Result are decent if we remove SGF liability.
Regarding my query no. 2, I got answered from them.
So basically in Q3, they earned 56.6 cr. revenue for equity derivatives segment. While they paid 44.4 cr. towards NSE clearing house (These 44.4 cr. includes all segment so we can assume 80% (nearly 33 cr.) of it for equity derivatives. Plus we need to add some charges of ICCL as well (But anyhow it comes back to BSE’s profit as subsidiary). So unlike previous quarter, this quarter they actually made profit from equity derivatives segment as well.
Also if we compare October & November’s Avg. daily turn over for equity derivatives - it is almost same however revenue for November month is 18.74 cr. Vs. 3.7 cr. for October month. So clearly the revision in charges is working on their way.
Another important aspect is - SGF liability comes to Clearing house & not on exchanges. & for BSE - majority (80-90%) of trades are settled by NSE clearing corporation. So, although BSE have to pay huge expenses for NSE clearing corporation the onus of SGF liability for such trades largely goes to NSE clearing corporation.
For BSE, in currency segment they are continuously loosing market share & volume & now they have concentration risk of few large customers (Like banks, Institutions) that’s why despite lower volume they have to incurred more SGF liability for currency derivatives.
My view:
In equity derivatives segment - If they can fetch more liquidity except 0DTE, particularly on monthly expiry then it would be bumper for them. As of now, these seems far ahead. Bankex is gaining popularity on Monday however, still many big traders are avoiding Sensex & Bankex. Sensex volumes have become almost platue since last 2 months.
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