{
  "id": 18268159,
  "title": "Indian exchanges need to diversify revenue beyond trading for next growth phase: Kotak",
  "url": "https://urgent.news/2026/11/05/indian-exchanges-need-to-diversify-revenue-beyond-trading-for-next",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T07:31:11.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/indian-exchanges-need-to-diversify-revenue-beyond-trading-for-next-growth-phase-kotak/article71668951.ece"
  },
  "original_language": "en",
  "account": "Indian stock exchanges require diversification of revenue beyond trading to sustain long-term growth, according to a report by Kotak Institutional Equities. While Indian exchanges boast strong liquidity, high operating leverage and significant growth potential, they remain heavily reliant on transaction-based income, leaving them vulnerable to regulatory changes and fluctuations in trading activity. In contrast, global exchanges have successfully diversified their offerings, including clearing, indices, data analytics, connectivity and technology services. This diversification has provided global exchanges with more predictable and recurring revenue streams, reducing their dependence on trading volumes. Despite their financial strengths, Indian exchanges still lag behind global peers in terms of diversification, presenting ample opportunities for expansion into new business areas.",
  "summary": "Global exchanges have built recurring income streams through technology and data services, offering Indian market operators opportunities to broaden their businesses",
  "key_points": [
    "Indian stock exchanges need revenue diversification for sustained growth.",
    "Current reliance on trading income makes them vulnerable to changes.",
    "Global exchanges have diversified into clearing, indices, data services."
  ],
  "editors_take": "Shifting toward data, technology, and clearing services allows Indian exchanges to insulate themselves from volatile trading volumes and regulatory shifts by building the predictable revenue streams seen in global markets.",
  "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."
}