1. ECONOMIC OUTLOOK
A. ECONOMIC ENVIRONMENT
Global economic conditions are shaped by changing growth dynamics, fluctuating commodity prices, and evolving monetary policies, which influence domestic inflation, trade balances, and capital flows. At present, this interconnectedness is complicated by unusual levels of geopolitical tensions, supply chain disruptions, and climate-related shocks.
The global economy demonstrated resilience in Calendar Year (CY) 2024 despite challenges posed by evolving geopolitical dynamics. Global GDP growth is projected to moderate from 3.2% in CY 2024, to 3.1% in CY 2025 and 3.0% in CY 2026, with higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending (OECD). While the overall outlook remains stable, regional variations in growth trajectories are evident. Recent activity indicators have begun to point to a softening of global growth prospects. Business and consumer sentiment have weakened in some countries, and indicators of economic policy uncertainty have risen markedly around the world. Significant changes have occurred in trade policies that if sustained would hit global growth and impact inflation.
Global inflation has eased, with headline inflation falling from 5.6% CY 2023 to an estimated 4.0% in CY 2024. Inflation is projected to decline further to 3.4% in CY 2025, although this outcome will depend on how trade restrictions evolve. In developed countries, inflation is expected to stabilize around central bank targets, creating room for a further gradual easing of monetary policy. In developing countries, inflation is forecast to continue declining but to remain above its long-term average, with some countries still experiencing double-digit inflation. Upward risks to the inflation outlook remain significant.
Renewed supply shocks in global commodity markets could drive up energy and food prices. Additionally, trade restrictions by major economies may push up prices in domestic markets, while disrupting supplies in global markets. Moreover, climate-related shocks, such as heatwaves, droughts, and floods threaten crop yields, intensifying pressures on food prices and endangering shipping channels and hydroelectric power generation.
B. INDIAN ECONOMIC OUTLOOK
I. Economic Performance in FY 2024-25
As per the Second Advance Estimates (SAE) of National Income for FY 202425, Indias real GDP is estimated to grow by 6.5%. Gross value added (GVA constant 2011-12 prices) is estimated to have grown by 6.4%. During this year, at current prices, GDP and GVA are expected to grow by 9.9% and 9.5%, respectively. The Indian economy continues to demonstrate resilience in this turbulent global environment, as the growth momentum is supported by robust sectoral performance and improving consumption trends.
All three sectors of the economy are growing close to their trend rates. Growth in the agriculture sector is expected to rebound to 4.6% in FY 202425 from 2.7% in FY 2023-24 with robust kharif output and positive rabi prospects. In the industrial sector, the construction segment continues to do well. Growth in the services sector is expected to remain robust at 7.3%, driven by healthy activity in financial, real estate, professional services, public administration, defense, and other services.
Gross foreign direct investment (FDI) inflows increased by 12.4% YoY to USD 67.7 billion during FY 2024-25 (April - January) from USD 60.2 billion in the same period of FY 2023-24. However, net FDI inflows to India during the first ten months of FY 2024-25 were lower at USD 21.6 billion compared to USD 23.3 billion in the corresponding period of FY 2023-24 due to higher
repatriation/disinvestments. Repatriation/disinvestment flows surged to USD 46.1 billion during FY 2024-25 (April - January), marking a 24.9% increase from USD 36.9 billion in the same period last year. Outbound FDI is also higher on a yearly basis. Consequently, net FDI flows are lower compared to the corresponding period of the previous year. Overall, foreign investment flows (direct and portfolio flows) in FY 2024-25 up to January are significantly lower vs the same period in FY 2023-24.
Merchandise exports recorded a marginal YoY growth of 0.1% during April- February FY 2024-25. Merchandise imports grew by 5.7% YoY during this period. A rise in merchandise imports alongside lower exports led to a widening trade deficit, reaching USD 261.1 billion in April-February FY 202425, marking a 15.6 % increase YoY. The expansion was primarily driven by higher imports and a contraction in petroleum exports.
Indias Headline inflation softened in November-December 2024 from its peak of 6.2% in October. The moderation in food inflation came off from its October high, drove the decline in headline inflation. Core inflation remained subdued across goods and services components and the fuel group continued to be in deflation going ahead, food inflation pressures, absent any supply side shock, should see a significant softening due to good kharif production. Core inflation is expected to rise but remain moderate. Continued uncertainty in global financial markets coupled with volatility in energy prices and adverse weather events presents upside risks to the inflation trajectory. Taking all these factors into consideration, CPI inflation for FY 2024-25 is projected at 4.8% with Q4 at 4.4%. Assuming a normal monsoon next year, CPI inflation for FY 2025-26 is projected at 4.2% with Q1 at 4.5%; Q2 at 4.0%; Q3 at 3.8%; and Q4 at 4.2%.
On the employment front, as per the latest quarterly Periodic Labour Force Survey (PLFS), urban unemployment rate during October-December 2024 was at 6.4% , unchanged from the previous quarter and lowest in the PLFS series. In February 2025, job creation in the organized manufacturing sector recorded the second fastest rate of expansion since the inception of the PMI survey. The outlook for the employment sector appears bright, with employers intending to maintain or expand their workforce.
II. Economic Prospects for FY 2025-26
Indias economy is expected to maintain its status as the fastest-growing major economy in FY 2025-26, supported by sustained growth momentum and strategic fiscal measures and a potential revival in private investments. Given its primarily domestic-driven nature, Indias economic performance is largely dictated by internal demand.
Estimates from the International Monetary Fund (IMF) and the World Bank Indias GDP growth at 6.5% and 6.7%, respectively, for FY 2025-26. Despite global uncertainties, high-frequency indicators point to a sequential pick-up in economic activity during the second half of FY 2024-25, which is expected to continue moving forward. With potential trade disruptions due to tariffs is expected to have a limited impact. This stability underscores Indias resilience in the face of external pressures.
A key driver of this projected growth is the anticipated increase in consumption. The Union Budgets tax benefits are expected to significantly boost disposable income, thereby fueling consumer spending. Furthermore, the anticipated easing of inflation, particularly in food prices, will enhance real purchasing power and consumer sentiment. While the impact of these factors may be gradual, they are poised to stimulate economic activity. Simultaneously, the shift from government-led investment to increased private sector participation is crucial for long-term economic sustainability.
Inflation control remains a positive aspect of Indias economic outlook. Assuming a normal monsoon, inflation is expected to ease from the previous
fiscal years average. The stability of core inflation indicates that price levels can be effectively managed. However, job creation presents a significant challenge. While overall employment numbers show positive momentum, specific sectors like automotive and IT have experienced job reductions.
The future performance of Indian Stock markets will be influenced by domestic growth, global trade uncertainties and geopolitical tensions. Market corrections in the FY 2024-25, stemming from various global and domestic factors are expected to reverse due to improved corporate earnings and domestic economic fundamentals. However, FPI flows will remain unpredictable, influenced by global trade policies and investor sentiment. While domestic institutional investors (DIIs) could provide stability.
On the investment front, the governments focus on capital expenditure is expected to remain a key growth driver in the year FY 2025-26. Investments in infrastructure and allied sectors—such as roads, housing, logistics, and railways—are anticipated to further economic momentum.
Merchandise exports are projected to face persistent challenges, constrained by weak global demand, potential tariff wars, and ongoing geopolitical tensions. While services exports are expected to perform better than merchandise exports, uncertainties stemming from US trade policies and financial market volatility could pose additional risks
The ongoing influence of artificial intelligence and automation necessitates strategic workforce adaptation. Therefore, prudent economic management and adaptive policies are essential for India to navigate the complexities of the evolving global economic landscape and sustain its growth trajectory.
2. INDUSTRY STRUCTURE AND DEVELOPMENTS
A. CAPITAL MARKET
Indian equity markets in FY 2024-25 exhibited a dynamic performance characterized by significant growth, intermittent corrections and evolving investor sentiments, shaped by both domestic and global factors. BSEs benchmark Sensex Index reached an all-time high of 85,978 in September 2024. Indian corporate earnings in FY 2024-25 reflects a year of transition, with growth slowing from FY 2023-24 highs amid economic head winds.
Exchanges are organized markets designed to provide centralized facilities for the listing and trading of financial instruments, including securities issued by companies, sovereigns, and other entities to raise capital. Exchanges are crucial market intermediaries and are supervised by the SEBI. In certain cases, exchanges may also act as a self-regulatory organization responsible for supervising their members, corporates, and market participants. To give an overview of the dimension of the capital markets in India, as of FY 202425 there were 3 Stock Exchanges in the Equity Cash, Equity derivatives and Currency Derivatives Segment and 4 in the Commodities Derivatives Segment, 4 clearing corporations, 2 depositories, 11,219 Foreign Portfolio Investors (FPIs), and 17 custodians, with a market capitalization of all listed companies at ?412 trillion.
A stock exchange is a catalyst for nation building and not just a trading platform. A vibrant capital market is a large job creator with the number of intermediaries required to support each trade. The Exchange ecosystem supports various intermediaries including brokers, corporates, banks, depositories, depository participants, custodians, and investors. The Stock Exchange industry in India has evolved rapidly in the past few years and spans multi asset classes - equities, equity derivatives, currency derivatives, commodity derivatives, ETF, mutual funds, debt, interest rate derivatives and power trading.
B. MAJOR POLICY DEVELOPMENTS FOR FY 2024-25
| Date | Title |
| 23-04-2024 | Cross Margin benefits for offsetting positions having different expiry dates |
| 24-04-2024 | Ease of Doing Business- Text on Contract Note with respect to Fit and Proper status of shareholders |
| 26-04-2024 | Framework for Category I and II Alternative Investment Funds (AIFs) to create encumbrance on their holding of equity of investee companies |
| 26-04-2024 | Flexibility to Alternative Investment Funds (AIFs) and their investors to deal with unliquidated investments of their schemes |
| 30-04-2024 | Ease of doing business- Fund manager for Mutual fund schemes investing in commodities and overseas securities. |
| 02-05-2024 | Portfolio Managers - Facilitating ease in digital on- boarding process for clients and enhancing transparency through disclosures |
| 02-05-2024 | Facilitating collective oversight of distributors for Portfolio Management Services (PMS) through APMI |
| 02-05-2024 | Framework for administration and supervision of Research Analysts and Investment Advisers |
| 06-05-2024 | Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA |
| 07-05-2024 | Periodic reporting format for Investment Advisers |
| 21-05-2024 | Industry Standards on verification of market rumours |
| 24-05-2024 | Enhancement of Dynamic Price Bands for scrips in the Derivatives segment |
| 24-05-2024 | Norms for sharing of real time price data to third parties |
| 24-05-2024 | Modification in Staggered Delivery Period in Commodity Futures Contracts |
| 24-05-2024 | Audiovisual (AV) presentation of disclosures made in Public Issue Offer Documents |
| 27-05-2024 | Standard Operating Procedure for handling of Stock Exchange outage and extension of trading hours thereof in Commodity Derivatives segment |
| 27-05-2024 | Eligibility criteria for launching Options with Commodity Futures as underlying by Stock Exchanges having commodity derivative segments |
| 27-05-2024 | Self-Regulatory Organizations for Social Impact Assessors in the context of Social Stock Exchange (SSE) |
| 29-05-2024 | Investor Charter for Stock Exchanges |
| 29-05-2024 | Investor Charter for Depositories and Depository Participants |
| 30-05-2024 | Revision of eligibility criteria for launching commodity futures contracts |
| 30-05-2024 | Ease of Doing Business - Internet Based Trading for Stock Brokers |
| 05-06-2024 | Framework for providing flexibility to Foreign Portfolio Investors in dealing with their securities post expiry of their registration |
Date |
Title |
| 05-06-2024 | Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account |
| 06-06-2024 | Uploading of KYC information by KYC Registration Agencies (KRAs) to Central KYC Records Registry (CKYCRR) |
| 06-06-2024 | Framework of “Financial Disincentives for Surveillance Related Lapses” at Market Infrastructure Institutions |
| 20-06-2024 | System Audit of Professional Clearing Members (PCMs) |
| 20-06-2024 | Introduction of a special call auction mechanism for price discovery of scrips of listed Investment Companies (ICs) and listed Investment Holding Companies (IHCs) |
| 28-06-2024 | Facility for Basic Services Demat Account (BSDA) for Financial Inclusion and Ease of Investing |
| 01-07-2024 | Charges levied by Market Infrastructure Institutions - True to Label |
| 04-07-2024 | Measures for Ease of Doing Business for Credit Rating Agencies (CRAs) - Timelines and Disclosures |
| 04-07-2024 | Modification to Enhanced Supervision of Stock Brokers and Depository Participants |
| 04-07-2024 | Measures to instil confidence in securities market - Brokers institutional mechanism for prevention and detection of fraud or market abuse |
| 08-07-2024 | Ease of doing business - Streamlining of prudential norm for passive schemes regarding exposure to securities of group companies of the sponsor of Mutual Funds |
| 19-07-2024 | Enabling ESG Rating Providers (ERPs) to undertake ESG rating activities under IFSCA |
| 19-07-2024 | Enabling Credit Rating Agencies (CRAs) to undertake rating activities under IFSCA |
| 20-08-2024 | Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (Res) |
| 30-08-2024 | Review of eligibility criteria for entry/exit of stocks in derivatives segment |
| 11-09-2024 | Allowing securities funded through cash collateral as maintenance margin for Margin Trading Facility (MTF) |
| 16-09-2024 | Enabling T+2 trading of Bonus shares where T is the record date |
| 20-09-2024 | Ease of Doing Business in the context of Standard Operating Procedure for payment of “Financial Disincentives” by Market Infrastructure Institutions (MIIs) as a result of Technical Glitch |
| 20-09-2024 | Flexibility in participation of Mutual Funds in Credit Default Swaps (CDS) |
| 24-09-2024 | Usage of UPI by individual investors for making an application in public issue of securities through intermediaries |
| 26-09-2024 | Operational Guidelines for Foreign Venture Capital Investors (FVCIs) and Designated Depository Participants (DDPs) |
| 26-09-2024 | Reduction in the timeline for listing of debt securities and Non-convertible Redeemable Preference Shares to T+3 |
| Date | Title |
| working days from existing T + 6 working days (as an option to issuers for a period of one year and on a permanent basis thereafter such that all listings occur on a T+3 basis) | |
| 01-10-2024 | Review of Stress Testing Framework for Equity Derivatives segment for determining the corpus of Core Settlement Guarantee Fund |
| 01-10-2024 | Measures to Strengthen Equity Index Derivatives Framework for Increased Investor Protection and Market Stability |
| 10-10-2024 | Change in timing for securities payout in the Activity schedule for T+1 Rolling Settlement |
| 15-10-2024 | Monitoring of position limits for equity derivative segment |
| 16-10-2024 | Introduction of Liquidity Window facility for investors in debt securities through Stock Exchange mechanism |
| 22-10-2024 | Inclusion of Mutual Fund units in the SEBI (Prohibition of Insider Trading) Regulations, 2015 |
| 05-11-2024 | Disclosure of expenses, half yearly returns, yield and risk- o-meter of schemes of Mutual Funds |
| 11-11-2024 | Trading supported by Blocked Amount in Secondary Market |
| 11-11-2024 | Procedure for reclassification of FPI investment to FDI |
| 12-11-2024 | Simplified registration for Foreign Portfolio Investors (FPIs) |
| 22-11-2024 | Guidelines to Stock Exchanges, Clearing Corporations and Depositories |
| 28-11-2024 | Business Continuity for Interoperable Segments of Stock Exchanges |
| 10-12-2024 | Enhancement in the scope of optional T+0 rolling settlement cycle in addition to the existing T+1 settlement cycle in Equity Cash Markets |
| 10-12-2024 | Revised Guidelines for Capacity Planning and Real Time Performance Monitoring framework of Market Infrastructure Institutions(MIIs) |
| 17-12-2024 | Measures to address regulatory arbitrage with respect to Offshore Derivative Instruments (ODIs) and FPIs with segregated portfolios vis-a-vis FPIs |
| 20-12-2024 | Industry Standards on Reporting of BRSR Core |
| 31-12-2024 | Circular for implementation of recommendations of the Expert Committee for facilitating ease of doing business for listed entities |
| 08-01-2025 | Guidelines for Research Analysts |
| 08-01-2025 | Guidelines for Investment Advisers |
| 10-01-2025 | Circular on Revise and Revamp Nomination Facilities in the Indian Securities Market |
| 28-01-2025 | Development of Web-based portal: iSPOT(Integrated SEBI Portal for Technical glitches) for reporting of technical glitches |
| 30-01-2025 | Parameters for external evaluation of Performance of Statutory Committees of Market Infrastructure Institutions (MIIs); and Mechanism for internal evaluation of Performance of MIIs and its Statutory Committees |
| Date | Title |
| 31-01-2025 | Framework for Monitoring and Supervision of System Audit of Stock Brokers (SBs) through Technology based Measures |
| 04-02-2025 | Safer participation of retail investors in Algorithmic trading |
| 21-02-2025 | Investor Charter for Stock Brokers |
| 27-02-2025 | Regulatory framework for Specialized Investment Funds (‘SIF) |
| 28-02-2025 | Industry Standards on Key Performance Indicators (“KPIs”) Disclosures in the draft Offer Document and Offer Document |
| 19-03-2025 | Framework on Social Stock Exchange (SSE) |
| 20-03-2025 | Online Filing System for reports filed under Regulation 10(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 |
| 21-03-2025 | Industry Standards on “Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction” |
| 21-03-2025 | Facilitating ease of doing business relating to the framework on “Alignment of interest of the Designated Employees of the Asset Management Company (AMC) with the interest of the unitholders” |
| 27-03-2025 | Consultation paper on the final settlement day expiry day for equity derivatives |
C. INDIAN CAPITAL MARKETS PERFORMANCE AND OUTLOOK
The Indian equity markets delivered a positive return in FY 2024-25, maintaining equilibrium in the face of global challenges. The BSEs benchmark Sensex index rose 4,216.82 points or 5.76%. The first half of financial year was driven by economic growth momentum and growth in the retail participation, the second half saw corrections in the market due to weak economic earnings, slowing down of economic growth, accelerated outflow of the foreign capital, stretched valuations and headwinds in global markets. Despite these factors, Indias long term growth story looks intact. The outlook for Indian equities market in FY 2025-26 appears promising, supported by better fundamentals and an improving domestic outlook. Key positives include upcoming monetary easing, fiscal deficit reduction, tax relief boosting consumption, and healthier banking sector balance sheets.
