{
  "id": 1449626,
  "title": "Jefferies downgrades BSE to Underperform as options risks mount",
  "url": "https://urgent.news/2026/08/17/jefferies-downgrades-bse-to-underperform-as-options-risks-mount",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-17T08:13:57.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/jefferies-downgrades-bse-to-underperform-as-options-risks-mount-4862308"
  },
  "original_language": "en",
  "account": "Jefferies has lowered its outlook on BSE to \"Underperform\" due to rising risks associated with options trading. The brokerage highlighted three key factors: a higher securities transaction tax, stricter Reserve Bank of India bank-guarantee rules, and the introduction of the Closing Auction Session. These changes have pressured domestic proprietary traders, who make up half of equity-options notional turnover. As a result, BSE's daily options premium turnover declined by 12% year-to-date, while overall options ADTO dropped by 12% and 14% at BSE and NSE, respectively. Jefferies believes further market-share gains may not compensate for the slowdown, and analysts are less optimistic about future growth. The brokerage reduced its fiscal 2027-29 earnings-per-share estimates by 5%-12% and cut its price target by 16% to ₹2,940, based on a 34-times September 2028 earnings multiple.",
  "summary": null,
  "key_points": [
    "Jefferies downgrades BSE to Underperform due to options risks",
    "Higher securities tax, stricter RBI rules, and Closing Auction Session impact BSE",
    "BSE's daily options premium turnover declines 12% YoY"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}