BSE · Material risks, their source context, and severity in the latest available quarter.
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The RBI circular requiring bank guarantees to be replaced with cash or securities went live July 1, 2026. While impact on BSE has been minimal so far, the full effect may not yet be visible as some legacy bank guarantees remain in the system and could mature without reissuance.
Combined effect of STT increase (from April 2026) and RBI circular has significantly impacted overall market volumes in futures segment. BSE's direct impact is limited as it has minimal futures market share, but broader market stress could affect sentiment.
A Rs 40 crore provision was made against dues receivable from a data vendor, following elevated other expenses in the prior quarter. Management declined to comment on whether this represents steady-state run-rate, suggesting uncertainty around full recovery.
Foreign institutional investors outflows of Rs 3.66 lakh crore during the first seven months of 2026 have been countered by record domestic institutional flows of Rs 5 lakh crore. However, continued foreign selling could pressure markets if domestic flows moderate.
