1. Deutsche Börse marketing partnership ends - direct data distribution from Jan 1, 2027 Pending - At the Q1 FY27 call, management committed that starting Jan 1, 2027, BSE will conclude its 13-year marketing partnership with Deutsche Börse and directly manage distribution and licensing of its market data worldwide. The horizon has not yet been reached as of 31 Aug 2026.
2. Technology budget - current year \~Rs. 300 cr almost doubling Pending - At the Q4 FY26 call, management indicated the current year's technology budget of around Rs. 300 crores "is almost going to be doubling" due to rising memory and hardware prices. Technology expenses grew 21% to Rs. 201.63 cr in FY26, and Q1 FY27 notes cite technology expense rising "in a healthy fashion", with no doubled-budget disclosure yet in our record.
3. Buyback - 45.9 lakh shares at Rs. 816 per share Partial - At the Q1 FY24 call, the Board approved a buyback of 45.9 lakh equity shares (3.39% of total equity) via tender route at Rs. 816 apiece, total consideration Rs. 374 crores, subject to shareholder approval. The company bought back 86,532 fully paid equity shares of face value Rs. 2 each via tender offer at Rs. 1,080 per share, far below the approved 45.9 lakh and at a different price.
4. Core SGF contribution policy - 5% of transaction-related revenue monthly until 150% threshold Delivered - At the Q2 FY26 call, management committed to contribute 5% of transaction-related revenue to the core SGF monthly, halting once overall SGF exceeds 150% of the minimum requirement; at Q4 FY26 the contribution was cut from 5% of profits to 3.5% after crossing the pre-set 150% threshold. Core SGF stood at Rs. 1,159 cr as of October 2025 with Rs. 10.6 cr contributed in Q2 FY26, Rs. 1,202 cr as of Jan 2026 with Rs. 45.6 cr contributed in Q3 FY26, and the threshold was reached in Q3 FY26, restricting contribution to "somewhere around 3% plus".
5. Derivatives on BSE Focused IT Index - launch 11 May 2026 Delivered - At the Q4 FY26 call, management confirmed launch of derivatives on the BSE Focused IT Index from 11 May 2026. The derivatives were launched during Q1 FY27 and completed three expiry cycles, making BSE the first exchange in India to offer IT-sector-benchmarked derivatives.
6. Cash-equities market share - at least double digit On track - At the Q4 FY26 call, management reiterated its ambition for cash-equities market share of "at least double digit" versus the current 7%-8%; at Q1 FY27 it added a horizon of "maybe by the beginning of the calendar year 2027" touching "at least a very meaningfully double-digit market share", framed as an "aspiration". Cash-segment share has been hovering around 7%-8%, and Q1 FY27 cash ADTV hit a record Rs. 9,955 cr, though no share percentage is disclosed in the Q1 FY27 notes.
7. FPI contribution to total volumes - around 9% On track - At the Q4 FY26 call, management set a target for FPI participation of around 9% of BSE's total volumes, versus the current 5%-6%. FPI contribution stood at around 5%-6% at Q4 FY26, and no updated percentage is disclosed at Q1 FY27 in our record.
8. Colocation per-order/throttle charges - introduce meaningful charges soon Delivered - At the Q4 FY25 call, management said per-order/throttle charges had "not been meaningfully charging anything" and committed to coming "very soon" with throttle types and meaningful charges. Throttle charges were introduced October 2024 above 10,000 messages per second, member-level limits were revised effective June 30, 2025 with 40 MPS free and charges from Rs. 50,000 annually for 100 MPS, colocation revenue rose to Rs. 46 cr in Q2 FY26 from Rs. 27 cr in Q1 FY26 on the July 1 revision, and order-flow charges at Q1 FY27 were 20% of market rates.
9. Common contract note - go live Delivered - At the Q4 FY25 call, management said the common contract note "must have gone live by 1st of May" but was postponed, expressing confidence it would go live "in the coming months" once testing completed. The Common Contract Note was implemented in India with effect from 27 June 2025.