The Q3 FY 2024-25 earnings season proved to be the weakest for India Inc since Q1 FY 2020-21, reflecting a broadly subdued performance. The modest overall results were primarily supported by the banking, financial services, and insurance (BFSI) sector, with additional positive contributions from the technology, telecommunications, healthcare, capital goods, and real estate sectors. As India steps into FY 2025-26, investors are optimistic about a potential recovery in corporate earnings, with the relatively modest performance in FY 2024-25 providing a low base for stronger year-on-year growth. Transition in government policy from capex-driven initiatives to measures that boost consumption, coupled with possible interest rate reductions by the central bank are the key factors that could drive domestic demand and support earnings momentum.
It is widely expected that the equity markets to remain vibrant as the country remains one among the top investment destinations. Among financial assets, majority of household savings in India are still concentrated in the form of cash deposits, gold, and real estate. This is in sharp contrast to developed economies where households rely on a mix of equities, pension products, insurance, and other financial products. As financial literacy levels improve and per capita savings increase, the allocation of savings into more financial products such as insurance, mutual funds and equities is expected
* Dollar rate to Rupee Rate as on March 31,2025
to further increase.
3. CAPITAL MARKETS
A. OVERVIEW
BSE is the worlds largest stock exchange in terms of number of companies listed. As of March 31, 2025, BSE is ranked #7 by market capitalization among global stock exchanges, and the largest in India, with a total market capitalization of ?412 lakh Crores. As of March 31,2024, BSE was ranked #7 globally.
B. PRIMARY MARKET
The total number of companies listed on BSE as on March 31,2025, was 5,452 as compared to 5,198 as on March 31,2024.
In FY 2024-25, Indian Investors showed faith in investing funds in Indian corporate sector primarily via the BSE fund raising platforms. ? 17.69 lakh Crores (USD 207 bn*) worth of funds was mobilized through listing of Equity, Bonds, REITs, InvITs and Commercial Papers, etc.
During FY 2024-25, 79 companies tapped the market through the IPO process to get listed on the Mainboard of BSE. The amount raised through Mainboard IPOs in FY 2024-25 was ? 1,62,516.76 /- Crore as against ? 61,859.85 Crore in FY 2023-24.
In addition to 79 IPOs on the Mainboard, 78 companies raised ? 2,700.46/- Crore through BSE SME platform in FY 2024-25.
2 companies also raised ? 5,815.12 Crore through InVITs in FY 2024-25. Additionally, 1 Company raised ? 352.90 Crore through REITs in FY 2024-25.
With respect to debt capital the total amount mobilized through Privately Placed Debt Instruments (“PPDI”) at BSE in FY 2024-25 was ? 6,25,331 Crores as against ? 5,82,528 Crore in FY 2023-24. During FY 2024-25, there were 41 debt public issues, which mobilized ? 8,466 Crore as against ? 20,786 Crore in the FY 2023-24.
The total amount mobilized through Commercial Paper (“CP”) at BSE in FY 2024-25 was ? 8,03,428 Crore.
I. Mutual Fund Segment:
The BSE StAR MF platform continues to be Indias largest Mutual Fund Distribution Infrastructure with more than 85% of market share by number of transactions amongst exchange-based platforms in the Mutual Fund Industry. In FY 2024-25, BSE StAR MF processed 66.3 Crore transactions witnessing 61% growth as compared to 41.1 Crore transactions in FY 202324. The platform also registered 3,460 new members, taking the total network to over 75000 distributors in India.
New SIPs Registration:
• In FY 2024-25, BSE StAR MF registered 4.68 Crore new SIPs.
• Witnessed a growth of 73% vis-a-vis 2.71 Crore new SIPs registered in FY 2023-24.
Product Offerings
• BSE StAR MF is well poised to capture the increasing participation of investors in Mutual Funds, it has boosted the mutual funds distribution for traditional distributors as well as new age platform (Mobile App/ Website) based network of FinTech, MFDs, Banks, PMS, Custodians, brokers, broker branches and associates across India.
• It provides all important modes of connectivity; it can be used via any of the below methods:
- Web-Browser
- WEB Services
- Mobile App
• Along with Lumpsum and SIPs, the platform is capable of managing special kind of MF transactions such as SWP (Systematic Withdrawal Plan), STP (Systematic Transfer Plan) to cater to the special needs of investors, with step up SIP (also known as SIP Top up) being the most recent launch.
• Moreover, it supports all types of schemes to be transacted (Direct and Regular) via Demat as well as Non Demat mode.
• To make it convenient for the investor, StAR MF supports creation of mandates using NACH and eNACH modes, which can be used as a recurring payment option against the multiple SIPs registered for an investor. UPI recurring Mandate is also going to be supported very soon to make it even more convenient for the existing investors and allow a potential untapped market of new investors with lower amounts but with greater frequency.
II. Green Bonds
The total amount mobilized by private corporates through Green Bonds at BSE in FY 2024-25 is ? 825 Crore.
C. SECONDARY MARKET
I. Equity Cash Segment (“ECM”)
The BSE SENSEX ended FY 2024-25 at 77,414.92 compared to 73,651.35 at year end of FY 2023-24, an increase of 5.11% over the year. The average daily value of equity turnover on BSE in FY 2024-25 was ? 7,766 Crore, a Y-o- Y increase of about 17% from ? 6,622 Crore in FY 2023-24. The total turnover for year stood at ? 19.3 Lakh Crore.
II. Equity Derivatives Segment (“EDX”)
In EDX, the daily average value was ? 1,10,66,881.25 Crore in FY 2024-25 as compared to ? 34,75,477.85 Crore in FY in FY 2023-24. Effective January 1, 2025, announced a revision in the expiry days for Sensex, Bankex, and Sensex 50 contracts. Now BSE is the fastest growing derivatives exchange in the world.
III. Currency Derivatives Segment (“CDX”)
In CDX, the daily average turnover was ? 1,525.34 Crore for FY 2024-25 as compared to ? 9,733.67 Crore for FY 2023-24, a decline of 84%.
IV. Interest Rate Derivatives (“IRD”)
In IRD, turnover was Nil as compared to ? 96 Crore in FY 2022-23.
V. Commodity Derivatives Segment (“CDX”)
In the commodity derivatives segment, the daily average turnover was ? 1.08 Crores for FY 2024-25 as compared to ? 0.14 Crore for FY 2023-24.
VI. BSE SME Platform
The BSE SME platform was launched on March 13, 2012 to serve small and medium-sized enterprises in accordance with the SEBI circular dated May 18, 2010 for the framework on SME platform.
BSE SME IPO Index was launched on December 14, 2012, with 100 as the base. On March 31,2025, the value of this index reached 81,438.74. A total of 566 companies have been listed on BSE SME Platform till March 31,2025, of which 191 companies have migrated to the mainboard. The total market capitalization of the companies listed on BSE SME Platform (excluding migrated companies) as on March 31,2025 was ? 60,708 Crore.
During FY 2024-25, 78 companies got listed on the BSE SME platform, raising an amount of ? 2,700.58 Crore.
Migration to Main Board
As Per SEBI ICDR Regulations for SME Platform, the company may opt to
migrate from SME board to the main board once the companys post issue capital crosses ?10 Crore and they have been listed on the SME platform for a period of atleast 3 years.
During FY 2024-25, 8 BSE SME companies have migrated to the BSE Main Board.
VII. Debt Market Segment (“DMS”)
BSE witnessed reporting of Over the Counter (“OTC”) trades in Corporate Bonds on New Debt Segment - Reporting, Settlement and Trading (NDS- RST) platform worth ? 7,19,987 Crore in FY 2024-25 as against ? 6,99,597 Crore in FY 2023-24. In FY 2024-25, BSEs market share was 25% for Corporate Bonds Reporting. In case of Statutory Liquidity Ratio (“SLR”) securities i.e. Government Securities and Treasury Bills, trades worth ? 3,09,637 Crore were reported on NDS-RST in FY 2024-25 as against ? 4,36,256 Crore in FY 2023-24 and BSEs market share is 38% for FY 202425 for reporting of Government securities.
Trading in Non-Convertible Debentures (“NCDs”) and Bonds on ‘F group of BSEs equity platform saw volume of ? 4,338 Crore in FY 2024-25 as against ? 4,106 Crore in FY 2023-24 and BSEs market share has increased to 74% for FY 2024-25 as compared to 69% for FY 2023-24 for the retail trading of Corporate Bonds.
The settlement volume for corporate bonds witnessed business of ? 1,91,569 Crore in FY 2024-25 as against ? 2,704,123 Crore in FY 2023-24. BSEs market share is 12% for FY 2024-25 for corporate bond settlement.
BSE launched Request for Quote (RFQ) platform for execution and settlement of trades in NDS-RST system after receiving the markets regulator SEBIs approval w.e.f February 3, 2020. Total Volume in RFQ platform of BSE was ? 43,799 Crore for FY 2024-25 as compared to ? 37,419 Crore for FY 2023-24. Total number of trades on BSE for FY 2024-25 was 88,032 on the RFQ platform, while in FY 2023-24 the number of trades were 15,040. BSEs market share has increased to 32% in FY 2024-25 as compared to 30% in FY 2023-24 for RFQ in terms of total number of trades.
VIII. Non - Competitive Bidding (“NCB-Gsec”)
BSE has launched Non - Competitive Bidding in Government Securities (G-Sec), State Development Loans (SDL) and Treasury Bills (T-Bills) which allows retail investors to purchase G-Sec, SDL, and T-Bills. BSE received approval from the RBI and SEBI to act as facilitator for non-competitive bidding (NCB) under RBI Auction in G-Sec, SDL, and T-Bills.
BSE also launched a mobile app called “BSE Direct” as well as a Web based platform for Individual Investors to participate directly in the auction of G-Sec, SDL and T-Bill issued by the Government of India.
For the FY 2024-25, BSE has received bids worth ? 428 crores through its various bidding platform while in FY 2023-24, bids worth ? 819 Crore were received.
IX. Exchange Traded Funds (“ETF”)
As on March 31,2025, BSE had 174 ETFs listed on its platform, as compared with 143 as on March 31, 2024. During FY 2024-25, the average daily turnover in ETF is ? 52.52 Crore compared with ? 45.26 Crore in FY 2023-24.
X. Offer for Sale (“OFS”) & Offer to Buy (“OTB”)
Offer for Sale (OFS) is a secondary market mechanism used by existing listed companies wherein existing shareholders tender their shares to public investors on stock exchanges trading window. During FY 2024-25, there were 26 OFS issues out of which BSE was appointed as the Designated Stock Exchange in 16 issues (61%). Out of the 26 OFS issues, 9 issues were conducted exclusively on the BSE platform, the total amount raised through OFS issues on BSE platform was ? 17,531 Crore.
Similarly Offer to Buy (OTB) is also a secondary market mechanism wherein existing shareholders tender their shares on trading window to the Company in case of Buy-back, Acquirer in case of takeover or to the Promoter in case of delisting of securities. During FY 2024-25, there were 121 such OTB issues, of which BSE was appointed as the Designated Stock Exchange in 107 issues (88%). Out of the 121 OTB issues, 92 issues were conducted exclusively on BSE platform, the total subscription through OTB issues on BSE Platform was ? 9,430 Crore.
XI. Securities Lending & Borrowing (“SLB”)
During FY 2024-25, the SLB segment exhibited a contraction in activity. The turnover for the first leg of SLB transactions stood at ?3,140 Crore, registering a marginal decline of 7.02% as compared to ?3,377 Crore in the previous fiscal. Despite the dip in turnover, the aggregate lending fees reported by market participants, rose significantly by 126.8%, increasing from ?13.67 Crore earned in FY 2023-24.
(Rs. in Crore)
Segment |
FY 2024-25 | FY 2023-24 |
| Turnover for the period - 1st Leg of SLB transactions | 3140 | 3377 |
| Lending fees | 31 | 13.67 |
XII. Startups platform
BSE launched the Startups platform on 22nd December 2018, for companies seeking listing in the sector of IT, ITES, Biotechnology and Life Science, 3D Printing, Space technology, E-Commerce, Hi- Tech Defense, Drones, Nano Technologies, Artificial Intelligence, E-gaming etc. The criterion for listing is:
1. The Company should be registered as start-up with DPIIT. In case the company is not registered as Start-up with DPIIT then the companys paid-up capital should be minimum ? 1 Crore.
2. The Company or the partnership / proprietorship / LLP firm or the firm which have been converted into the company should have a combined track record of at least 2 years at the time of filing the prospectus with BSE. There should preferably be investment by QIB investors (as defined under SEBI ICDR Regulations, 2009) / Angel Investors/Accredited Investors for a minimum period of 2 years at the time of filing of draft prospectus with BSE.
3. The company should have positive net worth.
Till March 31, 2025, 14 companies have been listed on BSE Startups Platform, of which 1 company got migrated to the mainboard. The market capital of the companies listed on the BSE Startups platform (excluding the migrated company) as on March 31,2025 was ? 675.41 Crore.
D. INDIA INTERNATIONAL EXCHANGE (IFSC) LIMITED (INDIA INX)
India INX, a subsidiary of BSE Limited (BSE) was the first international exchange in India to be set up at GIFT IFSC, to help develop IFSC as a global financial hub regulated by IFSCA. India INX operates 22 hours a day and is emerging as a key offshore trading platform for global investors.
The notional trading turnover on INDIA INXs derivatives for FY 2024-25 is USD 43.42 billion. The cumulative notional trading turnover as of FY 2024-25 is 8.95 trillion. India INX is positioning itself as the preferred offshore gateway to India through innovation, advanced technology, a favorable regulatory and tax framework, and strong customer service. It continues to enhance market depth by engaging global investors and has launched new products and will continue to innovate and launch products to stay competitive globally.
As outlined by our Hon. Prime Minister Shri. Narendra Modiji, one of the primary goals of India INX is to help companies across the globe to raise
funds through capital markets which can be deployed for the growth and development needs of the company, leading to employment generation and overall economic development. Keeping this in mind India INX launched the Global Securities Market Platform, which is a pioneering concept in India, offering issuers an efficient and transparent method to raise capital. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. To date, Global Securities Market has established around USD 82 billion in MTN programs and around USD 61 billion of bonds issued. During FY 2024-25, 100% of the ESG funds raised by Indian issuers was listed on India INXs Global Securities Market.
In the current financial year, India INX surpassed the milestone of 150 unique debt listings. Among these listings, a notable highlight is the inclusion of 44 bonds totaling USD 5.52 billion, highlighting its growing role in capital raising activities and debt markets.
KEY MILESTONES ACHIEVED, MAJOR EVENTS AND GROWTH STRATEGY OF INDIA INX DURING FY 2024-25:
Indias International Financial Services Centre (IFSC) at GIFT City has emerged as a competitive global platform, driven by progressive regulatory reforms, tax incentives, and the increasing participation of institutional and retail investors. The introduction of BSE Sensex derivatives to be traded in USD, has further strengthened India INXs position as a leading international exchange.
I. MARKETS BUSINESS PERFORMANCE
India INX has witnessed significant growth in trading volumes, product expansion, and market participation since its launch in 2017. Key highlights of financial year 2024-25 includes:
• Expansion of Product Offerings: Successful launch of Sensex Futures by Honble Chief Minister of Gujarat, Shri Bhupendrabhai Patel in presence of Shri Sundararaman Ramamurthy, MD & CEO, BSE and Shri Tapan Ray, MD & CEO of GIFT City.
• Debt Market Leadership: India INX remained a leading platform for listing Masala Bonds, Green Bonds, and USD-denominated debt instruments, facilitating offshore fundraising for Indian corporates with 44 debt listings on Exchange.
Growth in the core business segment - India INX Derivatives
India INXs core business of Derivatives has achieved remarkable growth since its launch in January 2017.
