BSE Gets Motilal Oswal's Downgrade, Says Shift In Expiry To Dent Market Share

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Motilal Oswal Report

BSE Ltd., under the new regulations, has shifted the expiry of Sensex to Thursday from Tuesday. We note that after the implementation of new F&O regulations (effective March 2025), in weeks where markets were open on all five days, the share of each day was in the 18-22% range.

BSE had an average market share of 8% on Wednesday and Thursday (days influenced by Nifty’s expiry). On Friday/Monday/Tuesday, the premium turnover market share was 21%/24%/38%.

Assuming the recent trends and overlaying them on day-wise share in volumes for the industry, we believe that BSE’s market share can be in the range of 18-19% (from 22.6% in May’25).

The impact of these measures will be visible from Sep-25 when the new contracts kick in.

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