“The two are debuting at very different points in the domestic market cycle. When BSE listed in 2017 it was the smaller, cash-heavy exchange with modest expectations, and much of its later re-rating came from reviving its derivatives franchise off a low base, alongside the broader expansion of India’s capital markets. NSE, by contrast, is listing as the established market leader and the world’s largest derivatives exchange, already at or near peak market share,” he said.