• The Average Daily Trading Value (ADTV) of India INXs Derivatives was USD 168.43 million per day in during the FY 2024-25.
• During the Financial Year 2024-25, an overall turnover was USD 43.62 Billions.
• BSE Sensex Future traded in USD monthly contract in very first month of launch clocked USD 327.18Mn Volume.
• Cumulative Trading Turnover of India INX Derivatives has crossed USD 8.95 trillion as on March 31,2025, with the cumulative Trading Volume at 53,82,16,196 contracts (lots).
India INXs Primary Market Platform - Global Securities Markets
India INX has pioneered Indias international primary markets with its Global Securities Market platform, providing a seamless avenue for Indian and global issuers to raise capital from international investors. Since its inception, the platform has established itself as the preferred destination for setting up fundraising programs and listing debt securities in GIFT IFSC. Marquee issuers like PFC Limited, REC Limited, EXIM, NTPC, ONGC, SBI, Canara Bank and many more have used India INXs GSM Platform to raise funds from the international investors through GIFT IFSC. With a strong market presence and industry leadership, India INX continues to drive innovation and growth in global capital markets.
Growth in Listings Business - India INX Global Securities Market
As on March 31,2025: India INXs Global Securities Market has cumulatively established around USD 82 billion of Medium-Term Notes (“MTN”) and listed around USD 61 billion of debt securities including masala bonds and green bonds.
During FY 2024-25, 100% of the ESG funds raised by Indian issuers was listed on India INXs Global Securities Market. The Government has also increased the attractiveness of the GIFT IFSC jurisdiction by providing lower withholding tax of 9% for listing their ECB Bonds in GIFT IFSC vs 20% otherwise. The NBFCs also sought this route and found New set of investors in GIFT IFSC, this has led to promoting the concept of onshoring the offshore in complete sense in the financial year 2024-25.
During the financial year 2024-25, India INX witnessed the listing of securities by 26 issuers out of which 20 are new issuers. A total of 44 issuances were completed during the year, marking the highest number of issuances recorded on India INX since inception.
For the period April 1,2024, to March 31,2025, total value of bond listed on GSM Platform is USD 5526.5 Mn against the relevant Established or Updated MTN / Standalone Programme is given below:
| Sr No Name of Issuer | MTN / Standalone Programme established / updated (USD Million) | Debt Securities (Bonds) Listed (USD Million) | No. of Bonds |
| 1 Aviom India Housing Finance Private Limited | STANDALONE | 19.7 | 4 |
| 2 Canara Bank | DRAWDOWN | 300 | 1 |
| 3 Canara Bank | MTN | 3000 | - |
| 4 Continuum Trinethra Renewables Private Limited and Other Co-Issuers | STANDALONE | 650 | 1 |
| 1 Sr. No Name of Issuer | MTN / Standalone Programme established / updated (USD Million) | Debt Securities (Bonds) Listed (USD Million) | No. of Bonds |
| 5 Dvara Kshetriya Gramin Financial | STANDALONE | 10 | 1 |
| Services Private Limited | |||
| 6 HDFC Bank Limited | DRAWDOWN | 40 | 1 |
| 7 IIFL Finance Limited | DRAWDOWN | 425 | 2 |
| 8 IIFL Finance Limited | MTN | 1000 | - |
| 9 Indiabulls Housing Finance Limited | STANDALONE | 350 | 1 |
| 10 IRB Infrastructure Developers Limited | STANDALONE | 200 | 1 |
| 11 Kinara Capital Private Limited | STANDALONE | 34.5 | 3 |
| 12 Lendingkart Finance Limited | STANDALONE | 10 | 1 |
| 13 Manappuram Finance Limited | DRAWDOWN | 300 | 1 |
| 14 Midland Microfin Limited | STANDALONE | 15 | 3 |
| 15 Mufin Green Finance Limited | STANDALONE | 5 | 2 |
| 16 Muthoot Microfin Limited | STANDALONE | 3 | 1 |
| 17 Muthooth Microfin Ltd | STANDALONE | 12 | 1 |
| 18 Pahal Financial Services | STANDALONE | 19.5 | 3 |
| Private Limited | |||
| 19 Piramal Capital & Housing F | DRAWDOWN | 450 | 2 |
| inance Limited | |||
| 20 Piramal Capital & Housing | MTN | 1000 | - |
| Finance Limited | |||
| 21 REC Limited | DRAWDOWN | 500 | 1 |
| 22 SAEL Limited | STANDALONE | 305 | 1 |
| 23 Satin Creditcare Network Limited | STANDALONE | 18 | 2 |
| 24 Satya MicroCapital Ltd | STANDALONE | 23.5 | 3 |
| 25 Shriram Finance Limited | DRAWDOWN | 500 | 1 |
| 26 State Bank of India | DRAWDOWN | 600 | 2 |
| 27 Tata Capital Limited | DRAWDOWN | 400 | 1 |
| 28 Tata Capital Limited | MTN | 2000 | - |
| 29 TruCap Finance Limited | STANDALONE | 10 | 2 |
| 30 Varanasi Aurangabad NH2 | STANDALONE | 316.3 | 1 |
| Tollway Private Limited | |||
| 31 Varthana Finance Private Limited | STANDALONE | 10 | 1 |
India INX Global Access (IFSC) Limited (“India INX GA” or “Global Access”)
India INX GA is a pioneering venture and a 100% wholly owned subsidiary India INX and regulated by IFSCA.
India INX GAs vision is to become the leading provider of financial services by offering centralized access to international financial markets for the benefit of India INXs members from GIFT IFSC and resident Indians under the LRS route.
Access to International Exchanges
India INX GA, provides a platform for trading in global markets, including Shares, ETFs, Bonds, Mutual Funds & Derivatives. It offers major exchanges of the US, Canada, UK, Europe, Australia, and Japan, covering a significant percent of the investing universe. With access to over 150 exchanges across 33 countries with 23 currencies worldwide covering global exchanges in America, Europe, Asia Pacific and Africa, India INX Global Access is emerging as the preferred platform for India investors to trade in international securities. Some of the exchanges offered are NYSE, Nasdaq, LSEG, Canadian Securities Exchange, Toronto Stock Exchange, BATs Europe, Euronext France, and Tokyo Stock Exchange.
India INX GA has now tied up with international brokerages viz. Interactive Brokers LLC, Trade Station Group, R. J. OBrien Limited, Marex Financial & others to provide access to international exchanges. Further, India INX Global Access has also tied up with Kotak Bank & ICICI Bank to bringdown the cost
of remittance of funds for resident Indian investors under LRS. Key Business Statistics
| Particular | FY 2024-25 | FY 2023-24 |
| Business Partners Onboarded | 5 | 17 |
| Client Accounts Opened | 863 | 723 |
| Traded Value | USD 4.94 Billion | USD 2.43 Billion |
| Traded Quantity (across multiple asset class) | 1,23,63,969.79 | 58,64,722.03 |
| No. of Trades | 1,86,830 | 1,01,848 |
Strategic Initiatives & Future Outlook
India INX is committed to strengthening its position as a premier international exchange. Future strategies includes:
• Expansion of Derivatives Market: Approval received for introduction of Bankex Futures and Options contracts from IFSCA.
• Enhancing Global Participation: Strengthening partnerships with international brokers, custodians, and asset managers to increase cross-border investments.
• Infrastructure & Technology Upgrades: Upgrading Infrastructure to ensure resilience and Efficiency in line with our strategy to be prepared for higher volumes and provide a seamless experience to clients.
II. KEY REGUALTORY DEVELOPMENTS
i. Union Budget 2025-26
The Union Budget 2025-26 included tax incentives for GIFT Citys IFSC, aiming to attract international investors and businesses. The extensions of tax concessions and regulatory simplifications are expected to boost GIFT Citys potential as a global financial hub.
Relevant Incentives to IFSC
• It was proposed that any advance or loan between two group entities, where one of the group entities is set up in IFSC for undertaking treasury activities or treasury services, shall be excluded from dividend.
• It was proposed to provide a simplified safe harbour regime for investment funds managed by fund manager based in IFSC. It is further proposed to extend the relaxation of conditions for IFSC units till 31st March, 2030.
• It was proposed to provide exemption to any income accruing or arising to or received by a non-resident as a result of transfer of non-deliverable forward contracts entered into with any Foreign Portfolio Investor, being a unit in an International Financial Services Centre.
• It was proposed that transfer of a share or unit or interest held by a shareholder in an original fund (being a retail scheme or exchange traded fund regulated under IFSCA Regulations 2022) in consideration for the share or unit or interest in a resultant fund in a relocation, shall not be regarded as transfer for the purpose of calculating capital gains.
ii. Major announcements made by IFSCA
| Date | Title |
| Feb 11,2025 | IFSCA has issued a circular regarding the concept of Remote Trading Participants on the GIFT IFSC Stock Exchanges |
| Dec 02, 2024 | Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC |
| Date | Title |
| Nov 22, 2024 | Modifications under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 |
| Nov 21,2024 | Principles to mitigate the Risk of Greenwashing in ESG labelled debt securities in the IFSC |
| Oct 29, 2024 | International Financial Services Centres Authority (Market Infrastructure Institutions) (Amendment) Regulations, 2024 |
| Oct 17, 2024 | Listing of Commercial Paper and Certificates of Deposit on the recognized stock exchanges in the IFSC |
| Oct 01,2024 | Master Circular for Credit Rating Agencies in IFSC |
| Sep 24, 2024 | Trading and Settlement of Sovereign Green Bonds |
| Aug 30, 2024 | (SGrBs) in IFSCIFSCA (Listing) Regulations, 2024 |
| Mar 14, 2024 | Ease of doing business: Settlement of Clients Funds lying with Broker Dealer |
4. BUSINESS OPERATION REVIEW
A. MEMBERSHIP
During FY 2024-2025, 65 Deposit Based Membership (“DBM”) applications were received at BSE. Since launch of new DBM scheme in April 2010, BSE has received a total of 1135 DBM applications, as on March 31,2025.
B. CORPORATE SERVICES (LISTING)
The Corporate Services segment of BSE registered revenue growth in FY 2024-25. Annual Listing Fees (equity, debt, and MF) increased by 17% to ? 224 Crore compared to ? 192 Crore in FY 2023-24. BSE also provides other services to corporates such as book building software, buy-back facilities, reverse book building software, etc. Fees earned from such services were ? 95 Crore in FY 2024-25 as compared to ? 48 Crore in FY 2023-24, an increase of 98% from the previous year.
C. DATA INFORMATION PRODUCTS
The Company and Deutsche Borse have entered into a partnership in October 2013, under which Deutsche Borse would act as the licensor of the companys market data and information to all international clients. The business for sales and marketing of the companys market data products to international customers by Deutsche Borse commenced from April 2014. Under the co-operation, Deutsche Borse is responsible for sales and marketing of the companys all market data products to customers outside India, while the company continues to serve its domestic clients. Deutsche Borse also shares the joint responsibility along with the company for product development and innovation, which includes extending its existing infrastructure and creation of new market data solutions to support the companys product offerings on account of IPO, Rights Issues, OTB/OFS issues etc.
The total revenue from the sale of market data and information products was ? 50.39 Crore in FY 2024-25 as compared to ? 43.14 Crore in FY 2023-24. The increase in revenue was on account of addition of domestic as well as international customers and revision in international and domestic pricing.
D. INDEX
Asia Index Private Limited (AIPL) is a 100% step-down subsidiary of BSE.
AIPLs Income from Index related services increased from ? 14.87 Crore in FY 2023-24 to ? 26.87 Crore in FY 2024-25, which is a growth of 80.70%. The Profit before Tax increased from ? 20.47 Crore in FY 2023-24 to ? 25.56 Crore in FY 2024-25, which is a growth of 24.87%.
The Authorized Share Capital as on March 31,2025, was ? 5 Crore. AIPL declared and paid interim dividend of ? 12 Crore, equivalent to ? 12000/- per equity share, for the financial year 2024-25.
The total assets under management (AUM) of the passive funds (ETFs and Index Funds) linked to BSE Indices was ? 2,17,741 Crore as on March 31, 2025, as compared to ? 1,91,545 Crore as on March 31,2024.
During the year, AIPL secured new business contracts indicating a year-on- year increase of 90%.
5. SIGNIFICANT DEVELOPMENTS
A. Framework for Trading Members to provide the facility of voluntary freezing/blocking online access of the trading account to their clients
Trading members are required to provide clients an option with effect from July 1, 2024 to voluntarily freeze/block online access to their trading accounts if suspicious activities are found in their trading account. The trading members are required to publish on its website a policy along with the process and mode(s) through which the client can place the request to freeze / block & unfreeze / unblock the trading account along with the timelines.
B. Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB)
SEBI has granted BSE recognition as RAASB and IAASB for a period of 5 years starting from July 25, 2024. In line with this, BSE has established byelaws, formulated standard operating procedures (SOPs) and issued relevant circulars to guide Research Analyst and Investment Advisers in seamless adoption of the RAASB and IAASB framework.
C. Convenience and Ease of Trading for the Clients
To enhance client convenience and streamline trading across exchanges, trading members have been advised to enable interoperability through their trading front end systems. This will ensure immediate release of clients margin intra-day rather than withholding them till the end of the day, when the client trades across exchanges. Additionally, trading members are encouraged to offer all trading products across segments and exchanges on their trading systems, where they are registered.
D. Direct securities Pay-out to client demat account
Previously, the trading members had the option to facilitate direct securities payout to the clients. However, this has now been made mandatory, with Clearing Corporations crediting the securities payout directly to the respective clients demat account from February 25, 2025 onwards.
E. Revision in Contract Note Format
Format of Electronic Contract Note (ECN) has been revised for removal of Exchange identification and to provide with a single Weighted Average Price (WAP) for trades done across Exchanges. The same shall be implemented by July 1,2025.
F. Safer participation of retail investors in Algorithmic trading
Effective August 1, 2025, Algorithmic trading strategies developed independently by tech-savvy retail investors themselves or by vendors, shall also be required to registered with the exchange, through their broker.
6. SECONDARY MARKET POLICY DEVELOPMENTS
A. Enhanced Surveillance Measure (ESM)
Based on joint discussion with Exchanges and SEBI, the ESM framework was introduced in June 2023 as a preemptive surveillance measure based on objective parameters viz. price variation, standard deviation etc. The Framework was extended to Companies having market Capitalization of less than ? 1000 Crore including SME segment with effect from August 13, 2024.
B. Recently implemented Surveillance Framework for SME Segment
In order to address the Surveillance concerns regarding the SME segment, the extant Enhanced surveillance measure (ESM) Framework was extended to Small and Medium Enterprises (SME) scrips with effect from October 7, 2024.
C. Recently implemented Surveillance Framework for PSU Companies.
The extant Long-term Additional Surveillance Measure (LT-ASM), Shortterm Additional Surveillance Measure (ST-ASM), Graded Surveillance Measure (GSM) and Enhanced Surveillance Measure (ESM) frameworks were extended to Public Sector Undertaking (PSU) companies with effect from September 23, 2024.
D. Recently implemented changes in Long-Term Additional Surveillance Measure (LT-ASM) Framework on Equity Derivatives.
Long-Term Additional Surveillance Measure (LT-ASM) Framework was extended to Equity Derivatives with effect from August 12, 2024, in addition to Surveillance Measures of High Promoter Encumbrance, Promoter and Non-Promoter Encumbrance and Short Term ASM framework.
E. SMAC Enhancement of Dynamic Price Bands for scrips in the Derivatives Segment - (Equity and Equity Derivatives Segment).
The following volatility control mechanisms for pre-emptive Surveillance were further enhanced to ensure orderly markets and implemented for relaxation of Dynamic Price Bands for scrips in the Derivatives segment with effect from November 18, 2024 and December 16, 2024:
i. Enhancing conditions precedent before flexing price band
ii. Aligning price bands between underlying and its futures contracts
iii. Strengthening Volatility/Risk Management and minimizing information asymmetry for extreme price movement
iv. Sliding price band on account of flexing
v. Trading in options segment during cooling off in underlying / futures Contracts
F. Cautionary Messages on Trading Terminal.
For securities which are under Surveillance measures and Other Broad Criteria viz loss making, under Z group, failure to pay listing fees etc., TMs are required to provide the additional pop-up alert messages which need to be disseminated on non-BOLT/BOW front end including IBT, STWT, CTCL etc. for person while placing an order in a security for which the cautionary indicators are applicable. All these messages are mandatory wherever applicable for a scrip in Cash segment with effect from January 10, 2025.
G. Limit Price Protection (LPP) in Equity Derivatives Segment:
As Pre-Trade Risk Control - Limit Price Protection (LPP) in Equity Derivatives Segment was made live with effective from Tuesday, April
23, 2024. LPP is Exchange defined price range for contract in terms of pre-defined percentage of the base price of the security. The operating range mechanism is implemented in order to prevent erroneous order entry by market participants beyond operating range.
H. Trading Supported by Blocked Amount (TSBA)
SEBI initiative of TSBA, in secondary market has provided enhanced protection of cash collaterals for retail investors (Individual, PMSI, HNI & HUF) can trade in the secondary market by blocking funds in their respective bank accounts.
