Jefferies has retained a ‘Hold’ rating on BSE Ltd, with a target price of ₹2,900, following recent regulatory changes. Starting September 1, 2025, the Securities and Exchange Board of India (SEBI) will standardize equity derivatives expiry days — shifting NSE to Tuesdays and BSE to Thursdays reuters.com+12reuters.com+12business-standard.com+12.
In conversations with market participants, Jefferies found that volatility in derivatives trading may be impacted by 5–10% in the near term, though it could gradually rebound. The brokerage believes BSE’s ability to build liquidity in longer-dated contracts and the introduction of a common contract note for cash markets (which carries over 85% margins) could help offset these losses.
That said, the expiry-day change requires a recalibration of revenue forecasts, prompting Jefferies to trim EPS estimates by 1–2% due to marginally lower trading volumes in derivatives. With these uncertainties in play, the brokerage has maintained its ‘Hold’ stance, anticipating modest near-term pressures on BSE’s derivatives franchise.
