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BSE’s long-term growth trajectory remains strong: Sundararaman Ramamurthy

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BSE’s long-term growth trajectory remains strong: Sundararaman Ramamurthy
BSE Managing Director and CEO Sundararaman Ramamurthy said the exchange remains firmly focused on long-term market development rather than short-term gains in derivatives market share, even as recent regulatory changes and tax hikes reshape India’s trading landscape.

Speaking to ET Now, Ramamurthy said BSE’s strategy has always centred on deepening and strengthening the market ecosystem, rather than chasing headline market share numbers in derivatives. He emphasized that the exchange is still in an early phase of its growth journey.

“BSE has never been going behind the market share as far as derivatives are concerned. Our thought process has always been that we should deepen and strengthen the market, which means in terms of products, in terms of expiries, in terms of participants, FPIs, everybody. That is what we have been working upon. So, we will continue to work. Therefore, it is still a growth path for us,” Ramamurthy said.

He noted that the exchange currently has around 470 foreign portfolio investors (FPIs) on its platform, indicating significant headroom for further participation.

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“We just still have only 470 FPIs with us. There are many more FPIs who are yet to come in. We have to build more because there is a good amount of demand. There is a long way for us to go. Sustainability comes when you reach the peak. I do not think we have yet reached the peak. We have just started our journey 30-plus months before and we have a long way ahead. Delhi bahut door hai,” he added.


On the impact of the recent Securities Transaction Tax (STT) hike, Ramamurthy said historical trends suggest limited impact on options trading volumes, though market structure could evolve as a result.
“As far as options are concerned, if you look at all the previous increases, the previous increases had not had any adverse impact on the volume. So, if we go by history, we have safe reasons to presume that the STT increase on options may not impact volumes. It may shape the market micro structure, that is a different issue,” he said.For futures, Ramamurthy said the government’s broader intent appears to be encouraging longer-term investment behaviour and greater market stability.

“The thought process of the government could have been probably to align the investors more towards long-term equity investment and as far as mutual funds and others who participate in futures market for arbitrage, to move them slowly towards a longer dated futures so that the impact of increased GST is lesser on a longer-term contract compared to a shorter-term contract,” he explained.

He added that this shift could lead arbitrage funds to consider second- and third-month futures, which may help reduce transaction cost impact while enhancing market stability.

“Maybe if an arbitrage fund were to think in terms of second month and third month, it will reduce the impact at the same time bring great stability and it will be more a type of a longer-term product in the market. This is the thought process with which this change is coming,” Ramamurthy said.

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He also clarified that BSE’s exposure to futures is relatively limited compared to options, reducing the direct impact of higher taxes on the exchange’s overall volumes.

“Since BSE’s volumes are more in options, the impact of the increased STT should be far less, if not anything, nothing for BSE is concerned,” he said.

Elaborating on how market microstructure could change, Ramamurthy said higher trading costs may push retail investors to consider longer-term investing routes.

“If a retail investor today thinks of trading in options or futures, it may be less costlier for him to think in terms of a broad-based mutual fund or equities and take delivery and hold it for a longer time. So, I feel the move is to making investors think in terms of longer-term equity investment,” he said.

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He added that this aligns with the broader objective of capital formation for economic growth.

“The idea of a market is that it should support capital formation for the growth of the economy. Capital formation is supported from a retail perspective by contributing more towards, say, a mutual fund or towards equities,” he said.

On margins, Ramamurthy acknowledged a sequential dip, attributing it to BSE’s ongoing investment phase and one-time regulatory-related costs.

“Neither the revenue nor the margins nor the expenditures at this point of time are fully crystallized for BSE because BSE is in a growth phase. In the growth phase, the last two years we have been investing significantly into technology. Naturally, the depreciation impact of it will start coming,” he said.

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He also pointed to changes in labour law-related provisions, which impacted the quarter’s financials.

“There has been a change in the government’s position on this payment for gratuity and other labour laws which has impacted BSE to the extent of around Rs 24 crore in this quarter. It is more a current type of an adjustment and it will also settle,” he noted.

In addition, rising volumes naturally push up operating costs, particularly regulatory and clearing-related charges.

“When we start making more volumes, our operating expenditure will go up because a significant portion, around 50% of our operating expenditure, is towards SEBI turnover fee and clearing and settling fee. That is unavoidable,” Ramamurthy said.

