On an average daily premium turnover basis, BSE’s market share has risen from about 21% in April 2025 to 34% in April 2026. In absolute terms, volumes have more than doubled, moving from roughly ₹15,500 crore to over ₹33,000 crore.
NSE still leads with a 66% share, but the gap has narrowed meaningfully over the past year.
The trend has not been a straight line, but the direction is clear. Through FY26, BSE held its share in the mid-to-high 20s before pushing up sharply to 34% in April. This suggests steady traction rather than a one-off jump.
Now, here is where it gets interesting.
On notional turnover, BSE has already overtaken NSE. That sounds significant, but it needs context.
Yields on BSE are much lower, roughly a third of NSE’s. Lower pricing is attracting more traders and higher volumes. The shift in weekly expiry days between the two exchanges has also helped push activity towards BSE.
However, lower yields also mean lower earnings per trade.
So even as BSE gains share and volumes, NSE continues to generate more revenue on every transaction. That gives NSE a clear edge in profitability.
Why this matters
Options are the primary revenue driver for exchanges, accounting for over 75% of transaction revenue. India is also one of the largest options markets globally, so pricing power here is critical.
What about futures?
Not much has changed.
BSE’s presence in futures remains minimal, with market share at just about 0.3% in April 2026. NSE continues to dominate with nearly 100% share, and that trend has held for a while.
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But does it matter as much? Not really. Futures are a much smaller contributor to overall revenue.
The bottom line is straightforward
BSE is steadily gaining ground in options. But NSE still leads where it counts — generating higher revenue per trade and controlling the bulk of the profit pool.
