED TO BSE 100 INDEX - BSE

• BSE

• BSE INDICES REJIG TO BE EFFECTIVE AT THE OPEN OF JUNE 22, 2026 - BSE

• BSE INDICES REJIG TO BE EFFECTIVE AT THE OPEN OF JUNE 22, 2026 - BSE

Source text: [ID:]

Further company coverage: .BSE100

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

• BSE LTD MARCH-QUARTER CONSOL NET PROFIT 7.97 BILLION RUPEES

• BSE LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 15.64 BILLION RUPEES

• BSE LTD - DIVIDEND 10 RUPEES PER SHARE

Further company coverage: BSEL.NS

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April 10 (Reuters) - BSE Ltd BSEL.NS:

• BSE- MOCK TRADING ON APRIL 11 FOR EQUITY, CURRENCY, COMMODITY DERIVATIVES, ELECTRONIC GOLD RECEIPTS, EQUITY SEGMENTS

Further company coverage: BSEL.NS

(([email protected];))

April 9 (Reuters) - BSE Ltd BSEL.NS:

• BSE LTD - RECEIVES SEBI APPROVAL TO LAUNCH DERIVATIVE CONTRACTS ON BSE FOCUSED IT INDEX

• BSE LTD - FOCUSED IT INDEX MEASURES PERFORMANCE OF 14 IT SECTOR COMPANIES

Source text: ID:nNSE59YKWw

Further company coverage: BSEL.NS

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** Shares of stock exchange operator BSE BSEL.NS rise as much as 8.06% to 2899.9 rupees, their highest intraday percentage climb in two months

** Stock up after the Reserve Bank of India deferred the implementation of rules for banks' exposure to capital markets until July 1

** The rules were initially due to be effective from April 1

** BSE is likely to benefit from the RBI's deferral as it gives brokers and proprietary traders more time to adapt, says Jefferies

** Adds that deferral allows continued use and renewal of bank guarantees for up to a year by brokers and traders, which in turn eases funding and collateral pressures and supports trading activity on the exchange

** BSE shares up 2% in 2026 so far, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

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

March 5 (Reuters) - BSE Ltd BSEL.NS:

• TO CONDUCT MOCK TRADING FOR EQUITY, EQUITY DERIVATIVES, CURRENCY DERIVATIVES, COMMODITY DERIVATIVES SEGMENTS ON MARCH 7

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

March 4 (Reuters) - BSE Ltd BSEL.NS:

• RECEIVES SEBI APPROVAL TO LAUNCH DERIVATIVES ON SENSEX NEXT 30 INDEX

Source text: ID:nNSEhWqXB

Further company coverage: BSEL.NS

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** Exchange operator BSE's shares BSEL.NS fall 3.1%, while Angel One ANGO.NS, Nuvama Wealth NUVA.NS, Nippon Life NIPF.NS and 360 One Wam ONEW.NS slide 1%-4.5%

** Drop follows comments from NSE's managing director and CEO Ashish Chauhan at a Thursday event that regulators and exchanges will keep tightening rules to curb excessive speculation in high-risk futures and options

** Chauhan said India could adopt minimum eligibility norms for derivatives, like Singapore and the U.S., using suitability checks and financial thresholds

** It's high time India put similar measures in place so the lower strata of society is not left bleeding money in derivatives, Chauhan said

** Earlier this month, the central bank proposed rule changes that prohibit banks from lending for proprietary trading, while the government raised transaction taxes on derivatives in the union budget on Feb 1

** India's markets regulator has also rolled out multiple steps recently to cool the explosive growth in equity derivatives, where 90% of retail investors incur losses, according to an official study

(Reporting by Bharath Rajeswaran in Bengaluru)

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

Feb 20 (Reuters) - BSE Ltd BSEL.NS:

• MOCK TRADING SESSION FOR EQUITY, EQUITY DERIVATIVES, CURRENCY DERIVATIVES, COMMODITY DERIVATIVES SEGMENTS ON SATURDAY

(([email protected];;))

Feb 16 (Reuters) - Shares of Indian bourse BSE BSEL.NS and brokerages dropped between 2% and 9.5% on Monday, after the country's central bank tightened norms for bank lending to stock brokers and other market intermediaries.

