Should investors dump BSE shares to subscribe to NSE? Simple answer is no. (opens original article in a new tab)

The article explains that while NSE's IPO faces valuation challenges, BSE's growth from Sebi's expiry curbs has narrowed the valuation gap between the two exchanges.

• NSE's IPO comes after a year of slowing earnings, while BSE saw explosive growth due to Sebi's expiry curbs
• BSE's Ebitda nearly doubled in FY26 compared to NSE's 13% decline
• NSE's valuation is 44 times FY26 Ebitda compared to BSE's 52 times
• BSE's revenue is heavily dependent on transaction charges linked to market volumes