SEBI thereafter directed to all QSBs to provide their clients the said facility, which was successfully implemented under the guidance of Securities and Exchange Board of India (SEBI) w.e.f. February 2025.
I. Successful implementation of direct payout settlement for securities.
Exchange, in coordination with other MIIs, has successfully implemented the Direct Payout Settlement mechanism for securities effective from February 25, 2025, under the guidance of the Securities and Exchange Board of India (SEBI).
Under the said mechanism, payouts of securities shall be transferred to the demat accounts by the CCs identified with Primary flag in the UCC database of the Exchanges and are validated by depositories.
To assist the Trading Members to identify the status of the invalid demat accounts, the Exchange has provided an option to generate real time basis report in UCC Portal. This report provides a comprehensive status of all active UCCs with invalid demat accounts.
7. REGULATORY
A. SURVEILLANCE & INVESTIGATION
I. Statistics for FY 2024-25
As part of market monitoring activities during FY 2024-2025; 40921 surveillance alerts were generated, of which 802 alerts were taken up for snap investigations. Subsequently till March 31,2025, 223 cases were taken up for preliminary/ detailed investigations, of which 106 preliminary/ investigation reports have been submitted to SEBI.
II. Member Oversight
As part of Member Oversight, a total of 473 member inspections were conducted during FY 2024-25, including 375 routine inspections. Additionally, 98 out of these inspections were jointly carried out with SEBI, other Exchanges and Depositories during the financial year. Additionally, 13 thematic inspections focusing on Technology Governance areas were conducted jointly with SEBI and other Exchanges. These inspections covered System and Cyber Security Audits as well as Technical Glitches.
Apart from the above, 247 Authorised Persons associated with these members were also inspected during the financial year.
III. Investment Advisers (IAs) & Research Analyst (RAs) Supervision
In capacity of IAASB and RAASB, a total of 626 Investment Adviser & Research Analyst were inspected during the Financial Year 2024-25.
IV. Investor Services
The Investor Services Cell provides the following services:
Common Investor Service Centres
SEBI, as a part of enhancing investor experience has initiated opening of additional Investor Service Centres across the country by the Exchanges. It was targeted to have in place 50 such Common Investor Service Centres
between the Company and NSE. As a part of this initiative, there shall be only one Investor Service Centre between the two Exchanges at one location, which shall function as the Common Investor Service Centre for both Exchanges as well as SEBI. Accordingly,13 Common Investor Service Centres are managed by the Company and are fully functional.
Redressal of complaints against trading members
The Company redresses investor complaints against trading members by taking prompt action upon receiving the complaints. In order to strengthen the existing investor grievance handling mechanism SEBI has revised the entire redressal process of grievances in the securities market by providing a comprehensive solution that makes the process more efficient by reducing timelines and by introducing auto-routing and auto-escalation of complaint through online system, by introducing the SEBI Complaints Redressal System (“SCORES 2.0”) w.e.f. April 1, 2024. Investor complaints against trading members are received online through the SCORES, web-based system where investors can lodge their complaints online, and the Company in turn communicates the with the parties electronically thereby reducing the communication time resulting in expeditious resolution of investor complaints. The trading members send their reply through SCORES. The investors complaints received directly with the Exchange through email, physical document form is advised to register the same on the SCORES 2.0 system.
Effective August 16, 2023, SEBI has introduced the Online Dispute Resolution (“ODR”) mechanism, wherein the Investor Grievance Redressal Mechanism and Arbitration Mechanism administered by the Company has been replaced by the ODR mechanism. In the ODR mechanism, investors can lodge their disputes against SEBI registered intermediaries for resolution through the Conciliation and Arbitration process under the ODR mechanism.
If the investor is not satisfied with the resolution provided by the Trading Member, then the investor may register the complaint/dispute in SMARTODR Portal, for initiating online conciliation and online Arbitration for resolution of his complaint.
As of March 31, 2025, the Company has received 929 complaints against Trading Members of which 822 complaints are resolved / closed prior to reference to ODR Institute whereas 104 cases are referred to ODR Institute for resolution.
Redressal of complaints against listed companies
The Company redresses investor complaints against listed entities by taking prompt action upon receiving the complaints. Effective April 1, 2024 SEBI has introduced the new SCORES SEBI Complaints Redressal System (“SCORES 2.0”), wherein the complaints filed by Investors against Registrar & Transfer Agent are also assigned to the company for redressal. The Company takes up the complaint with respective listed entity for resolution.
As of March 31,2025, the Company has received 2270 complaints against companies of which 2474 complaints are resolved / closed and had received 4925 complaints against Registrar & Transfer Agents of which 4618 complaints are resolved.
Redressal of complaints against Investment Advisors and Research Analysts
SEBI vide Circular Ref. No. SEBI/HO/MIRSD/MIRSD-POD-1/P/CIR/2024/101 dated July 12, 2024 has granted recognition to BSE as Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB) for a period of five years starting from July 25, 2024.
The Company receives complaints against Investor Advisors (IA) and Research Analysts (RA) through SCORES, and as of March 31, 2025, the Company had received 1160 complaints against IA, out of which 1092
complaints were resolved / closed and had received 1847 disputes against RA, out of which 1621 complaints were resolved / closed.
Online Dispute Resolution (ODR)
Effective August 16, 2023, the company also receives disputes against SEBI registered intermediaries like Mutual Funds, Registrar and Transfer Agents etc. in addition to those against the Trading Members and Listed Companies.
As of March 31, 2025, the Company had received total 1745 complaints through ODR of which 1420 complaints were resolved / closed preconciliation, and 325 cases were referred to ODR Institute for Online Conciliation and Arbitration.
The Company also conducts orientation program for the Conciliators and Arbitrators in association with NISM. During the year, the company has conducted 2 such online programs for Conciliators and Arbitrators.
B. LISTING COMPLIANCE
I. Corporate Announcement Filing System (“CAFS”)
The Company has been making continual efforts to improve on the turnaround time for disseminating critical information received from listed companies to the shareholders and the public at large, on its website, without compromising on the quality and timely dissemination of the information.
CAFS as a system provides for seamless dissemination of filings/ disclosures by listed companies directly on the Exchange website. This is done using security measures such as Two Factor Authentication (“TFA”) and has ensured almost instantaneous dissemination of price sensitive information to the investors.
The system makes companies responsible and accountable for their filings, which leads to much faster, efficient, and informed decisions by investors and the public at large. Auto check has been placed to provide notification that all pdf files are in machine readable format.
During the current year, the system has been periodically enhanced to include additional disclosures under the seamless mode as well as enhancing the security features in line with the regulatory requirements. Various webforms for Financial Results, Annual Secretarial Compliance Report, Annual Reports; have been updated to receive periodic compliances. Category of Corporate Action has been enhanced by adding more descriptions.
Filing through CAFS, which was available for Equity listed companies, has now been extended to other segments like, debt, mutual funds, and commercial papers as well. In the FY 2024-25, the Exchange received 23,22,276 filings by companies using the CAFS system.
II. Update on eXtensible Business Reporting Language (“XBRL”)
BSE is the first Exchange in India to introduce the globally accepted reporting format XBRL as it is more popularly known, for certain critical disclosures required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”). The Company had earlier enabled XBRL based filing for Shareholding Pattern, Corporate Governance Report, Voting Results, Financial Results, Share Capital Audit report, Disclosure of Insider Trading under Prohibition of Insider Trading, Unit Holding Pattern for Mutual funds, Annual Secretarial Compliance Report, Related Party Transactions, Record Date for Debt Listed Entities and Centralized Database Statement (Credit Rating, Interest Payment, Redemption Payment and Default History Information), Statement of Investor Complaints, Statement of Deviation/Variation Financial Results for Insurance Companies and NBFCs and filing of companies Annual Reports (based on Ministry of Corporate Affairs Taxonomy).
The Committee on Corporate Governance (Kotak Committee) in its report had
recommended filing of disclosures to Exchange in XBRL format. Accordingly, SEBI had directed the Exchanges to implement XBRL based filing for the disclosures. Since BSE had made significant progress on this front, it was recommended by SEBI that the other nation-wide Exchanges also adopt the BSE Taxonomy and the same may be the common taxonomy for these regulations, across India. Other Exchanges had commenced integration of the BSE XBRL taxonomy for these filings and listed companies are now able to use a common file for filing at all Exchanges.
All new XBRL based developments are now being jointly developed by the exchanges with BSE, being largely responsible for the development of Taxonomy and the Excel utility used for filing. During the last year, filing of certain additional disclosures under Regulation 30 of Listing Regulations along with updates to already available XBRL utilities, were introduced in XBRL.
In the current year, the Company worked with other MIIs to introduce XBRL single filing system for receiving filing under various regulations of Listing Regulations in XBRL format such as Investor Grievance Report, Corporate Governance Report, Reconciliation of Share Capital Audit Report, Meetings of shareholders and voting. On direction of SEBI circular dated December 31,
2024, the Company along with other MIIS has implemented Integrated Filing (Integrated Filing (Governance) and Integrated Filing (Financial) for ease of doing business for listed entities wherein Integrated Filing (Governance) is under Single filing system.
III. Compulsory Delisting:
Trading in the securities of certain listed companies had been suspended for a long period of time on account of non-compliance with the critical clauses / regulations of the erstwhile Listing Agreement/SEBI(LODR) Regulations.
BSE under the guidance of SEBI, had advised companies that had been under suspension for a period of six months or more, to expedite their filings completion of all formalities for revocation or else be compulsorily delisted from the Exchange, as per the provisions of the SEBI (Delisting of Equity Shares) Regulations, 2009 / 2021.
Under SEBI (Delisting of Equity Shares) Regulations, 2009/2021, the Exchange has delisted 1450 companies from April 1, 2016, till March 31,
2025, which have been suspended for a period of more than 6 months for non-compliance with the erstwhile Listing Agreement/ SEBI (LODR) Regulations, 2015/other reasons and which have not completed formalities for revocation within the stipulated timelines.
SEBI has included this provision in its circular on Standard Operating Procedure (SOP) for suspension and revocation. The Exchange accordingly sends advisory letters to companies suspended pursuant to the provisions of SEBI SOP circular, informing them about the consequences of not initiating formalities for revocation of suspension of trading.
8. COMPETITIVE STRENGTHS AND OPPORTUNITIES
A. STRENGTHS
I. Strong brand recognition
Established in 1875, BSE is Asias oldest Stock Exchange and one of the most identifiable brand names in India with high levels of recognition among investors, intermediaries, and the public. BSE is the also the worlds fastest growing exchange.
The BSE building is a symbol of the Indian growth story and is one of the most recognizable icons of India. It is one of the few structures in India that has been trademarked.
In addition, the benchmark index, the BSE SENSEX, an index based on 30 BSE-listed large, well-established, and financially sound companies across key sectors of the Indian economy, serves as the primary global barometer
for Indias financial markets and is comparable in recognition to other global indices such as the BSE 500, the Dow Jones Industrial Average, the FTSE 100, the DAX, and the Hang Seng Index. Since it was first compiled in 1986, the Sensex has come to be known as the market bellwether.
BSE brand is further strengthened due to over four thousand seminars/ education sessions conducted every year. These events are investor awareness programmes that are conducted in association with BSE IPF (Investor Protection Fund), or events organized with industry associations like FICCI, CII, Assocham, PHD Chamber of Commerce & Industry, BSE Brokers Forum etc.
II. Sound corporate governance and regulatory framework
As a Stock Exchange, we are subject to a high level of regulatory oversight. We are committed to working with national and international Regulators, Exchanges, Clearing Corporations, Depositories and Market Participants to ensure an orderly, informed and fair market for the benefit of investors. We are also committed to strong and effective internal governance and regulation and believe that regulatory integrity benefits investors, strengthens our brand and attracts companies seeking to list securities on our markets.
In furtherance of these goals, we have a dedicated surveillance department to keep a close watch on the price movement of securities, detect potential market manipulation, monitor prices and volumes which are not consistent with normal trading patterns.
III. Technology Updates
Technology is at the heart of modern Exchange business. It continues to evolve at an unprecedented pace, fundamentally reshaping how business is conducted. At the core of the Companys growth strategy, technology serves not just as an enabler of smooth market operations, but also as a key differentiator in market efficiency, accessibility, security, and competitiveness.
The Companys investments in technology have strengthened its competitive position, helping future proofing operations in an increasingly complex and dynamic global environment. The Company prioritizes scalable, resilient technology infrastructure to support rapid growth and ensure seamless business continuity.
The Company continues to augment and modernise its technology infrastructure, leading to increased throughput and latency. It has added dedicated capacity for high volume products, thereby allowing itself to continue to service growing volumes. Besides, the Company also continues to refresh its hardware and, thereby reducing the risk of obsolescence and information security risk, at the same time, providing for better performance. The Company has developed load generation platform that enables it to scientifically measure the breakpoints, thereby leading to increased predictability and proactive capacity planning.
The Company has built two additional colocation data centres to serve increased market demand.
Technology has also empowered the Company to enhance accessibility for market participants. Mobile friendly platforms, API driven services and user centric digital tools made market participation easier, faster, and more intuitive.
B. OPPORTUNITIES
I. Gold Spot Exchange - Domestic Zone
The Government of India in the budget of FY 2021-22 had announced the setting of a gold spot exchange and that Securities and Exchange Board of India (SEBI) will be the designated regulator for the proposed gold exchanges. Subsequently, SEBI in its board meeting held on September 28,
2021, proposed the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021. SEBI further notified that the instrument representing gold will be called ‘Electronic Gold Receipt (EGR) and it will be notified as “securities” under Securities Contracts (Regulation) Act, 1956. The "SEBI Framework for operationalizing the Gold Exchange in India” prescribed that Stock Exchange/s desirous of trading in electronic gold receipts (EGR) may apply to SEBI for approval for trading of EGR in a new segment.
In September 2022, BSE had received final approval from the capital markets regulator Securities and Exchange Board of India (SEBI) for introducing the EGR segment on its platform. On October 24, 2022, during Muhurat trading, BSE launched two new EGR products of 995 and 999 purity and trading will be in multiples of 1 grams and deliveries in multiples of 10 grams and 100 grams thus offering new solutions for investors, Jewellers, and institutions to invest in Gold. EGRs offers the participants a safe and convenient avenue to invest in gold and comes at a critical time to support the bullion industry as it grows in scale. BSE expects greater trade and liquidity in the days ahead as it continues to educate the market and onboard new members.
BSE is confident of playing a transformative role in developing a vibrant gold spot exchange via the trading of EGR by ensuring maximum participation from across the country.
II. Power Exchange
Indias power demand is growing rapidly due to factors like economic development, urbanisation, industrialization and rising temperatures. Over the past few years, demand has grown at an average rate of around 5% annually (2010-2019), but since FY21, it has accelerated to approximately 9% per year. The Central Electricity Authority (CEA) projects a compound annual growth rate (CAGR) of 6.4% for electricity demand between 2022 and 2030, though recent trends suggest it could exceed this estimate. Indias power demand is expected to grow with the governments focus of providing “24x7” clean and affordable power for all.
Out of Indias total electricity generation, the short-term market comprises approximately 12.5%.This short-term power market is serviced by power exchanges, which function on the lines of commodity exchanges and provides a platform for buyers, sellers, and traders of electricity to enter spot contracts that are for the same day, next day, and on a weekly basis. It also provides a payment security mechanism to buyers and sellers. India currently has two operating power exchanges—Power Exchange of India (PXIL) and India Energy Exchange (IEX).
There is a need to deepen existing exchanges through more evolved products, clarity on intra-state cross-border trading along with institutional mechanisms to deal with forward contracts of varying durations. In this regard, Hindustan Power Exchange (Consortium of BSE Investments Limited, along with PTC India Limited and ICICI Bank Limited), filed a petition with the power market regulator, CERC (Central Electricity Regulatory Commission) on September 7, 2018, for grant of license for setting up a new power exchange.
CERC has granted registration on May 12, 2021, to Pranurja Solutions Ltd. to establish and operate a power exchange. The Company name was changed from Pranurja Solutions Limited to Hindustan Power Exchange Limited in November 2021, to brand itself as a power exchange.
On July 6, 2022, HPX commenced operations, and steadily increase its product portfolio and provides a wide range of contracts to address the demand of different segments of the electricity market.
BSE has a stake of 22.62% in the proposed power exchange through its wholly owned subsidiary, BSE Investments Limited.
III. Asia Index Private Limited (“AIPL”)
Asia Index Private Ltd. (AIPL) designs, maintains and disseminates a wide range of indices categorised under broad, sectors, thematic and factor and strategy indices. It provides index and index related services to stock exchanges, asset management companies, insurance companies, and other financial institutions in India and across the globe. It is dedicated to develop and provide innovative, rule-based indices that serve as an important benchmark for financial markets. It also provides custom index solutions and licensing services for index linked products- ETF/Index Funds and subscription services for benchmarking the performance of active fund schemes.