10. Bankex monthly contract - rebuild liquidity Delivered - At the Q3 FY25 call, management committed to rebuilding liquidity in Bankex contracts, saying it was "confident we will rebuild the monthly contract of Bankex". Bankex volumes had fallen almost 95% after the expiry-day change; BSE revamped the Bankex index to make it broad-based, with a marked increase in participation and liquidity following, and at Q4 FY26 Bankex showed traction in monthly contracts.
11. AIPL indices - expand factor and broad market families before FY25 year-end Delivered - At the Q3 FY25 call, management said AIPL was focusing on launching more indices and expanding the factor family and broad market family "before the year-end" (FY25). AIPL launched 15 indices in FY25, BSE Index Services launched 20 indices in FY25 and seven more in Q1 FY26, 50 new indices were launched since the SPDJI stake acquisition, and 65+ post acquisition.
12. FPI participation - scale from \~100 to 200-250 FPIs Delivered - At the Q4 FY24 call, management wanted to scale FPI participation from \~100 FPIs to at least 200-250 FPIs; later targets raised the bar to around 800 FPAs from 520 at Q4 FY26 and "at least 800" from \~650 at Q1 FY27. FPI participation reached 120 at Q2 FY25, 330 at Q1 FY26, 520 at Q4 FY26, and around 650 at Q1 FY27, exceeding the original 200-250 target.
13. Derivatives membership - grow from \~400 to 500-600 members Delivered - At the Q4 FY24 call, management aspired to grow derivatives membership from \~400 members to 500-600 members; at Q4 FY26 it set a goal of at least 700 brokers, noting the 600 goal for the year "appears to have been achieved by now already". Membership grew from \~400 at Q4 FY24 to 453 at Q2 FY25, 528 at Q1 FY26, 587 at Q4 FY26, and over 610 regularly participating at Q1 FY27.
14. Single stock derivatives - expiry second Thursday from 1st July 2024 Delivered - At the Q4 FY24 call, management said effective 1st July 2024, all single stock derivatives contracts at BSE would expire on the second Thursday of the month. BSE forayed into single stock derivatives effective 1 July 2024 with mid-month expiry (second Thursday).
15. StAR MF 2.0 - launch next quarter (Q2 FY25) Missed - At the Q4 FY24 call, management said it would introduce a new platform called StAR MF 2.0 next quarter, i.e. Q2 FY 2025, and at Q1 FY25 repeated it would come "this quarter". No launch of StAR MF 2.0 is disclosed through Q1 FY27; StAR MF kept posting record revenues and transaction volumes, but the promised platform never appears in the notes.
16. Colocation racks - 150 more racks, Phase 1 delivery from Q1 CY2024 Delivered - At the Q4 FY24 call, management planned 150 more colocation racks if market demand supported, after saying at Q3 FY24 that racks would start being delivered "somewhere in the first quarter onwards of this calendar year" and month-on-month thereafter; the plan was revised to 200 racks in two tranches at Q4 FY25, around 140 at Q1 FY26, 70-90 more at Q2 FY26 reaching around 500 racks, and 80 more "in the offing soon" at Q3 FY26. Phase 1 of core data centre expansion was completed by Q4 FY24, co-location scaled from \~300 racks at Q4 FY25 to \~350 at Q1 FY26 and 500 racks in place by Q1 FY27, with colocation revenue rising to Rs. 171 cr in FY26 from Rs. 74 cr in FY25.
17. Equity derivatives charges - introduce at appropriate time Delivered - From Q4 FY23 through Q3 FY24, management repeatedly committed to introducing or revising charges in free or subsidized segments "once there is some traction", considering "appropriate charges" in equity derivatives "at the appropriate time", levying Bankex derivative charges "at an appropriate level and an appropriate time", and noting "We have started charging. We have made a beginning". Slab-wise charges for current-week Sensex options took effect November 1, 2023, a new fee structure for Sensex and Bankex options took effect 13th May 2024, transaction charges were revised to Rs. 3,250 per crore of premium turnover effective October 1, 2024, and BSE earned Rs. 176 crores from derivatives in FY24.
