Should investors dump BSE shares to subscribe to NSE? Simple answer is no.

NSE filed its DRHP for a 6 percent offer-for-sale IPO, but the article argues investors need not dump BSE shares to subscribe. BSE's Ebitda nearly doubled year-on-year to Rs 3,156 crore in FY26, while NSE's Ebitda fell 13 percent to Rs 11,225 crore, aided by SEBI's November 2024 weekly expiry curbs that shifted derivatives volumes to BSE (which rose from near zero market share in FY23 to 28 percent in FY26). At an estimated Rs 5 trillion valuation, NSE trades at 44 times FY26 market cap-to-Ebitda versus 52 times for BSE, an 18 percent premium, though both derive about 79 percent of revenue from transaction charges, raising concentration and revenue quality concerns.