What smart money is saying about BSE Limited

Position history

Every position in BSE Limited on record in the archive was reported in Q4 2026, across 1 fund letter, with no move described.

Fund activity · 1 position

• HoldsQuest Multi

  October 2026

  “What did not work The main drag during the quarter came from select industrial, consumer and financial holdings. Hitachi Energy, Viyash Scientific, BSE corrected after a period of strong performance, while Vishal Mega Mart, Trent and S P Apparels were impacted by weaker market sentiment towards select consumption-oriented businesses, near-term concerns around growth expectations led by external environment.”

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  BSE Limited

Also mentioned · 1

These funds discuss BSE Limited — as a competitor, benchmark or comparable — without disclosing a position in it.

• MentionedQuest Smart Alpha

  October 2026

  “NSE is the world's largest derivatives exchange by contract volume and retained the top position for the seventh consecutive calendar year in 2025. In FY26, it accounted for ~51.2% of global equity-derivative contracts and ~11.4% of global cash-equity trades. Investment Thesis Ǭ Dominant market position creates a powerful liquidity moat: NSE has maintained ~93% share in cash equities and ~100% in stock and index futures in YTDFY27. The deep order book, broad participant base and Nifty ecosystem reinforce liquidity and execution quality, making the platform difficult for competitors to displace. NSE processed ~8bn cash-equity trades annually and had 129.1mn registered investors in FY26. Ǭ Structural financialization provides a long runway for volume growth: India's increasing shift towards financial assets, rising retail participation and digital adoption support long-term capital-market growth. NSE's unique registered investor base increased from 39.9mn in FY21 to 129.1mn in FY26, while annualized SIP inflows reached ~₹3.5tn. Emkay expects cash turnover to compound in the high teens over the medium term. Ǭ Non-transaction businesses offer a second earnings engine: Transaction charges still contribute ~79% of operating revenue, but colocation, data feeds, index licensing and listing services provide recurring revenue opportunities. PL Capital expects these segments to grow at ~14% CAGR over FY26-29E versus ~9% for transaction income. Emkay estimates data, technology and connectivity were only ~13% of FY26 operating revenue versus 20-30% for global exchange groups, indicating monetization headroom. Ǭ New products provide optionality beyond traditional equity trading: NSE is expanding its product universe through commodities, electricity futures, electronic gold receipts and Brent crude futures. Commodity derivatives’ turnover crossed ₹234bn in FY26, while electricity futures generated ₹111bn of turnover in their first year. These businesses are still small but can add incremental growth as liquidity and participation build. SWOT Analysis Strengths Weaknesses Opportunities Threats Near-monopoly market position: ~93% cash-market share and ~100% stock/index futures share in YTDFY27 High earnings concentration in transaction income: ~79% of operating revenue in FY26 Continued financialization of household savings and rising retail participation Regulatory intervention can materially affect derivatives volumes through expiry rules, lot sizes, STT, Closing Auction Session and proprietary-trading regulations Global scale: ~51.2% of global equity-derivative contracts and ~11.4% of global cash-equity trades in FY26 Index options remain the center of gravity, contributing ~₹99bn or ~60% of operating revenue in FY26 Monetization of data, analytics, connectivity, index licensing and colocation can diversify earnings; non-transaction businesses are expected to grow faster than transaction income Further loss of index-options market share to BSE remains the most important earnings risk given the segment's ~60% contribution to operating revenue”

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