| Stock Exchange Activity | Equity and derivatives trading, SME equity segments, mutual fund distribution platform, market data services. | Strong brand legacy, partnership with Deutsche Bourse, robust technology platforms, nationwide reach and regulatory approvals. | B2B and B2C including stock brokers, institutional investors, retail investors, mutual fund distributors, and corporates. | Equity derivative trading, mutual fund distribution, technology-enabled clearing services. | 564 | 70 | Transaction fees, listing fees, service charges, mutual fund order processing fees. | Transaction-based fees, subscription fees, service charges based on volume and value of trades. | Growing retail investor participation, expansion of derivatives and mutual fund platforms, regulatory reforms. | S&P BSE SENSEX, BSE SME Exchange, BSE StAR MF |
| Depository Activity | Electronic securities depository, safekeeping of securities, dematerialisation and settlement processing. | One of two primary depositories in India; critical infrastructure provider with regulatory oversight. | Institutional investors, brokers, and retail investors holding dematerialized securities. | Custody and transaction processing fees. | 186 | 23 | Fees from securities dematerialisation, transactions, and custody services. | Per transaction fees and annual custody charges. | Increasing trend of dematerialisation, digital securities processing, regulatory push for electronic settlement. | Central Depository Services Limited (CDSL) |