On Friday, the Reserve Bank of India issued revised norms on banks' lending to capital market participants, including higher collateral requirements for bank guarantees and a ban on lending for proprietary trading by brokers.

Jefferies said it sees BSE most affected by the new regulations on proprietary trading, which could result in a 10% earnings impact on the exchange operator.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich)

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

Feb 13 (Reuters) - BSE Ltd BSEL.NS:

• BSE- GETS APPROVAL FROM SEBI TO LAUNCH DERIVATIVE CONTRACTS ON BSE FOCUSED MIDCAP INDEX

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

** Shares of BSE BSEL.NS jump 6.2% to 3,169.70 rupees, set to gain for the third straight session

** Exchange operator's third-quarter consolidated net profit surges to 6.02 billion rupees ($66.4 million) from 2.2 billion rupees a year ago

** Q3 consol revenue jumps 62% Y/Y to 12.44 bln rupees

** Brokerage Jefferies says BSE's options market share has increased above 30% in December and continued to grow in January

** "While market share gains remain a key short-term growth driver, lack of clarity on new products could become a growth challenge post FY29," Jefferies says

** Nuvama raises PT to 3,760 rupees from 3,130 rupees

** Trading vols 1.1x the 30-day average at 5.1 million shares

** BSEL rose 48% in 2025

($1 = 90.6925 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

Feb 9 (Reuters) - BSE Ltd BSEL.NS:

• BSE LTD - DEC-QUARTER CONSOL NET PROFIT 6.02 BILLION RUPEES

• BSE LTD - DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 12.44 BILLION RUPEES

Source text: ID:nNSE8TN38s

Further company coverage: BSEL.NS

(([email protected];))

Updates with details from BSE Notice in paragraphs 3-4

By Vivek Kumar M

Feb 6 (Reuters) - Some Indian stock brokerages continued to face challenges in settling trades on Friday even after National Securities Depository Ltd NATS.BO said its services had returned to normal, according to sources at three large brokerages.

A network-related issue led to a temporary delay in services, and after moving operations to a disaster recovery site, "operations are functioning normally", NSDL - India's largest depository by value of assets under custody - said in a post on X. The depository referred Reuters to the post when asked for comment.

Indian Clearing Corporation Ltd's settlement-related activities were disrupted due to technical issues faced by one of the market infrastructure institutions, a BSE BSEL.NS notice said on Friday.

ICCL is in close coordination with other market infrastructure institutions to normalise the settlement process, the notice added.

Since Tuesday, brokerages have intermittently faced technical issues, where stocks bought by clients did not reflect in their portfolios due to settlement issues, two of the three sources said, declining to be identified as they are not authorised to speak to the media.

This has meant some customers could not sell the stocks or exit their positions, they said, adding that the issue has persisted through Friday.

Reuters could not determine how widespread the problem was. India's other depository, Central Depository Services Limited, said the matter did not pertain to them.

"Due to a technical issue at the depository, shares bought on Wednesday have not yet been settled across all brokers," one of India's largest brokerage firms, Zerodha, said in a statement on its website earlier in the day.

Markets regulator Securities and Exchange Board of India did not immediately respond to a Reuters' request for comment.

"There has been (a) lot of chaos at brokerage firms," one of the three sources said.

Because of delays in receiving trading-related files from the depository, the brokerage and its clients have struggled with reconciling trades, he added.

(Reporting by Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Ronojoy Mazumdar and Leroy Leo)

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

** Shares of Indian stock brokers and BSE fall up to 10%

** In federal budget, Indian Finance Minister announced proposal for higher securities transaction tax on future trading

** Angel One ANGO.NS and Stock exchange BSE BSEL.NS both down 10%, while Groww BILO.NS falls 8.5%

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

Writes through with context, SEBI chair comments

MUMBAI, Jan 15 - India's government has approved a cut to the minimum proportion of shares large companies looking to list must sell to 2.5% of their share capital from 5%, the markets regulator said on Thursday, paving the way for Reliance Jio Platforms' highly-anticipated IPO.

