BSE Q3 net profit down 10 pc to Rs 44.93-cr

Leading stock exchange BSE on Tuesday reported a 10 per cent decline in consolidated net profit to Rs 44.93 crore in third quarter ended December 31, 2019.

In comparison, the exchange had a net profit of Rs 50.07 crore in the year-ago period, BSE said in a regulatory filing to the stock exchanges.

Total income declined to Rs 148.66 crore in the October-December period of the ongoing fiscal from Rs 177.11 crore in the same quarter previous financial year.

On a standalone basis, BSE's net profit rose to Rs 98.50 crore in the quarter under review from Rs 52.36 crore in the October-December period of 2018-19. The exchange's total income dropped to Rs 124.94 crore from Rs 156.27 crore.

The exchange's MD and CEO Ashishkumar Chauhan said the enactment of International Financial Services Centres Authority Bill, 2019 is significantly a positive step undertaken by the government for growth and development of IFSC GIFT City in Gujarat as a global financial hub.

The legislative support on the taxation side and likely introduction of Rupee based currency derivatives in near future makes the business outlook of the BSE'' international exchange, India INX, very promising, he added.

The International Financial Services Centres Authority Act has come into force from December 20, 2019 and provides for setting up a unified authority to regulate all financial services in IFSCs in the country. The move is aimed at setting up a world class unified regulator for international financial services combining powers and functions of Reserve Bank of India (RBI), markets watchdog Sebi, insurance regulator IRDAI and and pension regulator PFRDA.

Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators such as RBI, Sebi, and IRDAI.