BSE Limited: There is a famous saying in every casino in the world, ‘The house always wins.’ That means whether the players win or lose, the casino owner makes money from every bet. A similar model is also seen in the stock market of India, especially in the business of BSE Limited. More than 90% of small investors in futures and options (F&O) trading in India lose money. Despite this, the business of BSE has increased rapidly. The reason is that BSE earns fees on every trade, every expiry and every deal. Whether the trader makes profit or loss, the exchange keeps earning.

History of BSE
Asia’s oldest stock exchange BSE was started in the year 1875. For a long time, it was considered behind the National Stock Exchange of India i.e. NSE. But its picture has changed in the last few years. When Sundararaman Ramamurthy became CEO in 2023, the market cap of BSE was around Rs 5,000 crore. Now it has increased to approximately Rs 1.68 lakh crore. The stock has given returns of about 3,985% in the last five years.

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BSE’s business model is strong
The biggest reason for this rise was the increase in derivatives business. After the strict rules of SEBI and some changes of NSE, trading in Sensex and Bankex option products of BSE increased rapidly. Transaction fees from derivatives business increased by 87% to Rs 3,795 crore in FY26. The business model of BSE is considered very strong because it does not bet in the market itself. It only provides platform, technology and systems for trading and earns fees on every transaction.

However, there are risks in this also. If the Securities and Exchange Board of India imposes more stringent rules on F&O trading in the future, BSE’s earnings may be affected. Nevertheless, at present the increasing trading activity and number of investors is proving to be a big advantage for BSE.

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Bse share price falls: The impact of the action taken by the market regulator SEBI on the US firm Jane Street for making illegal earnings in the market is also shown on BSE shares on 8 July 2025 today. After the ban of Jane Street in the Indian Securities Market, BSE shares have broken over seven percent after the ban. In Intrade, BSE shares fell more than 13 percent to 2,437.70, with 7.53 percent decline in Intrade today. Whereas, falling down 6.76 percent on NSE to 2457.90.

Growth possibilities

If the domestic brokerage firm ICICI Securities is to be believed, then the volume is under pressure on the BSE stock due to the regulatory ban. Also, the risk is also visible due to high valuation. In the report, Brokerage said that the premium of BSE has fallen from 12.4 percent to Rs 13,900 crore after a rapid bounce of April-May in the month of June. However, the firm regarding BSE believes that there is a possibility of medium growth due to strong overall fundamentals.

Effect of action on Jane Street

According to the Global brokerage firm Jefferies, it can see a limited impact on BSE due to action on SEBI’s Jane Street. He says that Derivatives’ stake in BSE revision can be about eighteen percentage by the financial year 2026. While about three to four percent stake in this segment in FPI turnover, on the other hand, the share of Jane Street can also be about one percent.

It is worth noting that while taking action on American firm Jane Street, where Sebi has banned its trading in the domestic market, on the other hand, instructions have been given to return Rs 4843 crore illegally. After this, now Jane Street can not indirectly or indirectly any kind of purchase or selling in the Indian market.

Jane Street is the world’s renowned firm, which has business in bonds, equities and derivatives. According to a report, this firm has earned more than $ 2.3 trillion from the Indian market in the last year.

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