The Securities and Exchange Board of India also agreed in principle to the National Stock Exchange's application to settle a legal dispute that has delayed the NSE's initial public offering, SEBI Chair Tuhin Kanta Pandey said.

The regulator last year halved the minimum IPO float for large companies, allowing those valued above 5 trillion rupees ($57 billion) after listing to sell just 2.5% of their paid-up capital.

The measure, aimed at making it easier for the market to absorb the hefty offerings, was awaiting government approval to come into effect.

Reliance's RELI.NS telecom arm Jio Platforms is considering a listing this year that would float 2.5% of the firm, potentially making it India's largest-ever IPO worth more than $4 billion.

The regulator has been easing regulations and fast-tracking clearances in the world's second-largest market for initial public offerings.

On Saturday, Pandey said that the regulator will this month issue the approval needed for NSE to launch its stock market offering.

Reuters reported on Monday that the exchange plans to file draft listing papers by end-March and is in discussions with investment bankers and law firms to gauge investor appetite.

NSE, the world's largest derivatives exchange, has been trying to go public since 2016 but failed to secure regulatory approval due to pending legal cases and governance concerns. Its main domestic rival BSE Ltd BSEL.NS is listed.

(Reporting by Jayshree P Upadhyay in Mumbai, Writing by Urvi Dugar and Nishit Navin in Bengaluru; Editing by Nivedita Bhattacharjee and Emelia Sithole-Matarise)

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Jan 9 (Reuters) - BSE Ltd BSEL.NS:

• BSE INDEX SERVICES LAUNCHES BSE ALL DERIVATIVE STOCKS INDEX

• BSE ALL DERIVATIVE STOCKS INDEX AIMS TO TRACK PERFORMANCE OF CONSTITUENTS OF BSE 500 INDEX LINKED TO DERIVATIVE TRADING

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

Oct 9 (Reuters) - BSE Ltd BSEL.NS:

• BSE: MOCK TRADING ON OCTOBER 11 FOR COMMODITY DERIVATIVES, EQUITY, CURRENCY DERIVATIVES, EQUITY DERIVATIVES SEGMENTS

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

Sept 18 (Reuters) - BSE Ltd BSEL.NS:

• BSE - SCHEDULES MOCK TRADING SESSION FOR ELECTRONIC GOLD RECEIPTS, EQUITY SEGMENT ON SEPT 20

• BSE: SCHEDULES MOCK TRADING SESSION FOR EQUITY, COMMODITY, CURRENCY DERIVATIVES SEGMENTS ON SEPT 20

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

** Jefferies says speculation over shifting index expiries to fortnightly or monthly and aligning them on the same day could have varied impacts on India's BSE BSEL.NS and Nuvama Wealth NUVA.NS.

** Says keenly monitoring India market regulator board meeting, due later in the day

** Adds BSEL, NUVA stocks have priced-in speculations regarding the changes, stocks down 20%, ~23% since June-end; reports on the changes first started in early-July

** Share price of both BSEL and NUVA can fall further in case of monthly expiry scenarios - Jefferies

** YTD, BSEL up 24%, NUVA down ~8%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** 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;))

** Shares of exchange operator BSE BSEL.NS and broker Angel One ANGO.NS fall about 5% each after India's markets regulator signals tighter rules for equity derivatives

** Securities and Exchange Board of India's chairman Tuhin Kanta Pandey tells the capital markets conference there is a need to extend the tenure of derivative contracts, and a consultation paper will follow

** Regulator has already curbed contract expiries and raised lot sizes amid a surge in retail-driven trading

** Longer tenures and bigger lots are expected to make speculative bets costlier, cooling the high-frequency churn that generates a bulk of revenue for brokers and exchanges

** Derivatives contribute over half of BSE's revenue and 77% of ANGO's

** So far in 2025, BSEL is up 42.2% while ANGO is down 7.2%

(Reporting by Bharath Rajeswaran in Bengaluru)

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

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];;))