https://nsearchives.nseindia.com/corporate/BSE1_09022026183921_NSEIntimation.pdf
Q3FY26 Result.
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Notes from Q3 FY26 concall:
- Impact on STT increase , effective from 1st April, on option trading volume, is difficult to anticipate.
- BSE Market share touched 30% in option trading in Jan 26. The daily option trading value averaged 30,000 Cr in high volatile enviornment, up 50% from Dec 25 (Rs 20,000 Cr)
- BSE still charges Rs 250 less per Crore on option trading premium compared to NSE.
- Colocation revenues at Rs 50 Cr per Quarter. Currently 500 racks, and adding 80 racks this quarter.
- Core Settlement Gurantee Fund 150% of the requirement
Disclosure - Invested
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Fantastic results….also nse sent delegation to sebi today to lower stt….lets see what happens.
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This is a Qoq business and growth has normalised and current valuations baking in much higher growth. This quarter is rather a miss if you compare it to the growth inbuilt. The base effect has come into play and with increase in STT, this will become challenging to get further rerating. Already trading at premium to NSE.
It seems STT needs a more nuanced view than anticipated. Do not think representation to the govt will make much of a difference.
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SEBI’s decision to stall new exchanges from entering the equity options market unless they first build meaningful cash-market depth effectively limits further fragmentation of liquidity in an already concentrated derivatives ecosystem. By keeping out potential new competitors, the regulator reinforces the incumbents’ advantage, ensuring that order flow and volumes remain focused on established platforms. For BSE, which has been steadily scaling up its derivatives franchise, this is structurally positive: reduced competitive noise improves the odds of sustained market-share gains, better liquidity stickiness, and higher operating leverage in one of the most profitable segments of exchange businesses.
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Yday BSE declared the Q3 results.
The results were on expected lines, Earlier in Jan I had expected revenue from derivatives to be around 784Cr in Q3.
Q3 Results PDF, Q3 Presentation, Audio Recording Link - https://www.bseindia.com/downloads1/28323b6b-12c4-4416-ade7-9dc277de2e14.mp3
Going forward the path gets tougher, BSE has made commendable inroads into options segment in derivatives, and I think the low hanging fruit picking is mostly done. I also see a slew of analyst reports with aggressive price targets + the NSE listing floaters. Time to be cautious.
Having said that, BSE needs to work on new areas to find similar growth. 
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MSEI officially refutes Reuters article.
PR-ENGLISH-10-FEB-2026-CLARIFICATION…-CLARIFICATION…pdf (782.8 KB)
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I posted a tweet on the STT issue. Not sure what the Metropolitan Stock Exchange of India Limited (MSE) has to do with it. I did not understand. Why the tag?
it was mistake on my end.
the doument I shared was from the MSEI website refuting claims bout SEBI stalling MSE’s entry in options market.
Big Blow for FnO Volumes Going Forward. EPS will get downgraded. Jefferies estimates that the new RBI norms may impact 10-12% of options trading volume, which could lead to roughly a 10% hit to BSE’s earnings.
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query - how and when can exchange increase charges?
Yes, they can and do increase or revise charges on products like cash and derivatives. I remember When BSE brought back Expiries on Sensex and Bankex; they offered fewer transaction charges on it than NSE to make it lucrative.
Intermediate update : Jan + Feb PTO is ~30+% higher than previous qtr. For these two months revenue from derivatives is ~719Cr (internal calculation) compared to Q2 784Cr revenue. High probability revenue might cross 1000Cr if similar daily PTO is maintained.
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When the retailer loses, then SEBI/GOV applies more taxes to reduce retailer losses. And when BSE asks for another index derivative approval, then SEBI/GOV also applies the same logic, which is the more index derivatives there are, the more retailer losses will increase, and that gives the gov. another chance to increase taxes further to control the losses.
This cycle goes on; I don’t know till when. BSE, NSE, and the government all keep earning by milking retailers and their losses. No respite
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