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He said the exchange is currently in a transition phase where both revenues and expenses are growing, but expects margins to stabilize as growth matures.

“When the top line is growing in a very big way, opex will grow to a particular level and then probably it will stand still. It will come to a sort of a state of equilibrium when our growth phase reaches a sort of a maturity level,” he said.

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Treasury holds talks on soaring heating costs as some families 'cannot afford oil'

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Heating oil prices rise by more than £100 amid Middle East conflict

The average price of home heating oil in Northern Ireland has increased significantly since strikes began in the Middle East

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Why coffee shops could buck the hospitality trend as people are ‘demanding better and better’

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Leaders from Bold Street Coffee and Coffee House join debate at Northern Restaurant & Bar showcase

The Coffee Shop Leaders panel at Northern Restaurant & Bar 2026 at Manchester Central. From left, Will Kenney, commercial director at 200 Degrees Coffee, Holly Kragiopoulos, CEO at North Star Coffee Roasters in Leeds, Matt Farrell, co-founder at Bold Street Coffee owner GSG Hospitality, and Chris Shelmerdine, managing director at North West chain Coffee House

From left, Will Kenney, of 200 Degrees Coffee, Holly Kragiopoulos of North Star Coffee Roasters in Leeds, Matt Farrell of Bold Street Coffee, and Chris Shelmerdine, from North West chain Coffee House(Image: Alistair Houghton)

The North’s independent coffee shops might be bucking the trend in the hospitality sector, some of the North’s top coffee experts have said.

Leaders from Bold Street Coffee and 32-strong North West chain Coffee House joined a debate on the future of the coffee market at the massive Northern Restaurant & Bar showcase in Manchester.

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Asked about the health of the market, Holly Kragiopoulos, CEO at North Star Coffee Roasters in Leeds, was upbeat – saying she was “definitely positive about a market for better coffee in the UK”. She added: “People are demanding better and better not just in coffee shops but in apartment lobbies and gyms…”

Matt Farrell, co-founder at Bold Street Coffee owner GSG Hospitality, said that while hospitality was having its challenges more broadly, “I would say the speciality coffee industry is probably bucking the trend in that sense” as more people look for better coffee while drinking less alcohol and looking to their wellbeing.

Chris Shelmerdine, managing director at North West chain Coffee House, said his journey into coffee first started when he went to the original Bold Street Coffee in Liverpool 15 years ago.

Today his business has 42 outlets – and starts fitting out numbers 43 and 44 next week. It also includes a central production site and kitchen where the coffee is roasted and bread baked, and employs some 450 people.

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“It’s been a long 15 years,” smiled Chris.

Event host Will Kenney, commercial director at 200 Degrees Coffee, asked Matt about his expansion ambitions for Bold Street Coffee. Matt said he and his colleagues had thought long and hard about how to grow sustainably, and had decided to make sure they could plan for a range of outlets from full-service food and drink outlets through to smaller coffee-focused ones. He mentioned a recent collaboration with Climbing Hangar at its South Liverpool venue, and said the firm was open to “collaboration and testing” on potential new outlets. He added that he also wanted the business to have its own roastery and bakery central unit.

Chris discussed how his business had expanded largely by focusing on locations beyond big city centres, in what are called “secondary high streets” but that are at the heart of their smaller communities. He said: “We need to stick to our knitting and continue with that”.

In terms of properties, he said the business particularly likes corner spots that were highly visible. And he said the changing retail market and uncertain economic climate has led to more such units becoming available to a small business like his, whereas “If we’d been doing this 20 years ago we probably wouldn’t have a look-in at these kinds of properties”.

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The panel was asked what advice they’d give for people looking to grow their own coffee shop chains. Holly’s Leeds business has 300 wholesale partnerships and two city outlets – with another two soon to open. She said that while she had confidence in the future, customers were challenged by rising costs and so her team had seen consumer spending change, with more people making “grab and go” purchases of coffee and cakes rather than sit-in breakfasts.

Matt agreed, saying: “I think it’s a good time to be expanding especially in the coffee industry. In the rest of hospitality, I’m not sure about that.”

He noted that the coffee and bar industries are very different in terms of how taxes work, and he said potential coffee entrepreneurs needed to pay close attention to those rules — such as, for example, the tax implications of offering hot food or not.