Following BSEs acquisition of the remaining 50% stake from S&PDJI in May 2024, AIPL is now a wholly owned subsidiary of BSE. AIPL has demonstrated robustness and innovation by launching 20 indices across broad, sectors and thematic space in the last financial year. It also received authorisation as Financial Benchmark Administration by RBI for indices based wholly or partially on financial instruments referred to or specified under Section 45W of the RBI Act. AIPL was also awarded with ‘Index Provider of the Year 2025 by Futures and Options World (FOW).
As the growth of Passive in India continues, AIPL commits to bring more relevant products for investors and market participants.
9. THREATS
A. INDUSTRY ACTIVITY LEVELS DECLINE
The Companys performance is dependent upon the volume and value of trades executed on its trading platform, the number of new/ further listings and the amount of capital raised through such issues, the number of active traders in the market, etc. While the Companys efforts can influence these activity levels, many factors that can have an impact on these factors are beyond the control of the Company. Adverse macro-economic developments and political uncertainty may dampen the sentiments of the capital markets and negatively affect the business.
B. REGULATORY CHANGES IMPACTS OUR ABILITY TO COMPETE
The competitive landscape for the securities transactions business in India continues to be challenging. The Companys ability to compete in this environment and ensure that regulations continue to allow competition on a level playing field, will be a major factor in ensuring sustained growth and profitability. Regulatory decisions relating to the BSE ownership structure, the ownership structure of its subsidiaries and associate companies, compensation policies, associated fees and levies, and restrictions on how Exchanges distribute their profit will continue to impact competitiveness.
C. CYBERSECURITY THREATS
Capital markets have bolstered their defense against cyberattacks, however they always remain a focused target for cybercriminals due to the money involved in the capital sector. Any successful breach in capital / financial organization can cause business losses in multifold, as such breach impacts the brand image, customer trust, and investors interest in the company.
The Company is therefore continuously investing in new advanced and niche cybersecurity technologies. Also, a continuous improvement in cybersecurity policies and procedures has been undertaken by the Company.
Some of the types of cyber threats that the Company might face
• Distributed Denial of Services (DDoS) - Hackers use these techniques to slowdown or completely shut down the company networks and services by sending more requests than the actual capacity of the Company network and systems, rendering them unreachable to its genuine users / customers.
• Phishing Attack - Phishing is a method of social engineering used to
trick people into divulging sensitive or confidential information, often via email. Not always easy to distinguish from genuine messages / calls, these scams can conflict enormous damage to the Company.
• Malware - A type of attack using a file or program intended to harm or disrupt a computer. It includes:
- RATs (Remote Access Trojans) - RATs (remote-access Trojans) are malware that installs backdoors on targeted systems to give remote access and/or administrative control to malicious users.
- Spyware - Spyware is a form of malware used to illicitly monitor a users computer activity and harvest personal information.
- Viruses - A computer virus is a piece of malicious code that is installed without the users knowledge. Viruses can replicate and spread to other computers by attaching themselves to other computer files.
- Worms - Worms are like viruses that are self-replicating. However, they do not need to attach themselves to another program to do so.
- Botnet Software - Botnet software is designed to infect large numbers of Internet-connected devices. Some botnets comprise millions of compromised machines, each using a relatively small amount of processing power. This means it can be difficult to detect this type of malware / attack, even when the botnet is running.
- Rootkits - Rootkits comprise several malicious payloads, such as keyloggers, RATs and viruses, allowing attackers remote access to targeted machines.
- Bootkits - Bootkits are a type of rootkit that can infect start-up code - the software that loads before the operating system.
• Drive-by Attack- In a drive-by attack, a hacker embeds malicious code into an insecure website. When a user visits the website, the script is automatically executed on their computer, by infecting it. The designation “drive by” comes from the fact that the victim only has to “drive by” the site by visiting it to get infected. There is no need to click on anything on the site or enter any information.
• AI-Enhanced Cyberthreats- AI capabilities are used by hackers to launch sophisticated cyberattacks in the form of complex and adaptive malicious software. AI fuzzing and Machine Learning poisoning are the next generation threats.
• Cryptojacking - It is a trend that involves cyber criminals hijacking third-party home or work computers, to “mine” for cryptocurrency. Cryptojacked systems can cause serious performance issues and costly down time as IT works to track down and resolve the issue.
• Social engineering - Hackers are continually becoming more and more sophisticated not only in their use of technology, but also psychology. Social engineering is the use of deception to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes.
• Ransomware - Ransomware is a type of malware that prevents or limits users from accessing their system, either by locking the systems screen or by locking the users files until a ransom is paid.
• Confidential Data Theft - Customer accounts can be the most vulnerable point of entry to financial systems. The hackers use stolen privileged credentials to steal from their account.
• Advanced Persistent Threat - A stealthy computer network threat actor which gains unauthorized access to a computer network and remains undetected for an extended period.
The Company has made conscious efforts and investments to implement necessary defense mechanisms for most of the above threats and significantly reduced the residual risk.
10. KEY STRATEGIES
INDIA INTERNATIONAL EXCHANGE (IFSC) LIMITED
I. Establish market leadership in the Secondary Market through innovation and diversified offerings
To strengthen leadership position in secondary market driving product innovation and broadening product portfolio. This includes collaboration with Indian AMCs to launch ETFs on Indian Stocks and engaging with foreign AMCs to explore ETFs on foreign stocks.
11. Emerge as the preferred gateway for outbound investments
India INX Global Access is focused on enabling seamless global investing for Indian and IFSC clients. This strategy includes:
- Expanding market reach through tie up with leading Indian and global banks.
- Partnership with leading International brokers to expand exchange coverage and products suite to unlock new revenue streams.
- Introduce a global mutual fund platform at GIFT IFSC.
III. Go Green and endorse ESG initiatives
India INX is reinforcing its role as a key player in sustainable finance through strategic partnership, including with the Luxembourg Stock Exchange, and Expanding its ESG initiatives via the GSM Green Platform. In 2024-25, the ESG regulatory framework at GIFT IFSC has evolved with new guidelines from IFSCA to curb greenwashing. With USD 14 billion raised in ESG- labelled securities and strong support for Sovereign Green Bonds, India INX is well- positioned to drive green capital mobilization and emerge as a leading global destination for ESG investments. „ 4
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IV. Continued Focus on listing of new products in Primary Markets
India INX is enhancing its primary market offering with innovative listing frameworks to attract global and domestic investors. Regulatory reforms, including the IFSCA Listing Regulations 2022 and LEAP Rules 2024, have positioned GIFT IFSC as a key capital- raising hub. These changes now enable direct equity listing for Indian and foreign companies, improving global market access.
Leveraging its GSM platform, India INX ensures a seamless listing process, reinforcing market accessibility and fostering international investment opportunities.
V. Expansion of Derivatives Market
Approval received for introduction of Bankex Futures and Options contracts from IFSCA.
VI. Enhancing Global Participation
Strengthening partnerships with international brokers, custodians, and asset managers to increase cross-border investments.
VII. Infrastructure & Technology Upgrades
Upgrading Infrastructure to ensure resilience and efficiency in line with our strategy to be prepared for higher volumes and provide a seamless experience to clients.
DIVERSIFY OUR PRODUCT AND SERVICE OFFERINGS AND MAINTAIN NEW PRODUCT INNOVATION AND DEVELOPMENT
BSE currently operates in a wide array of segments and offers a bouquet of products including equity, debt, derivatives in equity, currency, commodity and interest rate, mutual fund, insurance, SME, and start-ups segment. In addition to our ongoing strength in service offering, we intend to target the investors needs for all financial products through innovative product and service offerings.
FOCUS ON INCREASING OUR MARKET SHARE OF DERIVATIVE PRODUCTS
We actively evaluate products and asset classes outside our traditional focus areas to diversify our revenue sources. By doing so, we seek to continually attract market participants and issuers and capture the significant revenue potential that comes with a broader product line. These initiatives have yielded us positive results, evident in our increasing market share in the equity futures and options, with Sensex and Bankex contracts. With the introduction of Single stock derivatives from July 1,2024, and other unique products in Index derivatives, BSE has become the worlds second largest exchange in a short span, since the introduction of futures and options contracts on Sensex and Bankex with a differentiated expiry.
CYBER SECURITY
The Company is running its business on technology and information systems which is internet connected and available to the market. Thus, it is imperative to protect these systems from all known and unknown threat vectors to a possible extent. To achieve the same, the Company has strategically implemented 365 Days 24X7 Next Generation Cybersecurity Operation Centre (SOC) which comprises state-of-the-art tools and technologies including cognitive and machine learning. It makes BSE cyber resilient. Similarly, the company has also setup Security Operations Centre (MSOC) for applicable Member and Brokers for providing SOC services as per SEBI guidelines.
The Company, via its extended broker network, serves millions of investors every day, for which a secure and trustworthy information and data security ecosystem is vital. With ever increasing threat landscape, the information and data continues to be the most sought-after information asset globally. It is therefore imperative to protect it from the risk of unauthorized usage, data theft and tampering.
Regulators and governments globally and in India have either set out regulations or are in the process of formalizing data protection bills. To ensure meeting the regulatory requirements and protection of data and information, the Company is committed towards confidentiality and integrity of investor and customer data. The Company has created and implemented an Information Security program covering data security and data privacy. The Company is in the process of streamlining all major business processes to fundamentally embed zero trust architecture to meet local and international data privacy requirements. To achieve this some of the existing technological investments will be leveraged and appropriate changes shall be made.
The Company is also enabling its business, cyber security, and IT strategy to enable the business and functions run uninterrupted and implemented controls and solutions to enable users work with zero trust, data and
information security and Cyber Security controls in place.
Cyber Security is one of the key strategic components to meet the
Companys objective and to improve overall business resiliency.
11. RISKS AND CONCERNS
A. BUSINESS RISKS
• Our performance relies upon the volume and value of trades executed on the trading platform, number of orders processed on the Mutual Fund Distribution platform, the number of active investors in the market, the number of new/further listings and the amount of capital raised through such listings.
• Adverse economic conditions could negatively affect our business, financial condition and result of operations.
• Our industry is highly competitive, and we compete globally with a broad range of market participants for listings, clearing, trading and settlement volumes, and distribution of financial products.
• We operate in a business environment that continues to experience significant and rapid technological change.
• We operate in a highly regulated industry and may be subject to censures, fines, and other legal proceedings if we fail to comply with our legal and regulatory obligations. Changes in government policies could adversely affect trading volumes of instruments traded on BSE.
• The continuation or recurrence of systemic events such as the global economic crisis, changes in economic policies and the political situation in India or globally may adversely affect our performance.
• Our business, financial condition and result of operations are highly dependent upon the levels of activity on the exchange; and in particular upon the volume of financial assets traded, the number of listed securities, the number of new listings and subsequent issuances, and volume of financial products distributed. Moreover, they are dependent on, liquidity and similar factors that affect, either directly or indirectly, the trading, listing, clearing and settlement transaction-based fees.
• Integral to our growth is the relative attractiveness of the financial assets traded on the exchange; and the relative attractiveness of the exchange as a market on which to trade these financial assets. All of these variables are primarily influenced by economic, political and market conditions in India as well as, to a lesser degree, the rest of Asia, the United States, Europe and elsewhere in the world.
• Weak economic conditions of the country may adversely affect listing, trading, clearing and settlement volumes as well as the demand for market data. If the return on investments in Indian companies are generally lower than the return on investments in companies based in other countries, we may be unsuccessful in attracting foreign and local investors to our markets.
• Bullion, Base metals and Energy products are linked to international market, currency and government duties etc.
• Agri commodities are linked to crop production, monsoon, demand, and Government policies. •
• Other factors beyond our control, that may materially adversely affect our business, financial condition and result of operations include:
- Broad trends in business and finance, including industry-specific circumstances, capital market trends and the mergers and acquisitions environment.
- Social and civil unrest, terrorism and war.
- Concerns over inflation and the level of institutional or retail
confidence.
- Changes in government monetary policy and foreign currency exchange rates.
- The availability of short-term and long-term funding and capital.
- The availability of alternative investment opportunities.
- Changes and volatility in the prices of securities.
- Changes in tax policy (including transaction tax) and tax treaties between India and other countries.
- The level and volatility of interest rates.
- Legislative and regulatory changes, including the potential for regulatory arbitrage among regulated and unregulated markets, if significant policy differences emerge among markets.
- The perceived attractiveness, or lack of attractiveness, of Indian capital markets; and
- Unforeseen market closures or other disruptions in trading.
We operate in a business environment that has undergone, and continues to experience, significant and rapid technological change. To remain competitive, we must continue to enhance and improve the responsiveness, functionality, capacity, accessibility, and features of our trading and clearing platforms, software, systems and technologies. Our success will depend, in part, on our ability to:
- Develop and license leading technologies.
- Enhance existing trading and clearing platforms and services.
- Anticipate the demand for new services and respond to customer demands, technological advances and emerging industry standards and practices on a cost-effective and timely basis.
- Continue to attract and retain a workforce highly skilled in technology and to develop and maintain existing technology; and
- Respond and adapt to competition from and opportunities of emerging technologies such as Fintech innovation.
B. REGULATORY & COMPLIANCE
BSE continues to play a significant role in the securities market of India and as a first line regulator, is responsible for ensuring orderly functioning of the securities market. BSE has always strived for the safety and vibrancy of the securities markets and continues to work toward further enhancing the same.
BSE has been collaboratively working with other MIIs under the guidance of SEBI in various initiatives aimed at making our marketplaces safer and also in building of efficient market eco system. Besides this, BSE strives to ensure compliance with the regulatory obligations prescribed by SEBI and other regulators through implementation of regulatory measures, technology initiatives and strengthening the resources.
BSE is also focused on simplifying the compliance burden on various stakeholders without compromising on essence or principles of compliance. BSE is a member of various Industry Standards Forums established by SEBI, which is a joint forum of representatives from the Market Infrastructure Institutions and Industry bodies, for effective implementation of regulatory frameworks. BSE actively contributes in these forums for enhancing Ease of Doing Business without compromising on the regulatory intent.
BSE continues to put in place various automation initiatives to simplify compliance as well as effectively monitor and enforce the regulatory framework.
Creating investor awareness has been key focus for BSE and to achieve the same BSE has been conducting webinars, seminars, and training programs for investors free of cost. BSE has also used the digital space for creating awareness with creation of investor awareness series involving “Mr. Mane”, which has been widely appreciated.
BSE understands its role as “First Level Regulator” and has published Notices, Circulars and Guidelines for regulated entities under its purview. Additionally for critical areas knowledge sharing sessions have been conducted with participation of members through online webinars and inperson sessions with representatives of regulated entities.
C. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company identifies risk based internal audit scope and assesses the inherent risk in the processes and activities of all departments to ensure that appropriate risk management limits, control mechanisms and mitigation strategies are in place. The Internal Auditors report observations relating to the deficiencies / non-compliance of various audit areas and give suggestions / recommendations and control directives to mitigate the shortcomings and make the process, procedure, systems, and functions more robust, accountable, reliable, and compliant. The observations made by the Internal Auditors and the compliances thereof are placed before the Audit Committee and also shared with the Statutory Auditors for their information.
The internal audit scope is prepared after considering all interdepartmental policies and procedures, any regulatory or statutory changes and critical functions of the organization and then placed before the Audit Committee for their approval.
The Company has implemented the Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Accordingly, the COSO based procedures and process manuals for major functions have been prepared to establish interlinkages between departments, to define responsibility, accountability, and reporting matrix, to define control framework of each process and activity and to identify the risks. Internal Auditors refer to COSO based process and procedures while performing the internal audit functions.
The Company conducts in-house monitoring of the important applicable statutory and regulatory compliances. The status of compliances and the monitoring thereof are regularly placed before the Audit Committee and the Board.
The processes and quality management systems of the Company are ISO 9001:2015 certified by S & A Certifications having European accreditation of Euro Cert. The Company conducts the audits of the processes as required under ISO 9001:2015 and has successfully obtained certification valid upto June 07, 2025.
The Company has an Audit Committee, the details of which have been provided in the Corporate Governance Report. The Committee reviews audit reports submitted by the Internal Auditors. Suggestions for improvement are considered and the Committee follows up on the implementation of corrective actions. The Committee also meets the Statutory Auditors to ascertain, inter alia, their views on the adequacy of internal control systems.
12. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS FRONT INCLUDING NUMBER OF PEOPLE EMPLOYED
A. Human Capital
At BSE, we recognize that a skilled and motivated workforce is the cornerstone of innovation and operational efficiency, driving us towards our organizational goals. Our commitment to investing in human capital is designed to elevate both the organization and its employees to new levels of competence and growth. By strengthening leadership across all functions,
we are actively reviewing and revising our systems, policies, and processes to ensure that our organizational structures promote inclusiveness and accountability.
Diversity and Inclusion are essential for fostering innovation and creating an equitable organization. By ensuring equal opportunities and cultivating a culture of respect, BSE has unlocked the potential of its workforce, driving positive change. Notably, over 29% of our workforce comprises women, reflecting our commitment to gender diversity.
As of March 31,2025, BSE employed 677 management cadre employees and 94 staff level employees. The Human Resource function continues to serve as a strategic business partner and catalyst for change, playing a pivotal role in unlocking human potential and driving organizational transformation and success.
