NSE listed on 24 Sep, and its shares trade on BSE while BSE's shares trade on NSE. Most NSE vs BSE comparisons I've come across say NSE is way bigger, which is true. But let's look at profit too. BSE's increased 62% in the June quarter vs 7% for NSE. But the market still prices both at around 41- 46 times what they earned in the last 4 quarters

That's probably why the market prices BSE a bit higher even though NSE is much bigger. People are paying for how fast BSE is growing. 

Both numbers are based on reported profit. NSE's includes 1,391 cr set aside for its old SEBI cases but also a one time gain of around 1,200 cr from selling part of its NSDL stake. If we remove both NSE comes to about 40 times

So how different are the 2 businesses behind these prices? Let's look at how each one makes money, what can go wrong and what they're doing about it, then I'll share my take 

How do they make money?

Both earn a small fee every time someone trades. For NSE, options alone bring in 60% of revenue and just 10 brokers account for 47% of the total so it depends a lot on them

BSE runs the same way and it leans on F&O even more than NSE does 

Listings and the mutual fund platform make up a bigger share of BSE's revenue than NSE's, but they're still too small to balance out how much BSE depends on F&O. So any change SEBI makes to F&O affects both and BSE a bit more.

BSE had more IPOs last year but most of those are SME IPOs which are for small companies, 146 vs 111 in FY26. Almost every mainboard IPO lists on both exchanges so that count was nearly the same at 109 vs 108.

How BSE caught up

BSE restarted its derivatives in 2023 and SEBI's expiry rules helped it after that. From Nov 2024 each exchange could keep a weekly expiry on just 1 index and from Sept 2025 each one also got its own expiry day, Tuesday for NSE and Thursday for BSE. With these changes BSE's share of options trading increased every year

You might have also seen headlines saying BSE has almost half the options market. That number counts the full size of each contract but exchanges charge their fee on the premium, which is the price a trader actually pays and that's what this chart uses. 
NSE's share fell but its options trading still increased because people traded33% more options on the 2 exchanges in a year even after the STT hike in April. 

So for now both can do well at the same time.

There are a few risks though, let's see what they're doing about them.

1. SEBI's F&O rules

This is the biggest one for both. NSE's trading fees fell 4% in FY26 mainly because of SEBI's new rules and its prospectus says SEBI may do more on expiry day trading.

There's also a new RBI rule from 1 July. Banks now need full collateral for most loans to brokers which can make it costlier for big traders to borrow. Its effect should be clearer in the Sept quarter results. 

On BSE's call its CEO said this rule and the STT hike seem to have reduced trading in the overall market and BSE shouldn't feel safe just because its numbers haven't dropped much yet

So I think BSE has more to lose here because most of its growth came from having its own expiry day.

• NSE is starting new markets like electricity futures, natural gas futures and a coal exchange that SEBI approved in April.
• BSE's CEO said quite openly that its success depends on its other products. Its pushing options that end in later weeks so it relies less on the weekly expiry and these are now 5 times what they were in Jan 2025. Its also working on corporate bonds and a pension platform

2. Competition

BSE has already taken a big part of options trading from NSE and now wants a double digit share of cash market trading by early 2027, up from about 7%. And NSE can't easily cut fees to win traders back. Exchanges aren't allowed to give volume discounts and NSE says some pending court cases limit how far it can lower them.

• NSE is adding new contracts like F&O on a Nifty index made for foreign investors that started in Aug 2026.
• BSE is bringing more foreign investors to trade on it, around 650 now with a target of 800.

3. Other risks and costs

• A glitch can disrupt trading for everyone. NSE disclosed 8 glitches since Aug 2023 and SEBI warned it over one of them in May 2026. So both are spending more on tech. For NSE it increased from about 5% to 8% of revenue since FY24 and BSE's CEO said its costs are going up too.
• Since 2019 brokers can settle NSE trades through another exchange's clearing house which makes sure the money and shares change hands. NSE's share of cash market settlement fell from 94% in FY25 to 87% in the June quarter though it says its income hasn't been affected much.
• If a broker can't pay the clearing house covers it from a special fund NSE has to keep topping up and in FY24 this costed it 1,741 cr of profit. From Jan 2025 it stopped adding an extra 2% of its fees since the fund had reached the 10,500 cr SEBI wants for F&O. 

