Missing leverage
The pressure was first felt in trading services, NSE’s largest business, in which transaction charges make up the bulk of revenue. After Sebi curbed speculative activity in equity derivatives, average daily trading volumes moderated across the cash, futures and options segments, pulling transaction-charge income down 4% year-on-year to ₹13,057 crore in FY26 from ₹13,636 crore a year earlier.
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