Some of the Talent Management & Development Interventions are as below:
B. Training & Development
At BSE, we cultivate a culture of learning, collaboration, diversity, and wellbeing. We celebrate and recognize employees who consistently demonstrate our values and inspire others. Significant resources are dedicated to sustaining a culture that promotes voice and innovation, and facilitates trust, engagement, belonging, and performance. By simplifying internal processes through collaborative efforts, we ensure that employees are at their productive best.
The collaborative deliberations and decisions of our leadership, supported by stakeholders and enabled by people managers, have led to various new initiatives aimed at building a learning and high-performing culture. We follow an integrated performance management approach to align individual performance with organizational goals.
BSE has focused on strengthening identified competencies by organizing targeted training programs. During FY 2024-25, we conducted 13 training programs, training approximately 300+ employees. Behavioral training programs included Personal Effectiveness, Decision Making, Time Management, and Stress Management, while technical programs covered Advanced Excel, PowerPoint, and more.
We have also ensured that our senior leaders undergo skill and technical development at premier institutes such as IIM Ahmedabad, IIM Calcutta, IIM Bangalore, and the Indian School of Business (ISB). Courses attended by them included Essentials of Leadership, Mastering Negotiations & Influence, and Decision Making for Managerial Effectiveness.
Additionally, we encourage and engage our employees in developing their technical skills through external NISM certifications sponsored by the organization. This initiative has been widely accepted, and employees are actively working towards certification in these courses.
C. Employee Engagement
At BSE, we take immense pride in nurturing a highly engaged and motivated workforce that consistently demonstrates ownership, accountability, and a collaborative spirit. Our employees are deeply committed to organizational goals and actively contribute to building a vibrant, inclusive workplace culture. Throughout the year, we hosted a wide range of employee engagement initiatives that received enthusiastic participation. Highlights included the Ganesha Canvas Painting and Idol Making Workshops, followed by the 11-day Ganesh Festival Celebrations. Cultural events such as Garba Night, Diwali Celebrations, and Christmas Carols with Santa brought together over 1,250 employees and their families, enriching our workplace with joy and unity. National days like Republic Day, Independence Day, and Holi were celebrated with great fervor. International Womens Day was marked with motivational sessions on financial planning and health, along with engaging games and activities for our women employees.
BSE places strong emphasis on employee well-being. In FY 2024-25, we organized wellness and sports initiatives including cricket and badminton tournaments, along with comprehensive health camps offering full-body checkups and eye examinations to ensure holistic care.
Our commitment to social responsibility was reflected in impactful community outreach programs. Employees actively participated in the Beach Cleaning Initiative, promoting environmental sustainability. During Daan Utsav Week, BSE collaborated with various NPOs to conduct financial literacy sessions for senior school students, distribute water filters across India, organize health check-ups, art and craft workshops, and donate fruits and blankets to old age homes. Blood donation camps further reinforced our dedication to public health and community welfare.
These initiatives highlight BSEs unwavering commitment to fostering a supportive work environment while making meaningful contributions to society, creating a workplace where employees thrive and communities benefit.
150 Years of BSE
As BSE marks its 150th anniversary, we reflect on our rich history and the remarkable journey that has brought us to this significant milestone. This achievement is a testament to the dedication, resilience, and innovation of our workforce, past and present. To honor this momentous occasion, we have planned a series of celebrations and events to recognize and appreciate our employees contributions.
As we celebrate 150 years of excellence, we remain dedicated to our core values and look forward to continuing our legacy of innovation and growth. We extend our heartfelt gratitude to all our employees for their unwavering commitment and contributions, which have been instrumental in shaping BSEs success.
13. BSES CONTRIBUTION IN THE ESG AND SUSTAINABILITY SPACE
I. Donation Drive
As part of social responsibility, BSE facilitated the donation of five water dispensers to the ‘Bal Raksha Bharat Trust. This initiative improves access to safe drinking water for children and staff at the trusts facilities, thereby reducing the risk of water borne disease and promoting public health and hygiene.
To spread festive cheer, BSE employees visited the Dignity Foundation Centre for senior citizens in Mumbai, participating interactive and joyful activities that fostered inclusion and emotional well-being.
In partnership with Balghar, the company organized a health check-up-camp to deliver essential medical screenings and preventive care to underprivileged individuals with limited access to healthcare services.
II. Beach Cleaning Initiative
Demonstrating environmental stewardship, BSE organised a beach clean-up drive where employees volunteered to remove waste from a local beach. This initiative not only contributed to a cleaner shoreline but also educated participants on the importance of preserving marine biodiversity.
Aligned with SDG 14 (Life Below Water aimed at reducing marine pollution) and SDG 12 (Responsible Consumption and Production), this initiative reinforces BSEs commitment to sustainable waste management and the protection of natural resources for future generations.
III. Rainwater Harvesting
To enhance water conservation efforts, rainwater harvesting system were installed at the BSE building in Mumbai. These systems enable the capture of rainwater which is treated and utilized for the chiller plant replacing use of fresh water. Furthermore, it also contributes to recharging the ring wells
within the premises and promotes long term water security.
This initiative underscores BSEs efficient use of natural resources, contributing to SDG 6 (Clean Water and Sanitation) and SDG 13 (Climate Action).
IV. Installation of Motion Sensors
To optimise energy efficiency and reduce carbon emissions, BSE installed LED based motion sensor lighting in office washrooms and common areas. These sensors ensure lights are activated only when needed and automatically turn off when the areas are unoccupied, significantly cutting down on energy consumption and emissions.
This move supports SDG 7 (Affordable and Clean Energy) and SG 9 (Industry, Innovation, and Infrastructure) by embedding smart infrastructure for energy optimization.
V. Replacement of Plastic Water Bottles with Glass Jars
In an effort to reduce single-use plastic waste and promote sustainable practices, we have replaced plastic water bottles with reusable glass jars across our premises. These glass jars are refilled regularly, providing a hygienic and environmentally friendly alternative to disposable plastic bottles.
This initiative significantly minimizes plastic consumption, lowers our environmental footprint, and supports our commitment to sustainable resource management and responsible waste reduction.
VI. Discontinuation of Tissue Paper Usage in Washrooms
As part of BSEs sustainability efforts, the use of tissue papers in all washrooms across the building has been discontinued. In place of tissue papers, energy-efficient electronic hand dryers have been installed on every floor to promote a more sustainable and hygienic drying solution. This move is aimed at reducing paper waste, lowering procurement and disposal costs, and minimizing the organizations environmental footprint.
The initiative ensures the elimination of unnecessary paper waste in washrooms, promoting sustainable resource use and reducing the organizations reliance on disposable paper products.
VII. Effective Waste Management
BSE has demonstrated a strong and consistent commitment to environmental sustainability through its structed and ongoing waste management initiatives. As a part of its efforts to promote resource efficiency and reduce the environmental impact of its operations, BSE successfully diverted 2.68 metric tonnes (MT) of paper waste and 0.19 MT of plastic waste from landfills by sending them to authorized recyclers. This reflects a conscious shift towards responsible disposal practices and the adoption of a circular approach to material usage.
VIII. Reuse of Office Furniture
To promote reuse and reduce waste, we sell used office furniture to employees at a nominal rate. This initiative not only extends the life of the furniture but also provides an affordable option for our employees.
IX. Energy Efficient Data Centres
BSE is committed to carbon emission reduction and minimizing the environmental impact of its large data centres. To achieve this, it employs a multifaceted approach, optimizing energy efficiency, water conservation, climate risk assessment, infrastructure optimization and improved operational practices.
Using its DC Sustainability Tool and NetZero Simulators, BSE monitors these metrics, identifies energy-saving opportunities, and simulates carbon reduction strategies.
Additionally, loT-based inlet air temperature control enhances cooling efficiency, reduces energy consumption, and integrates with water recycling to cut waste.
By combining these efforts with advanced optimization tools, BSE aims to reduce its carbon footprint while improving operational efficiency and sustainability.
14. FINANCIAL PERFORMANCE A. SOURCES OF FUNDS
I. Equity Share Capital
BSE has one class of shares - equity shares at a face value of ? 2 each. The Authorised Share Capital is ? 30,000 Lakh represented by 1,50,00,00,000 equity shares of ? 2 each. The Issued Equity Share Capital stood at ? 2,746 Lakh as at March 31,2025 (? 2,746 Lakh as at March 31,2024) represented by 13,73,26,359 equity shares of ? 2 each (13,73,26,359 equity shares of ? 2 each as at March 31,2024). Out of which, 13,53,76,359 Equity Shares of ? 2/- each (13,53,76,359 equity shares of ? 2 each as at March 31,2024) was subscribed and paid-up equity share capital as on March 31,2025.
The allotment of 19,50,000 equity shares of ? 2/- each along with all corporate benefits as declared from time to time, including dividend and bonus have been kept in abeyance for specific reasons pursuant to the provisions of the BSE (Corporatisation & Demutualisation) Scheme, 2005.
II. Other Equity
Capital Reserve: Pursuant to the BSE (Corporatisation & Demutualisation) Scheme, 2005, the balance in Contribution by Members, Forfeiture of Members Application Money, Technology Reserve, Stock Exchange building, Seth Chunnilal Motilal Library, Charity, Income and Expenditure Account as at August 19, 2005 as appearing in the Company are transferred to Capital Reserve being reserves which shall not be used for purposes other than the operations of the Company. On a standalone as well as consolidated basis, the balance as at March 31,2025 amounted to ? 66,179 Lakh, which is the same as the previous year.
General Reserve: The General Reserve created from time to time through transfer profits from Retained Earnings for appropriation purposes. As the General Reserve created by a transfer from one component of equity to another and is not an item of Other Comprehensive Income, items included in General Reserve will not be reclassified to the Statement of Profit and Loss. The balance of General Reserve as on March 31, 2025 was ? 41,406 Lakh on a standalone basis and ? 42,461 Lakh on a consolidated basis which is which is same as the previous year.
Capital reserve on business combination: The balance of Capital Reserve on Business Combination as on March 31, 2025 stood at ? 10,530 Lakh on a standalone and consolidated basis, which is the same as the previous year.
Retained Earnings: On a standalone basis, the balance in the Retained Earnings as at March 31,2025 was ? 2,53,940 Lakh, as compared to ? 1,63,572 Lakh in the previous year. Retained Earnings as at March 31, 2025 includes balance of ? 46 Lakh (? 324 Lakh as on March 31,2024) pertaining Other Comprehensive Income (OCI) which is mainly on account of remeasurement gains/losses on our defined employee benefit plans (net of taxes).
On a consolidated basis, the balance in Retained Earnings as at March 31,2025 was ? 3,20,486 Lakh as compared to ? 2,08,341 Lakh in the previous year. Retained Earnings as at March 31,2025 includes balance
of ? 2,920 Lakh (? 2,766 Lakh as on March 31,2024) pertaining to Other Comprehensive Income (OCI) which is mainly on account of remeasurement gains/losses on our defined employee benefit plans (net of taxes) and foreign currency translation reserve being exchange differences on translating the financial statements of International Financial Services Centre (IFSC) operation.
Other Reserves:
(Rs. in Lakhs)
Sr. Particulars No. |
As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| a) Share application money pending allotment | 0A | 0A |
| b) Capital redemption reserve | 2 | 2 |
Total |
2 | 2 |
Consolidated: |
||
| a) Share application money pending allotment | 0A | 0A |
| b) Liquidity enhancement scheme (LES) reserve | 8 | 9 |
| c) Capital redemption reserve | 2 | 2 |
Total |
10 | 11 |
A less than f50,000/-
Capital redemption reserve: Capital redemption reserve of ? 2 Lakh (representing the nominal value of the shares bought back and extinguished) has been created from balance in retained earnings on account of buyback of shares.
Liquidity enhancement scheme (LES) reserve: India INX had launched Liquidity Enhancement Scheme (LES) to enhance liquidity in INDIA INXs derivatives contracts traded in accordance with the circular issued by IFSC Authority from time to time. India INX has created additional LES reserve of ? 665 Lakh and incurred an expense of ? 666 Lakh during the year ended March 31,2025, accordingly LES reserve balance as on March 31,2025 is ? 8 Lakh (as on March 31,2024: ? 9 Lakh). The LES reserve as on March 31, 2025 will not form part of net worth in accordance with the IFSCA circular F. No. 286/IFSCA/PM(CMD-DMIIT)/2021/4 dated March 31,2022.
III. Other Comprehensive Income (Rs. in Lakhs)
| Sr. Particulars No. | As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| a) Opening Balance | 324 | 257 |
| b) Remeasurements gain / (loss) on the defined employee benefit plans | (278) | 67 |
| c) Closing Balance | 46 | 324 |
Consolidated |
||
| a) Opening Balance | 2,766 | 2,581 |
| b) Remeasurements gain / (loss) on the defined employee benefit plans | - | - |
| c) Foreign Currency Translation Reserve | 731 | 270 |
| d) Share of other comprehensive Income of associate accounted for using equity method | - | - |
| e) Closing Balance | 2,920 | 2,766 |
Total Equity: The Total Equity on standalone basis increased to ? 3,74,764 Lakh as on March 31,2025 from ? 2,84,396 Lakh as on March 31,2024. The book value per equity shares on standalone basis increased to ? 277 as at March 31,2025 as compared to ? 210 as at March 31,2024.
The Total Equity attributable to the shareholders of the Company on a consolidated basis increased to ? 4,42,373 Lakh as on March 31,2025 from ? 3,30,229 Lakh as on March 31,2024. The book value per equity shares on consolidated basis increased to ? 327 as at March 31,2025 as compared to ? 244 as at March 31,2024.
Non-Controlling Interest: Investors had taken minority stake in India INX, India ICC and India INX GA, due to which non-controlling interest generated as at March 31,2025 was ? 15,197 Lakh as compared to ? 15,237 Lakh as on March 31,2024.
Core Settlement Guarantee Fund: On a consolidated basis, the balance of Core Settlement Guarantee Fund as at March 31, 2025 increased by ? 17,764 Lakh to ? 1,13,260 Lakh, as compared to ? 95,496 Lakh as at March 31,2024.
B. APPLICATION OF FUNDS
I. Property Plant & Equipment and Investment Property:
Additions to Gross Block - Standalone: During the year, the Company capitalised ? 9,721 Lakh to the gross block comprising of ? 682 Lakh in Plant and Equipments, ? 1,468 Lakh in Electrical Installations, ? 6,679 Lakh in Computer Equipments, ? 414 Lakh in Furniture and Fixtures and ? 478 Lakh in Office Equipments.
During the previous year, the Company capitalised ? 9,568 Lakh to the gross block comprising of ? 371 Lakh in Plant and Equipments, ? 204 Lakh in Electrical Installations, ? 8,778 Lakh in Computer Equipments, ? 13 Lakh in Furniture and Fixtures and ? 202 Lakh in Office Equipments.
Additions to Gross Block - Consolidated: During the year, the Company capitalised ? 11,416 Lakh to the gross block comprising ? 15 Lakh in Buildings, ? 682 Lakh in Plant and Equipments, ? 1,468 Lakh in Electrical Installations, ? 8,279 Lakh in Computer Equipments, ? 483 Lakh in Furniture and Fixtures and ? 489 Lakh in Office Equipments.
During the previous year, the Company capitalised ? 11,004 Lakh to the gross block comprising ? 21 Lakh in Buildings, ? 371 Lakh in Plant and Equipments, ? 204 Lakh in Electrical Installations, ? 10,179 Lakh in Computer Equipments, ? 15 Lakh in Furniture and Fixtures and ? 214 Lakh in Office Equipments.
Other Intangible Assets - Standalone: During the year, the Company capitalised ? 602 Lakh in Software as compared to ? 964 Lakh in previous year.
Goodwill and Other Intangible Assets - Consolidated: The carrying value of Goodwill as at March 31,2025 is ? 3,814 as compared ? 3,742 in previous year. During the year, the Company capitalised ? 1,397 Lakh in Software as compared to ? 1,844 Lakh during previous year.
Capital Work in Progress and Intangible assets under development (CWIP) - Standalone: The carrying value of CWIP was ? 5,413 Lakh as at March 31,2025 as compared to ? 1,448 Lakh as at March 31,2024.
Capital Work in Progress and Intangible assets under development (CWIP) -Consolidated: The carrying value of CWIP was ? 5,412 Lakh as at March 31,2025 as compared to ? 1,451 Lakh as at March 31,2024.
