On working capital change, one more volaitlity is added due to Settlement obigation. Since BSE has now daily settlement, at the end of day, there is net amount to be paid to selling brocker versus buying brocker.
Settlement Obligation Payable under OTHER FINANCIAL LIABILITIES represents amount received from members towards settlement obligation and margin money. This amount is included in CASH AND CASH EQUIVALENTS AND OTHER BANK BALANCES on the asset side.
From NSE’s AR:
NSE’s Operating Cash Flow summary for Standalone and Consolidated.
My moot point is why OCF over the years is minuscule on standalone basis for BSE.