Following the debut, NSE’s presence on BSE has reignited a debate over regulatory frameworks for self‑listing. The exchange, which governs 93% of India’s cash‑market trading and 75% of options, now sits on a platform that belies its dominance.
SEBI, which had rejected self‑listing in 2015 over conflict‑of‑interest concerns, is now reassessing its stance. NSE Chairman Srinivas Injeti said on Friday that SEBI should reconsider allowing exchanges to list on their own platforms, citing the global precedent set by Intercontinental Exchange’s NYSE listing.
Ashish Chauhan, NSE’s chief executive, noted that options trading has fallen after tighter regulation and rule changes aimed at aligning Indian markets with global standards. “Volumes had to go down due to regulatory changes to cool down derivatives trading and due to teething issues due to closing auction session,” he told Reuters.
The exchange is also eyeing new growth avenues. SEBI’s policy shift could spur a boost in the cash market, while a recent government decision to allow foreign portfolio investors to trade physically settled non‑agricultural commodity derivatives is expected to widen the investor base for bullion contracts.
Chief Business Officer Sriram Krishnan said the move would help NSE grow its commodities business and that both commodities and data monetisation could evolve into standalone revenue generators. The industry watches to see whether SEBI will lift the self‑listing ban and how that will affect NSE’s market share and trading volumes in the coming quarters.