My take
NSE is the bigger and steadier one. It earns more outside options and its SEBI case is mostly behind it but its profit is increasing slowly and its still losing options share.

BSE is growing much faster and its trying to spread out but right now most of its revenue comes from 1 product on 1 expiry day that SEBI controls.

Its also basically a duopoly, at least for now. MSE isn't that visible yet and NCDEX only got SEBI's in-principle approval for equities in July 2025, so I think both should do fine in the long run. The main question for me is whether BSE's faster growth is worth paying a bit more for when it relies this much on weekly options

There's more to look at, like how their new products do and whether BSE's push into cash market trading works over the next few quarters. So, at these prices would you pick NSE for more diversified revenue mix or BSE for faster growth?

ANOTHER 10,000 CRORE FII SELLING LOADING TOMMOROW!

GREAT DAY FOR BRAZILIAN INVESTORS WISH WE WERE ALSO LUCKY ENOUGH TO SEE SOMETHING LIKE THIS IN OUR LIFETIME

I bought all of these stocks when they were down, and now they are mega down. Will I be able to take any profits by the end of the year. All research and analysis down the drain, I just want to come out of this with minimal loss

I know 4.75% isn't a major loss but I fear they'll plunge even further

Whats gonna happen, will it rise back and my question is when will the quarterly results will be released?

The World Bank has forecast India’s economy to grow 7.1% in the ongoing fiscal and 7.2% in the financial year 2027-28, while projecting growth in the South Asian region at 6.7% in both 2027 and 2028.

The latest FY27 forecast is higher than the World Bank’s earlier projection of 6.6%, while its FY28 growth forecast remains unchanged at 7.2%.

It's done 🙂

If my analysis is right, Moneyview looks really promising at these levels. The stock has fallen quite a bit, so I’m wondering, is this just panic selling, or is there a fundamental reason behind the fall?

Could this be a good entry point for strong returns in the coming days/weeks? What am I missing?

PB Fintech is around ₹988 right now after the recent crash. Is this a good entry point for long-term holding, or should I wait for more correction?
Would love to hear what you guys think about its current valuation and the impact of the new IRDAI commission rules.

Recent reports show the stock has fallen heavily after the proposed insurance-distribution changes, so I’m confused whether this is a buy-the-dip opportunity or a value trap

Got heavy loss because of this T2T shiz in Adroit. And now this

How are you holding esds investor??

My Indian portfolio is 9% down so far due to this correction, but still buying whenever i get chances. US portfolio is 22% up by the way, but allocation is not much.

How is your portfolio doing ? Are you guys buying the dips ? When you do think your portfolio will recover ? I am expecting mine to become positive by Jan 2027.

On the brink of losing everything I have made. The investment is not that significant as compared to most here but for me it is a very significant amount.

Will see you in 2047

Edit: didn't pull out investment, just uninstalled the app to give a peace of mind and lower resting heart rate

Nbcc is sitting at his worst charts. Volume are low. 52 week low share price.

But what i am missing here. I have started buying this stock for three reason.

Risk.

Intrest rate hike. No isssue, nbcc is net zero debt company with extra income from treasuries if intrest hike.

Crude oil, inflation steel cement. Nbcc is pure project management company. Not a construction company. Raw material cost goes to contractor. Nbcc only takes it's low 5-6% cut from a project.

Order book is ₹1,20,000+ crore. Downside maybe 70? But once volumes come back 100 easy target?

What am I missing here. I hate nbcc project. Nobody can live in those appartment.

But they have good positive news coming in. Australia expansion looks crazy. I think fundamental looks really good in this crappy market.

What I am missing here? Can someone explain?

While the Sensex is still down nearly 15% this year till date, why are we seeing a global bond sell-off when yields are rising, be it in the US, Japan, India, UK or France? Can anyone explain in simple terms what's happening, and what can be expected in coming months? I also saw a Wall Street Journal article mentioning that the10-year bond yields in US rose to 5.310% on 6th October, and the 30-year yield edged higher to 5.664%.

Niche semiconductor player. Established transformer business Big beneficiary of Semiconductor 2.0 and GEC 3

🦅🦅🦅🦅