BSE Ltd, CDSL Stock Price Down Today As Markets Assess the Impact of Jane Street Ban

Tuesday, July 8: On Tuesday, 8th July 2025, shares of BSE Ltd, Angel One, CDSL etc are down. Markets are assessing the impact on F&O volumes of the Jane Street ban.

Market Reaction: BSE, Angel One, and CDSL Under Pressure

The Bombay Stock Exchange (BSE) plunged as much as 7.5% to ₹2,437.70 on the NSE in the early trade but covered some losses in the afternoon session. As of 12:56 PM, the shares were trading at ₹2,466.80, down 6.43%. As of the same time, Angel One has dropped 6.35% to ₹2,617, while CDSL slid 2.8%.

Key Factors Contributing to the Decline:

• SEBI Report on F&O Losses: A report from the Securities and Exchange Board of India (SEBI) revealed that 91% of retail F&O traders incurred losses in FY25, with total net losses escalating to ₹1.05 lakh crore, a notable increase from ₹74,812 crore in FY24. The number of unique F&O traders also saw a 20% year-on-year reduction, particularly among those with a turnover below ₹1 lakh.
• Proposed Regulatory Changes: Reports suggest that SEBI is considering linking options exposure to cash market exposure. This measure is anticipated to reduce options liquidity while potentially boosting cash market volumes.
• Jane Street Ban: SEBI’s recent prohibition on Jane Street from participating in the Indian securities market has further fuelled uncertainty. Jane Street, a significant player in the options segment, was estimated to contribute approximately 15–20% to Nuvama Wealth’s asset services business, potentially impacting Nuvama’s revenue by 5–6% and earnings by 7–8%. In contrast, Jane Street’s contribution to BSE’s turnover was estimated at a minimal 1%, suggesting a limited impact on BSE’s earnings.

F&O Turnover Trends:

The SEBI report indicated a 9% fall in index options turnover in premium terms and a 29% decline in notional terms year-on-year. While volumes remain higher compared to two years ago, recent decreases are attributed to SEBI’s measures aimed at curbing speculation, such as limiting weekly expiries and increasing lot sizes.

Outlook:

With heightened regulatory scrutiny and a slowdown in derivatives activity, capital market stocks are facing increasing challenges. The performance of index derivatives expiries in the coming weeks will be crucial in determining the full extent of the market impact.

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