National Stock Exchange of India Limited makes a corporate announcement

The comparison could not be confirmed: the revenue-growth figure from NSE’s financial results filed on September 11, 2026, and the transaction-volume trend for the quarter ending July 30, 2026, were not established in the cited material.

Accordingly, it is not possible to conclude whether revenue growth:

• outpaced transaction-volume growth,
• broadly tracked transaction volumes, or
• lagged transaction activity.

A like-for-like assessment would also require the same basis for both metrics—typically year-on-year versus quarter-on-quarter, and clarity on whether transaction volume refers to transaction count, traded value, or another operating measure.

No specific impact on operating margins can be confirmed for Q1 FY27. The May 20, 2026 entry available here refers to a BSE demat-auction circular, not an NSE filing quantifying changes in clearing and settlement fees or their effect on margins ^[1].

Accordingly:

• Operating-margin change attributable to the fee regulation: N/D — not disclosed.
• Fee impact in Rs Crores or percentage points: Could not be confirmed for Q1 FY27.
• Analytical conclusion: It would be incorrect to attribute any reported margin movement to this regulatory change without the actual May 20 NSE filing or Q1 FY27 results disclosure. The FY26 references to higher SEBI settlement fees are separate one-off regulatory costs, not evidence of the Q1 FY27 clearing-and-settlement fee impact ^[2].

The comparison is not yet like-for-like. The technology-infrastructure expenditure figure from the September 11, 2026 NSE filing could not be confirmed. On the latest comparable FY26 evidence, BSE was in a pronounced infrastructure build-out cycle, whereas MCX’s spending pattern was more measured and focused on platform maintenance, scalability and cybersecurity rather than a large balance-sheet capex surge.

BSE’s cycle is the more capex-intensive one. Its FY26 investment included higher processing capacity—from 1,200 crore to 2,000 crore order messages per day—and improved peak burst handling from 14 lakh to 22 lakh orders per second ^[7]. The annual report also links the investment to colocation, cybersecurity, surveillance and member-facing platform modernization ^[3]. This is consistent with a foundational capacity cycle intended to support higher volumes, not merely routine technology upkeep.

MCX’s cycle looks more operating-expense and platform-led. MCX reported a 17% increase in IT-related expenses, while its reported fixed-asset base rose only about 3.61%, derived from Rs 438.82 Crores versus Rs 423.53 Crores ^[5]. Its platform nonetheless scaled to more than 200 crore orders in a single day during FY26 ^[6], indicating that the exchange was extracting additional capacity from an existing post-migration architecture. An analyst note published in January 2026 also stated that no sharp capex spike was envisaged and that existing infrastructure could support materially higher volumes; that is an attributed analyst view, not company-reported capex guidance ^[8].

Important measurement caveat: the reported figures are not identical metrics. BSE’s Rs 201.63 Crores is technology expense, while Rs 457.53 Crores is capital additions. MCX’s Rs 73.23 Crores is IT-related operating expense, while the Rs 438.82 Crores figure is the closing fixed-asset base, not annual capex. A structured financial dataset separately records FY26 capex of Rs 515.16 Crores for BSE ^[9] and Rs 6,810 Crores for MCX ^[10]; the MCX figure does not reconcile with its reported asset base and should not be used to characterize the cycle without clarification.

Implication: unless the September 11 NSE filing reports a figure materially above the BSE levels, the available evidence places BSE closer to an active infrastructure expansion cycle and MCX closer to a post-platform-migration scaling and maintenance cycle. A precise NSE-versus-peer ranking remains unconfirmed until the NSE filing’s expenditure definition—technology opex, annual capex, capital additions or project outlay—is established.