18. Sensex and Bankex derivatives relaunch - May 15, 2023 Delivered - At the Q4 FY23 call, management said the relaunch of Sensex and Bankex derivative contracts with lower lot size and Friday expiry would happen on May 15, 2023. The contracts were relaunched with lower lot size and Friday expiry from May 15, 2023.
19. MD & CEO succession - complete sooner than expected Delivered - At the Q4 FY22 call, management said the MD & CEO succession process was "on track" and "will complete sooner than expected". Sundararaman Ramamurthy took charge as MD and CEO of BSE on 4th January 2023.
20. KYC KRA and TReDS businesses - commence after final approval Partial - At the Q3 FY22 call, management said the KYC KRA and TReDS businesses would commence only after receipt of final approval and certificate of license from respective regulators. BSE Technologies launched the KYC Registration Agency on 27th October 2022; TReDS final approval remained awaited as of Q2 FY23, and no further TReDS launch disclosure appears in our record through Q1 FY27.
21. Electronic Gold Receipt (EGR) segment - launch in FY23 Delivered - At the Q4 FY22 call, management said the gold spot exchange (EGR) launch "should happen in this financial year" and was "probably couple of months away", and at Q1 FY23 was "confident that we will be able to launch" it "in this financial year subject to requisite approval". BSE became India's first exchange to launch Electronic Gold Receipts after SEBI final approval, with 4 new EGR products traded during the Muhurat session on 24th October 2022, and EGR transaction charges set at Rs. 345 per crore from day 1.
22. India International Bullion Exchange - fully live by Q1 FY23 Delivered - At the Q4 FY22 call, management expected the India International Bullion Exchange to go fully live by the first quarter of financial year 2023. A trial run was conducted April 18, 2022 with the first trade April 19, 2022, and the exchange was launched by the Prime Minister on July 29, 2022.
23. CDSL stake reduction to 15% - by 2nd October 2023 Delivered - At the Q2 FY23 call, management stated BSE would have to reduce 5% of its CDSL stake by 2nd October 2023 per regulatory mandate, and at Q3 FY23 said the divestment must be completed by that date, with a 2.5% stake sale approved that day as a tranche. BSE completed the sale of its 5% CDSL stake at an average realization of Rs. 991 per share, total consideration about Rs. 518 crores, disclosed at Q1 FY24, and the Q4 FY26 PPT shows CDSL holding at 15%.
24. Dividend policy - 95% to 100% payout Missed - At the Q3 FY22 call, management reiterated the stated dividend policy of paying out 95% to 100% of the main company's earnings as dividend, saying "it will continue"; at Q4 FY24 management clarified there was no specified 100% payout policy. FY22 payout was 95% and FY23 was 98.8%, but FY24 payout fell to 71.3%, FY25 to 28.4%, and FY26 dividend was Rs. 10 per share, total payout Rs. 412 cr.
25. StAR MF monetization / divestment - ongoing commitment Pending - From Q2 FY22 through Q3 FY23, management kept the Board-approved stake sale open "in case somebody is willing to give a good price" while reporting no suitable buyer, ruled out an IPO at Q4 FY22, stayed open to options at Q1 FY23, and at Q3 FY23 the MD's view shifted to growing StAR MF further rather than monetizing. StAR MF revenue grew from Rs. 50.4 cr in FY22 to Rs. 78.6 cr in FY23, Rs. 128 cr in FY24, Rs. 230.7 cr in FY25, and Rs. 285 cr in FY26, with no divestment or IPO disclosed through Q1 FY27.
26. Hindustan Power Exchange - commence live operations Delivered - At the Q1 FY22 call, management said the power exchange (Pranurja Solutions, BSE stake 22.61%) "proposes to commence live operation sometime during the current Financial Year 2021-22", firmed to the last quarter of FY22 at Q2 FY22 and Q4 FY22 at Q3 FY22, before being pushed to "first quarter of financial year 2022-23" at Q4 FY22. The exchange commenced operations with Intra-day and Day-ahead Contingency segments on July 6, 2022, with Day-Ahead, Real-Time and Green-Day-Ahead Markets launched in late July 2022, and cumulative volume by August 1, 2022 stood at about 23.5 crore units with over 20% average market share in the contingency market.