{
  "id": 8935164,
  "title": "NSE’s options-heavy revenue mix in focus ahead of listing",
  "url": "https://urgent.news/2026/09/21/nses-options-heavy-revenue-mix-in-focus-ahead-of-listing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T13:55:27.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/nses-options-heavy-revenue-mix-in-focus-ahead-of-listing/article71491648.ece"
  },
  "original_language": "en",
  "account": "The National Stock Exchange (NSE) remains heavily reliant on options trading for its revenue, accounting for approximately 60% of operating earnings. Despite the Securities and Exchange Board of India (SEBI) tightening derivatives regulations, NSE's financial performance has been affected by the reduced trading volumes. The ₹22,569-crore IPO, which fully subscribed within two days, values the exchange at ₹4.42 lakh crore, placing it at the higher end of the ₹1,700-1,785 price band. Transaction charges contributed to 78.65% of NSE's operating revenue in FY26, while options alone made up 60.22%. Weekly index options, particularly susceptible to regulatory changes, contributed 46% of operating revenue. Religare Broking noted that transaction charges, especially from options, make NSE sensitive to trading activity, as regulatory changes in trading products, market structure, or volumes could negatively impact revenue and financial performance. NSE's operating revenue declined 3.15% year-on-year in FY26, and profit dropped by 15.47%. The exchange has also lost market share to the Bombay Stock Exchange (BSE) in options premium turnover, falling from 96.86% in FY24 to 68.48% in the June quarter of FY26. Despite this, NSE maintains a strong presence in other segments, including cash equities (93%) and equity futures (nearly 100%), and saw a rise in non-transaction revenue, which grew from 17.93% to 21.35% of operating revenue between FY24 and FY26. Data center racks, connectivity, data feeds, and index licensing have driven this growth, with NSE holding a significant share in these areas. However, the dependence on options could weigh on NSE's transaction revenue growth and warrants caution for the near term.",
  "summary": "Weekly index options alone contribute 46% of operating revenue; lower volumes and BSE’s gains add to the pressure",
  "key_points": [],
  "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."
}