Capital Expenditure Commitments: The estimated value of contracts remaining to be executed on capital account and not provided for are mentioned in below table:
| Sr. Particulars No. | As at March 31,2025 | As at March 31,2024 |
| Standalone: | ||
| a) Towards Tangible assets | 15,480 | 6,307 |
| b) Towards Intangible assets | 542 | 1,008 |
| Total | 16,022 | 7,315 |
| Consolidated: | ||
| a) Towards Tangible assets | 16,389 | 7,713 |
| b) Towards Intan gible assets | 542 | 1,008 |
| c) Towards Strategic Investments | 75 | 72 |
| Total | 17,006 | 8,793 |
II. Financial Assets:
Investments:
Investment in Subsidiaries and associates: (Rs. in Lakhs)
| Sr. No. Particulars | As at March 31,2025 | As at March 31,2024 |
| Standalone: | ||
| a) Investment in Subsidiaries | 77,799 | 81,309 |
| b) Investment in Associates | 3,542 | 3,543 |
| c) Asset classified as held for sale | 5,000 | |
| Total | 86,341 | 84,852 |
| Consolidated: | ||
| a) Investment in Subsidiaries | 8 | - |
| b) Investment in Associates | 50,053 | 46,041 |
| c) Asset classified as held for sale | - | - |
| Total | 50,061 | 46,041 |
During the year, the Board of Directors of the Company had accorded in principle approval for divestment of its holding in its wholly owned subsidiary, BSE Institute Limited. Consequently, the disclosures required by IndAS 105 “Assets Held for Sale and Discontinued Operations” have been presented in the financial results.
During the year, the Company had acquired control of Asia Index Private Limited ("AIPL") by acquiring 50% stake from the Joint Venture partner. Consequently, AIPL had become wholly owned subsidiary w.e.f June 01,2024.
(Rs. in Lakhs)
| Sr. No | Name of Subsidiary | Amount of additional investment during FY 2024-25 |
| 1 | Asia Index Private Limited | 3,001 |
| Total investments in subsidiaries during FY 2024-25 | 3,001 |
During the year, the company received dividend from below mentioned subsidiary companies:
(Rs. in Lakhs)
| Sr No Name of Subsidiary | FY 2024-25 |
| 1 Asia Index Private Limited | 1,200 |
| 2 BSE Institute Limited | 1,200 |
| 3 BSE Technologies Private Limted | 1,500 |
| Total dividends from subsidiaries during FY 2024-25 | 3,900 |
The details of share of profits / loss of associates:
| Sr. Name of Associate No. | Share of Profit / (Loss) added during FY 2024-25 | Share of Profit / (Loss) added during FY 2023-24 |
| 1 Central Depository Services (India) Limited | 7,900 | 6,287 |
| 2 Asia Index Private Limited (upto May 31,2025) | 145 | 775 |
| 3 Countrywide Commodity Repository Limited | (31) | (14) |
| 4 EBIX Insuretech Private Limited | (115) | (32) |
| 5 EBIX Insurance Broking Private Limited | 25 | 15 |
| 6 Hindustan Power Exchange Limited | 241 | 337 |
| 7 India International Bullion Holding IFSC Limited | 240 | (138) |
| 8 BSE E-Agricultural Markets Limited | (146) | (48) |
| Total | 8,259 | 7,182 |
The details of additional investments made in Associates by Subsidiaries of BSE:
| Sr. Particulars No. | FY 2024-25 |
| a) Investments by India INX in India International Bullion Holding IFSC Limited | 1,000 |
| b) Investments by India ICC in India International Bullion Holding IFSC Limited | 1,000 |
| Total | 2,000 |
The details of dividend from Associates eliminated from Investments
| Sr. Particulars No. | FY 2024-25 | FY 2023-24 |
| Consolidated | ||
| a) Dividend received from Central | 3,449 | 2,508 |
| Depository Services (India) Limited | ||
| Total | 3,449 | 2,508 |
Other Investments
| Sr. Particulars No. | As at March 31,2025 | As at March 31,2024 |
| Standalone | ||
| 1. Bonds, non-convertible debentures and state development loans | 74,656 | 1,06,734 |
| 2. Exchange traded funds through asset management company | 8,338 | 4,122 |
| 3. Growth oriented debt schemes of mutual funds | 99,322 | 42,263 |
| 4 Less: Provision for diminution | (1,415) | (1,611) |
| 5. Earmarked Investments | 1,843 | 2,505 |
| 6. Accrued Interest | 2,391 | 3,395 |
| Total | 1,85,135 | 1,57,408 |
| Consolidated | ||
| 1. Investment in Equity | 4,097 | 4,092 |
| 2. Bonds, non-convertible debentures, state development loans and Government Securities | 80,033 | 1,13,172 |
| 3. Exchange traded funds through asset management company | 8,338 | 4,122 |
| Sr. Particulars No. | As at March 31,2025 | As at March 31,2024 |
| Consolidated | ||
| 4. Growth oriented debt schemes of mutual funds | 1,09,782 | 51,365 |
| 5. Less: Provision for diminution | (1,415) | (1,611) |
| 6. Earmarked Investments | 30,900 | 18,166 |
| 7. Interest accrued | 2,753 | 3,640 |
| Total | 2,34,488 | 1,92,946 |
All the investments made by the Company comprise of mutual fund units (including investment in fixed maturity plan securities) and quoted and unquoted debt securities (including investment in bonds, non-convertible debentures, state development loans and government securities).
Trade Receivables: On a standalone basis, trade receivables amounted to ? 23,424 Lakh as at March 31,2025 as compared to ? 11,919 Lakh as at March 31,2024. Average collection period was 25 days as compared to 30 days in the previous year.
On a consolidated basis, trade receivables amounted to ? 30,967 Lakh as at March 31, 2025 as compared to ? 21,087 Lakh as at March 31, 2024. Average collection period was 32 days as compared to 40 days in the previous year.
In accordance with Ind AS 109, the Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss. The Company follows ‘simplified approach for recognition of impairment loss allowance on trade receivable. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivable based on a detailed analysis of trade receivable by individual departments. ECL impairment loss allowance (or reversal) recognised during the year is recognised as income/ expense in the Statement of Profit and Loss. ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write off criteria, the Company does not reduce impairment allowance from the gross carrying amount.
The movement of impairment allowance is shown below: (^ in Lakhs)
| Particulars | As at March 31, 2025 | As at March 31, 2024 |
| Standalone: | ||
| Opening Balance of Impairment Loss | 2,557 | 3,164 |
| Additional/(reversal) Provision during the Year | 277 | (607) |
| Closing Balance of Impairment Loss | 2,834 | 2,557 |
| Consolidated: | ||
| Opening Balance of Impairment Loss | 2,841 | 3,474 |
| Additional/(reversal) Provision during the Year | 3,183 | (633) |
| Closing Balance of Impairment Loss | 6,024 | 2,841 |
Cash and Cash equivalents and other bank balances: On a standalone basis, balance in current accounts and deposit accounts including accrued interest stood at ? 1,23,125 Lakh as at March 31, 2025, as compared to ? 99,086 Lakh as at March 31,2024. On a consolidated basis, balance in current accounts and deposit accounts including accrued interest stood at ? 5,18,386 Lakh as at March 31,2025 as compared to ? 4,46,285 Lakh as at March 31,2024.
| Particulars | As at March 31, 2025 | As at March 31, 2024 |
| Standalone: | ||
| In Current Accounts - Own | 788 | 357 |
| In Deposit Accounts - Own including accrued Interest | 89,021 | 56,586 |
| Total Cash and Bank Balance (Own) | 89,809 | 56,943 |
| In Current Accounts - Earmarked | 2,751 | 3,106 |
| In Deposit Accounts - Earmarked including accrued Interest | 30,565 | 39,037 |
| Total Cash and Bank Balance (Earmarked) | 33,316 | 42,143 |
| Total Cash and Bank Balance | 1,23,125 | 99,086 |
| Consolidated: | ||
| In Current Accounts - Own | 1,746 | 2,600 |
| In Deposit Accounts - Own including Interest accrued | 1,48,976 | 84,445 |
| Total Cash and Bank Balance (Own) | 1,50,722 | 87,045 |
| In Current Accounts - Earmarked | 39,583 | 46,900 |
| In Deposit Accounts - Earmarked including Interest accrued | 3,28,081 | 3,12,340 |
| Total Cash and Bank Balance (Earmarked) | 3,67,664 | 3,59,240 |
| Total Cash and Bank Balance | 5,18,386 | 4,46,285 |
The earmarked balances in the current account and deposit accounts are restricted cash and bank balances which are to be used for specified purposes only. All other cash and bank balances are available for operating activities of the Company.
Other Financial Assets:
(Rs. in Lakhs)
| Sr. Particulars No. | As at March 31, 2025 | As at March 31, 2024 |
| Standalone: | ||
| Deposit with public bodies and others | 340 | 209 |
| Loan to staff | 43 | 44 |
| Bank deposits incl. accrued interest (> 1Year maturity) - Own | 6,650 | 26,618 |
| Bank deposits incl. accrued interest (> 1Year maturity) - Earmarked | 11,048 | 6,469 |
| Due from subsidiaries | 152 | 60 |
| Receivable from portfolio management account | 31 | 1 |
| Deposits made under protest for property tax and others (net of provision of Rs. 785 Lakh) | 10 | 9 |
| Total | 18,274 | 33,410 |
| Consolidated: | ||
| Deposit with public bodies and others | 465 | 361 |
| Loan to staff | 47 | 49 |
| Expenses recoverable from subsidiaries | 30 | 1 |
| Receivable from portfolio management account | 31 | 1 |
| Bank deposits incl accrued interest (> 1Year maturity) - Own | 16,764 | 54,483 |
(Rs. in Lakhs)
| Sr. Particulars No. | As at March 31, 2025 | As at March 31, 2024 |
| Bank deposits incl accrued interest (> 1Year maturity) - Earmarked | 1,00,445 | 1,30,009 |
| Other advances | 4 | - |
| Settlement Obligation Receivable | 337 | 281 |
| Deposits made under protest for property tax and others (net of provision of Rs. 785 Lakh) | 10 | 9 |
| Total | 1,18,133 | 1,85,194 |
Deposit with public bodies and others represent amount given as deposit to public bodies and deposit for taking rental properties. Bank deposits are deposits which have a remaining maturity tenure of more than 12 months. Other bank deposits are classified as cash and cash equivalents and other bank balances. Accrued interest is the interest accrued but not due on the fixed deposits. The amount receivable from portfolio management account represents, the amount remaining to be invested by the portfolio management professionals.
OtherAssets: (Rs. in Lakhs)
| Particulars | As at March 31,2025 | As at March 31,2024 |
| Standalone: | ||
| Gratuity Asset (Net) | - | 238 |
| Prepaid Expenses | 662 | 441 |
| Advance to Creditors | 1,192 | 1,043 |
| Capital Advances | 15,333 | - |
| Input Credit Receivable | 6,005 | 1,119 |
| Total | 23,192 | 2,841 |
| Consolidated: | ||
| Gratuity Asset (Net) | - | 252 |
| Prepaid Expenses | 1,612 | 2,181 |
| Advances Recoverable in Cash or in Kind or for value to be received | 157 | 139 |
| Advance to Creditors | 1,424 | 1,138 |
| Capital Advances | 15,584 | - |
| Core SGF | 192 | 282 |
| Input Credit Receivable | 6,965 | 1,998 |
| Total | 25,934 | 5,990 |
Input Tax Credit receivable represents the input tax credit of Goods & Service Tax (GST) receivable which can be utilised subsequently against future GST liability as per the provisions of GST Act. Advance to creditors and capital advances represent the amount paid in advance to vendors for which services have been availed partly or yet to be availed.
Trade Payables:
(Rs. in Lakhs)
Particulars |
As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| Trade Payables - MSME | 10 | 4 |
| Trade Payables - Others | 7,442 | 15,820 |
Total |
7,452 | 15,824 |
Consolidated: |
||
| Trade Payables - MSME | 208 | 119 |
| Trade Payables - Others | 11,188 | 18,936 |
Total |
11,396 | 19,055 |
Other Financial Liabilities:
(Rs. in Lakhs)
Particulars |
As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| Accrued employee benefit expenses | 3,996 | 2,739 |
| Deposits received | 15,054 | 15,710 |
| Unpaid dividends | 184 | 188 |
| Due to subsidiaries/associates/trust | 1,225 | 3,329 |
| Payables on purchase of fixed assets | 2,395 | 961 |
| Earmarked Liabilities | 35,024 | 41,386 |
Total |
57,878 | 64,313 |
Consolidated: |
||
| Accrued employee benefit expenses | 5,035 | 3,877 |
| Deposits and margin received | 16,381 | 17,103 |
| Unpaid dividends | 184 | 188 |
| Payables on purchase of fixed assets | 2,423 | 961 |
| Lease obligations | 2 | 2 |
| Due to associates/trust | 324 | - |
| Others | 2 | - |
| Earmarked Liabilities | 35,024 | 41,386 |
| Clearing and Settlement | 3,31,172 | 3,58,165 |
Total |
3,90,547 | 4,21,682 |
Accrued employee benefit represents emoluments payable to employees over a period of time based on the HR policies designed for the benefit of the employees. Deposits received includes deposits received from trading members and clearing members which are based on guidelines issued by SEBI. Lease obligations are liabilities which are at a fixed rate of interest having an original repayment period of 5 years. Earmarked liabilities are backed up by corresponding bank balances and bank deposits mentioned above. Clearing and Settlement liability represents the early pay-in received by Indian Clearing Corporation Limited (ICCL) with respect to trades executed on trading platform of the exchanges pending settlement, deposits received from clearing banks and margin money/deposits received from members.
Provision: (Rs. in Lakhs)
Particulars |
As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| Provision for Gratuity | 350 | - |
| Compensated Absence | 1,574 | 1,107 |
Particulars |
As at March 31,2025 | As at March 31,2024 |
| Provision for SEBI regulatory fee | 5,444 | 16,977 |
Total |
7,368 | 18,084 |
Consolidated: |
||
| Provision for Gratuity | 571 | 288 |
| Compensated Absence | 2,235 | 1,867 |
| Provision for SEBI regulatory fee | 5,444 | 16,977 |
Total |
8,250 | 19,132 |
The provision for Gratuity and compensated absences are made based on actuarial valuation reports.
Income Tax Assets and Liabilities:
(Rs. in Lakhs)
Particulars |
As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| Deferred Tax Assets - A | 2,418 | 5,720 |
| Deferred Tax Liabilities - B | 1,170 | 585 |
Deferred Tax Net (A-B) |
1,248 | 5,135 |
| Income Tax Assets - C | 9,576 | 7,861 |
| Income Tax Liabilities - D | 8,350 | 1,461 |
Income Tax Net (C-D) |
1,226 | 6,400 |
Consolidated: |
||
| Deferred Tax Assets - E | 3,336 | 6,534 |
| Deferred Tax Liabilities - F | 1,397 | 657 |
Deferred Tax Net (E-F) |
1,939 | 5,877 |
| Income Tax Assets - G | 12,056 | 11,622 |
| Income Tax Liabilities - H | 8,447 | 1,496 |
Income Tax Net (G-H) |
3,609 | 10,126 |
Deferred Tax Assets primarily comprise deferred tax on property, plant and equipment, impairment of financial assets and expenses allowed on payment basis u/s 43B of Income Tax Act, 1961. Deferred tax liabilities primarily comprise of deferred tax on fair market valuation of mutual fund. The deferred tax assets and liabilities have been offset wherever the Company has a legally enforceable right to set off current income tax assets against current income tax liabilities and where the deferred tax assets and deferred tax liabilities relate to the taxes levied by the same taxation authority.
Current Income tax liabilities represents estimated income tax liabilities net of Advance taxes paid and tax deducted at source.
Other Liabilities: (Rs. in Lakhs)
Particulars |
As at March 31,2025 | As at March 31,2024 |
Standalone: |
||
| Income received in advance | 2,541 | 862 |
| Advance from customers | 5,032 | 3,486 |
| Statutory remittances | 22,624 | 25,947 |
| Other liabilities | 10,350 | 9,045 |
Total |
40,547 | 39,340 |
Consolidated: |
||
| Income received in advance | 3,280 | 2,142 |
| Advance from customers | 5,057 | 3,518 |
Particulars |
As at March 31,2025 | As at March 31,2024 |
| Statutory remittances | 24,399 | 27,935 |
| Other liabilities | 10,350 | 9,045 |
| Unamortised portion of Capital Subsidy | 7 | 17 |
| Contribution payable to IPF | 43 | 39 |
Total |
43,136 | 42,696 |
Statutory remittances include dues payable to statutory bodies, which have been paid off subsequently before the applicable due dates. Other liabilities include amount set aside to Investors service fund @ 20% of annual listing fees as per the directive of SEBI and dividend of earlier years in respect of shares held in abeyance (For further details refer schedule 19 of standalone and consolidated financial statements).
