Goldman Sachs maintains a ‘Neutral’ rating on BSE Ltd, with a reduced target price of ₹2,430, following SEBI’s approval to move BSE’s equity derivatives expiry to Thursdays effective September 1, 2025.
Under the new schedule, NSE contracts will now expire on Tuesdays, and BSE on Thursdays, an effort to better space out expiry activity across the week. GS warns this change could hit BSE’s index options premiums, cutting its share by around 3 percentage points in the near term. While volumes have dipped, confidence is growing that BSE will reclaim share—projected at 0.5 percentage points monthly from a low in September to about 24% by March 2026, and maintain this level into mid‑term.
GS also points to rising participation in BSE’s derivatives platform, with the proportion of active clients nearing 50%, up from under 40% six months ago—a sign of growing confidence. Despite these positives, the near-term impact on demand has led Goldman to trim FY26 EPS forecasts by about 2%, though it leaves FY27–28 estimates unchanged.
