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Stock exchange BSE on Monday reported a net profit of Rs 108.2 crore for the December quarter, up from Rs 51.6 crore a year ago in the same period.
However, the net profit saw a decline of 10 per cent quarter on quarter, owing to an outgo of over Rs 91.7 crore towards the Core Settlement Guarantee Fund (SGF) for its currency derivatives segment by its clearing arm.
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The bourse’s revenue surged to Rs 431.5 crore in the third quarter of FY24 from Rs 245 crore reported a year ago.
In an attempt to bring down the clearing and settlement costs on BSE, the exchange has written to NSE Clearing (NCL) requesting a review of the charges.
“There is another method to bring it (clearing and settlement cost) down. It is the clearing corporation deciding to charge reasonably. We have already requested the clearing corporation. We have written to them (NCL), telling them that it is too much of a cost. They should relook at it because it has been a long time since the interoperability agreement was signed,” said Sundararaman Ramamurthy, MD & CEO of BSE.
In the earnings call, he said, the exchange is working on a new mutual fund platform, expansion of its data centre and co-location facility, clearing, settlement, and numerous other regulatory projects.
He added that efforts were on to attract more Foreign Portfolio Investors’ (FPI) participation.
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The CEO added that the exchange will start seeing the impact on the expansion of the collocation facility from the first quarter for this calendar year and will bring the charges at the market level at an ‘appropriate time’.
The exchange’s mutual fund platform BSE Star MF recorded a revenue of Rs 86 crore in the first nine months of FY24, a jump of around 57 per cent from 9MFY23.
On the impending merger of India INX (international exchange in Gift City) with the National Stock Exchange’s unit in the International Financial Services Centre (IFSC), Ramamurthy said that though the work was on, a lot of requirements are awaited to be fulfilled from multiple regulators.