IV. Financial Results:
Standalone Performance: (^ in Lakhs)
Sr. Particulars No. |
FY 2024-25 | FY 2023-24 | Variance (%) |
A. Income |
|||
| Securities services | 2,06,751 | 62,794 | 229% |
| Services to corporates | 48,850 | 34,990 | 40% |
| Data dissemination fees | 5,042 | 4,314 | 17% |
Revenue from operations |
2,60,643 | 1,02,098 | 155% |
| Investment income | 27,692 | 23,676 | 17% |
| Other income | 2,940 | 3,406 | (14%) |
Total income |
2,91,275 | 1,29,180 | 125% |
B. Expenses |
|||
| Employee benefits expense | 15,641 | 10,993 | 42% |
| Technology expense | 16,651 | 16,349 | 2% |
| Clearing and settlement expense | 38,967 | 20,655 | 89% |
| Regulatory contribution | 41,027 | 23,621 | 74% |
| Administration and other expenses | 13,424 | 8,612 | 56% |
Total expenses |
1,25,710 | 80,230 | 57% |
C. EBITDA |
1,65,565 | 48,950 | 238% |
| EBITDA Margin | 57% | 38% | |
| Depreciation and amortisation expense | 9,049 | 7,503 | 21% |
D. Profit before core settlement guarantee fund |
1,56,516 | 41,447 | 278% |
| Contribution to core settlement guarantee fund | 9,000 | - | NA |
E Profit before exceptional item and tax |
1,47,516 | 41,447 | 256% |
| Exceptional item | - | 50,417 | NA |
F Profit before tax |
1,47,516 | 91,864 | 61% |
| Tax expenses | 36,271 | 16,525 | 119% |
G Net profit for the year |
1,11,245 | 75,339 | 48% |
| Net margin | 38% | 58% | |
| Net margin excluding exceptional item | 38% | 22% |
Sr. Particulars No. |
FY 2024-25 | FY 2023-24 | Variance (%) |
H Other comprehensive income |
(278) | 67 | (515%) |
I Total comprehensive income for the year |
1,10,967 | 75,406 | 47% |
Standalone Income:
| Particulars | FY 2024-25 | % of Total Income | % Growth | FY 2023-24 | % of Total Income |
| Securities Services | 2,06,751 | 71% | 229% | 62,794 | 49% |
| Services to Corporates | 48,850 | 17% | 40% | 34,990 | 27% |
| Data Dissemination Fees | 5,042 | 2% | 17% | 4,314 | 3% |
| Investment Income | 27,692 | 10% | 17% | 23,676 | 18% |
| Other Income | 2,940 | 1% | (14%) | 3,406 | 3% |
Total Income |
2,91,275 | 100% | 125% | 1,29,180 | 100% |
The Total Income for the year was higher by ? 1,62,095 Lakh at ? 2,91,275 Lakh (up 125%) as compared to ? 1,29,180 lakh in FY 24. The income from securities services is increased by ? 1,43,957 Lakh (up 229%) to ? 2,06,751 Lakh in FY 25 as compared to ? 62,794 Lakh in FY 24. This is mainly due to increase in transaction charges income from equity derivatives segment by ? 1,23,929 Lakh, equity cash segment by ? 4,224 Lakh and Mutual Fund segment by ? 10,267 Lakh. The income from services to corporate for FY 25 has increased by ? 13,860 Lakh (up 40%) from ? 34,990 Lakh in FY 24 to ? 48,850 Lakh. The increase is mainly due to increase in listing fees by ? 7,319 (up 26%) Lakh from ? 28,009 Lakh in FY 24 to ? 35,328 Lakh in FY 25, Book building software charges by ? 4,772 (up 100%) Lakh from ? 4,764 Lakh in FY 24 to ? 9,536 Lakh in FY 25. The investment income for FY25 has increased by ? 4,016 Lakh (up 17%) from ? 23,676 Lakh to ? 27,692 Lakh. The income from data dissemination for FY 25 has increased by ? 728 Lakh (up 17%) from ? 4,314 Lakh to ? 5,042 Lakh.
Standalone Expenses:
(Rs. in Lakhs)
| Particulars | FY 2024-25 | % of Total Income | % Growth | FY 2023-24 | % of Total Income |
| Employee Benefit Expense | 15,641 | 5% | 42% | 10,993 | 9% |
| Technology expense | 16,651 | 6% | 2% | 16,349 | 13% |
| Regulatory Contribution | 41,027 | 14% | 74% | 23,621 | 18% |
| Clearing and settlement expense | 38,967 | 13% | 89% | 20,655 | 16% |
| Contribution to core settlement guarantee fund | 9,000 | 3% | NA | 0% | |
| Depreciation | 9,049 | 3% | 21% | 7,503 | 6% |
| Business related expenses | 5,517 | 2% | 118% | 2,531 | 2% |
| Premises related expenses | 4,124 | 1% | 31% | 3,143 | 2% |
| Other operational expenses | 3,783 | 1% | 29% | 2,938 | 2% |
Total |
1,43,759 | 49% | 64% | 87,733 | 68% |
The Total Expenses for the year were higher by ? 56,026 Lakh from ? 87,733 Lakh (up 64%) to ? 1,43,759 Lakh. The increase in expenses is largely on account of increase in clearing and settlement expense by ? 18,312 Lakh (up 89%) from ? 20,655 Lakh in FY 24 to ? 38,967 Lakh in FY 25, regulatory contribution by ?17,406 (up 74%) from ? 23,621 Lakh in FY 24 to ? 41,027 Lakh, Contribution to Core SGF of ? 9,000 Lakh during the year, employee cost by ? 4,648 Lakh (up 42%) from ? 10,993 Lakh in FY 24 to ? 15,641 Lakh in FY 25, business related expenses by ? 2,986 Lakh (up 118%) from ? 2,531 Lakh in FY 24 to ? 5,517 Lakh in FY 25, premises related expenses by ? 981 Lakh (up 31%) from ? 3,143 Lakh in FY 24 to ? 4,124 Lakh in FY 25, depreciation and amortisation cost by ? 1,546 (up 21%) Lakh from ? 7,503 Lakh in FY 24 to ? 9,049 Lakh in FY 25, Computer Technology Expense by ? 302 Lakh (up 2%) from ? 16,349 Lakh in FY 24 to ? 16,651 Lakh in FY 25.
Consolidated Performance: „. , ,, ,
(Rs. in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 | Variance (%) |
A. Income |
|||
| - Securities services | 2,37,179 | 94,858 | 150% |
| - Services to corporate | 48,995 | 34,968 | 40% |
| - Data dissemination fees | 5,042 | 4,314 | 17% |
| - Index related services | 2,403 | - | NA |
| - IT Services | 2,115 | 2,964 | (29%) |
Revenue from operations |
2,95,734 | 1,37,104 | 116% |
| - Investment income | 25,470 | 19,711 | 29% |
| - Other income | 2,427 | 2,773 | (12%) |
Total income |
3,23,631 | 1,59,588 | 103% |
B. Expenses |
|||
| - Employee benefit expense | 23,662 | 19,906 | 19% |
| - Technology expense | 16,429 | 13,731 | 20% |
| - Clearing and settlement expense | 34,805 | 13,314 | 161% |
| - Regulatory contribution | 41,046 | 23,690 | 73% |
| - Administration and other expense | 20,154 | 16,758 | 20% |
| - Liquidity enhancement scheme | 666 | 643 | 4% |
| expense | |||
Total expenses |
1,36,762 | 88,042 | 55% |
C. EBITDA |
1,86,869 | 71,546 | 161% |
EBITDA Margin |
58% | 45% | |
| Depreciation and amortization expense | 11,298 | 9,493 | 19% |
| Finance costs | 3 | 1,505 | (100%) |
D. Profit before contribution to core settlement guarantee fund |
1,75,568 | 60,548 | 190% |
| Contribution to core settlement guarantee fund | 9,000 | 9,170 | (2%) |
E. Profit before exceptional item and tax |
1,66,568 | 51,378 | 224% |
| Exceptional item | - | 40,662 | (100%) |
F. Profit before tax and share of net profits of investments accounted for using equity method |
1,66,568 | 92,040 | 81% |
| Share of profit of associates | 8,259 | 7,182 | 15% |
G. Profit before tax |
1,74,827 | 99,222 | 76% |
| Tax expenses | 43,121 | 22,352 | 93% |
Particulars |
FY 2024-25 | FY 2023-24 | Variance (%) |
H. Net profit for the year from continuing operation |
1,31,706 | 76,870 | 71% |
I. Net Profit for the year from discontinued operation |
526 | 296 | 78% |
J. Net profit for the year from total operation |
1,32,232 | 77,166 | 71% |
| Net profit attributable to the shareholders of the Company | 1,32,589 | 77,839 | 70% |
| Net Profit attributable to the non-controlling interest | (357) | (673) | 47% |
| Net Margin (F/A) | 41% | 48% | |
| Net Margin excluding exceptional item (net of tax) | 41% | 25% | |
K. Other comprehensive income |
501 | 321 | 56% |
L. Total comprehensive |
1,32,733 | 77,487 | 71% |
| Total comprehensive income attributable to the shareholders | 1,32,773 | 78,039 | 70% |
| of the Company | |||
| Total comprehensive income attributable to the non-controlling interest | (40) | (552) | 93% |
Consolidated Income:
(Rs. in Lakhs)
Particulars |
FY 2024-25 | % of Total Income | % Growth | FY 2023-24 | % of Total Income |
| Securities Services | 2,37,179 | 73% | 150% | 94,858 | 59% |
| Services to Corporates | 48,995 | 15% | 40% | 34,968 | 22% |
| Data Dissemination Fees | 5,042 | 1% | 17% | 4,314 | 3% |
| Index related services | 2,403 | 1% | NA | - | NA |
| IT Services | 2,115 | 1% | (29%) | 2,964 | 2% |
| Investment Income | 25,470 | 8% | 29% | 19,711 | 12% |
| Other Income | 2,427 | 1% | (12%) | 2,773 | 2% |
Total Income |
3,23,631 | 100% | 103% | 1,59,588 | 100% |
The Total Income for the year was higher by ? 1,64,043 Lakh from ? 1,59,588 Lakh (up 103%) to ? 3,23,631 Lakh in FY 25. The income from securities services for FY25 has increased by ? 1,42,321 Lakh (up 150%) from ? 94,858 Lakh in FY 24 to ? 2,37,179 Lakh in FY 25. The increase is mainly in income from transaction charges by ? 1,32,106 Lakh, Treasury I ncome from Clearing and Settlement Funds ? 3,378 Lakh, other charges by ? 4,729 Lakh and processing fees ? 2,177 Lakh. The income from services to corporate for FY 25 has increased by ? 14,027 Lakh (up 40%) from ? 34,968 Lakh in FY 24 to ? 48,995 Lakh. The investment income for FY25 has increased by ? 5,759 Lakh (up 29%) from ? 19,711 Lakh in FY24 to ? 25,470 Lakh for FY25. Post acquisition of AIPL, the income from index related services for FY 25 was ? 2,403 Lakh.
Consolidated Expenses: ^ in LakhS)
| Particulars | FY 2024-25 | % of Total Income | % Growth : | FY 2023-24 | % of Total Income |
| Employee benefits expense | 23,662 | 7% | 19% | 19,906 | 12% |
| Technology expense | 16,429 | 5% | 20% | 13,731 | 9% |
| Regulatory contribution | 41,046 | 13% | 73% | 23,690 | 15% |
| Clearing and Settlement expense | 34,805 | 11% | 161% | 13,314 | 8% |
| Contribution to core settlement guarantee fund | 9,000 | 3% | (2%) | 9,170 | 6% |
| Business related expenses | 7,636 | 3% | 16% | 6,606 | 4% |
| Premises related expenses | 4,455 | 1% | 28% | 3,480 | 2% |
| Other operational expenses | 8,729 | 3% | 19% | 7,315 | 5% |
| Depreciation and amortization expenses | 11,298 | 3% | 19% | 9,493 | 6% |
| Finance Cost | 3 | 0% | (100%) | 1,505 | 1% |
| Total | 1,57,063 | 49% | 45% | 1,08,210 | 68% |
The Total Expenses for the year were higher by ? 48,853 Lakh (up 45%) from ? 1,08,210 Lakh for FY24 to ? 1,57,063 Lakh. The increase in expenses is largely on account of increase in clearing and settlement expenses by ? 21,491 Lakh (up 161%) from ? 13,314 Lakh in FY 24 to ? 34,805 Lakh in FY 25, regulatory contribution by ? 17,356 Lakh (up 73%) from ? 23,690 Lakh in FY 24 to ? 41,046 Lakh in FY 25, employee cost by ? 3,756 Lakh (up 19%) from ? 19,906 Lakh in FY 24 to ? 23,662 Lakh in FY 25, technology expenses by ? 2,698 lakh (up 20%) from ? 13,731 Lakh in FY 24 to ? 16,429 Lakh in FY 25, depreciation and amortisation expenses by ? 1,805 Lakh (up 19%) from ? 9,493 Lakh in FY 24 to ? 11,298 Lakh in FY 25, business related expenses by ? 1,030 Lakh (up 16%) from ? 6,606 Lakh in FY 24 to ? 7,636 Lakh in FY 25, premises related expenses by ? 975 Lakh (up 28%) from ? 3,480 Lakh in FY 24 to ? 4,455 Lakh in FY 25 and other operational expenses by ? 1,414 Lakh (up 19%) from ? 7,315 Lakh in FY 24 to ? 8,729 Lakh in FY 25, offset by decrease in finance cost ?1,502 Lakh from ?1,505 Lakh in FY 24 to ?3 Lakh in FY 25.
V. Cash Flow Standalone
Summary of standalone cash flow statement is given below: (Rs. in Lakhs)
| Particulars | FY 2024-25 | FY 2023-24 |
| Operating activities | 51,629 | 49,231 |
| Investing activities | (32,903) | (28,346) |
| Financing activities | (20,599) | (17,910) |
| Net increase / (decrease) in cash and cash equivalents | (1,873) | 2,975 |
| Cash and cash equivalents at the beginning of the year | 3,316 | 341 |
| Cash and cash equivalents at the end of the year | 1,443 | 3,316 |
In FY 25, there was a net cash generated from operating activities amounting to ? 51,629 Lakh as compared to net cash generated of ? 49,231 Lakh in FY 24.
There was net cash outflow from investing activities amounting to ? 32,903 Lakh in FY 25 as compared to net cash outflow of ? 28,346 Lakh in FY 24.
The net cash outflow from financing activities was higher in FY 25 at ? 20,599 Lakh as compared to net cash outflow of ? 17,910 Lakh in FY 24.
Consolidated:
Summary of consolidated cash flow statement is given below: (Rs. in Lakhs)
| Particulars | FY 2024-25 | FY 2023-24 |
| Operating activities | 41,015 | 2,64,435 |
| Investing activities | (76,723) | (88,832) |
| Financing activities | (20,599) | (14,905) |
| Net decrease in cash and cash equivalents from continuing operations | (56,307) | 1,60,698 |
| Net increase in cash and cash equivalents from discontinued operation | 1,288 | 1,596 |
| Net increase / (decrease) in cash and cash equivalents from total operation | (55,019) | 1,62,294 |
| Cash and cash equivalents at the beginning of the year | 2,07,435 | 45,141 |
| Cash and cash equivalents at the end of the year | 1,52,416 | 2,07,435 |
In FY 25, there was a net cash inflow from operating activities amounting to ? 41,015 Lakh as compared to net cash inflow from operating activities amounting to ? 2,64,435 Lakh in FY 24.
There was net cash outflow from investing activities amounting to ? 76,723 Lakh in FY 25 as compared to net cash outflow of ? 88,832 Lakh in FY 24.
The net cash outflow from financing activities amounting to ? 20,599 Lakh in FY 25 as compared to net cash outflow of ? 14,905 Lakh in FY 24.
Earnings per Share (EPS)
The details of change in EPS on standalone and consolidated basis are as follows:
| Particulars | FY 2024-25 | FY 2023-24 | % Increase |
| Standalone: | |||
| Basic and diluted EPS before exceptional item | 81.01 | 20.99 | 286% |
| Basic and diluted EPS after exceptional item | 81.01 | 54.84 | 48% |
| Consolidated: | |||
| Basic and diluted EPS before exceptional item - Continuing Operations | 96.17 | 29.69 | 224% |
| Basic and diluted EPS after exceptional item - Continuing Operations | 96.17 | 56.45 | 70% |
| Basic and diluted EPS after exceptional item - Total Operations | 96.55 | 56.66 | 70% |
VI. Segment-wise reporting - Consolidated
The Company operated in one reportable business segment viz: Stock Exchange Operations i.e., Facilitating Trading in Securities and other related ancillary Services as at the reporting date, and therefore has only one reportable Segment as per Indian Accounting Standard 108 “Operating Segments”.
VII. Material developments after balance sheet date
No major developments to be reported.
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector-specific financial ratios.
Particulars |
FY 2024-25 | FY 2023-24 | Variation (bps) | % Change* |
| Current Ratios (in times) | 2.57 | 1.65 | - | 56.76% |
| Debtors Turnover (in times) | 12.80 | 9.15 | - | 39.89% |
| Creditors Turnover (in times) | 5.77 | 4.20 | - | 37.38% |
| Net Profit Margin (in %) | 42.68 | 73.79 | (3111) | (42.16%) |
*Please refer Note 46 of Standalone Financials for reasons of significant changes.
Return on Net worth (ROE)
Return on equity has increased by 14.77% to 33.77% in FY 2024-25 from 29.50% in FY 2023-24. Net Profit for the year has increased by 48% (from Net Profit of ? 75,339 Lakh in FY 2023-24 to Net Profit of ? 1,11,245 Lakh in FY 2024-25) as against YoY growth of 28.92% in average Net Worth (from ? 2,55,348 Lakh in FY 2023-24 to ? 3,29,395 Lakh in FY 2024-25).
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund & Specialized Investment Fund Distributor), PFRDA Reg. No. PoP 20092018
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
