BSE volumes ease after sharp rebound; CAS remains in focus: Nuvama

BSE’s average daily premium turnover value (ADPTV) stood at Rs 21,300 crore, down 6.6% week-on-week, compared with a 4.6% decline for the industry. The figure was above Nuvama’s remaining FY27 ADPTV estimate of Rs 18,600 crore.

Average daily contracts traded on BSE fell 8.5% week-on-week to 105 million, in line with the industry’s decline. The exchange recorded 98 million contracts in August 2026 and 150 million in July 2026.

Premium per contract rose 2.1% week-on-week to Rs 2,028, compared with Rs 1,897 in August and Rs 1,688 in July.

BSE’s ADPTV market share stood at 34.3%, down 70.8 basis points week-on-week.

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For FY27 to date, BSE’s ADPTV is around Rs 26,200 crore, while its ADPTV market share is around 35.2%. Its premium-to-notional turnover ratio is around 12.4 basis points, compared with 17.2 basis points for the industry.
Separately, the Closing Auction Session (CAS) remains under discussion, with Sebi chairman Tuhin Kanta Pandey saying the mechanism is “here to stay” while acknowledging that liquidity could remain a concern during the initial stages of implementation.ALSO READ: CAS here to stay, liquidity will pick up, says Sebi Chief

Pandey said several global jurisdictions, including the US, Japan and Hong Kong, experienced lower liquidity when CAS was initially introduced, with liquidity improving over time.

“The issue is can we just keep on waiting or we can have some temporary solutions to the issue,” Pandey said, referring to the liquidity concern.

Sebi is expected to issue a consultation paper proposing changes to the CAS framework.

The regulator introduced CAS on August 3, after which market participants raised concerns over the impact of the new mechanism on liquidity and settlement prices.

Pandey, however, said several market participants had praised the implementation, particularly during events such as MSCI rebalancing.

“We have had several participants who have absolutely praised that implementation of CAS—that MSCI rebalancing and all have gone off very well. Technically the whole thing went off well,” he said.

Pandey also said a segment of the market was impacted by the way the settlement price was determined under the new mechanism.

This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.