Chris warned that setting up a central team as his company had done was costly at first, but paid dividends down the line.

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On costs, he said he believed coffee entrepreneurs should try to self-fund their business at the early stage, and that founders should stay working hands-on in the business for as long as possible to ensure they always know how everything works. He said: “Don’t go early on the overheads. Sweat it a bit. Go through a little bit of pain.”

Holly said that post-pandemic, many more people had looked to realise their dream of opening a coffee shop. She said people needed to manage their expectations, saying for example that they needed to learn it was unrealistic for founders to think they could “remove themselves from the day-to-day within six months”.

Crowds at the Northern Restaurant & Bar 2026 at Manchester Central with a yellow s0gn on a stand in the foreground saying Happienda

Crowds at the Northern Restaurant & Bar 2026 at Manchester Central(Image: Alistair Houghton)

And she said people needed to be aware they needed cash as “a big cushion to get you through those early months” not just for initial setup costs.

Matt talked about his dealings with property agents over potential sites, and said that coffee entrepreneurs should realise that landlords need them almost as much as they need landlords.

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He said: “It’s important that operators know their own clout. Those developers, they need you in there… for high-rise communities, they need you in there”.

One audience member asked whether the panel had any thoughts on how much coffee might cost in the future, given rising costs generally and given the way climate change might affect the coffee production chain.

Chris observed that a cup of coffee was £2.40 or £2.60 for a decade but had now risen. He added that coffee operators had got to “make sure we’re really good” to make sure customers kept coming.

People enjoying a drink outside Bold Street Coffee

Bold Street Coffee has expanded from its original location to sites across Liverpool and Manchester(Image: Andrew Teebay/Liverpool Echo)

He said that despite talk of change in other industries, AI won’t necessarily make a difference to the practical operations of coffee shops. “These are people businesses,” he said. “We have to turn up every day, put the lights on, and welcome people coming through the door.”

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Matt said he believed people will still pay for a good product. He said: “People are only parting with their money if they feel they’re getting worth out of it.”

He added: “People need to pay what it’s worth. We shouldn’t be undercutting ourselves.”

Holly said coffee had “been undervalued for too long” so it will get more expensive, with a £4 cup becoming the norm.

She said: “The reality is we’ve never paid enough for coffee.”

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These Stocks Are Today’s Movers: Hims & Hers, Live Nation, Broadcom, Carnival, Vertiv, Sandisk, Strategy, and More

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These Stocks Are Today’s Movers: Hims & Hers, Live Nation, Broadcom, Carnival, Vertiv, Sandisk, Strategy, and More

These Stocks Are Today’s Movers: Hims & Hers, Live Nation, Broadcom, Carnival, Vertiv, Sandisk, Strategy, and More

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'Rural families need green energy support'

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'Rural families need green energy support'

Jemma McCarron fears the cost of using heating oil will mean her family needs to cut back.

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Vertiv Stock Jumps. Why Joining the S&P 500 Trumps the Iran War.

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Vertiv Stock Jumps. Why Joining the S&P 500 Trumps the Iran War.

Vertiv Stock Jumps. Why Joining the S&P 500 Trumps the Iran War.

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abrdn Diversified Income and Growth completes asset sales

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abrdn Diversified Income and Growth completes asset sales

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Search Enters Sixth Week With New Leads in Tucson Abduction Case

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Zayed International Airport Abu Dhabi International Airport

Nancy Guthrie was last seen on the evening of Jan. 31 at her home in the Catalina Foothills suburb of Tucson. She was reported missing the following day, Feb. 1, after failing to appear for a planned church service gathering with friends. Authorities with the Pima County Sheriff’s Department quickly classified the disappearance as an abduction, believing the independent and mentally sharp widow was taken from her bed in the early morning hours against her will.

Nancy Guthrie
Nancy Guthrie

The case has gripped national attention, fueled by Savannah Guthrie’s emotional public pleas, more than 3,000 tips to law enforcement, multiple reported ransom notes demanding Bitcoin payments, and intense speculation on social media and cable news. Savannah Guthrie, who has described her mother as a deeply religious and active woman, has returned intermittently to the “Today” show but has largely stepped back to focus on the search and family.

On Tuesday, investigators were examining a damaged utility box located near Guthrie’s residence, which may be linked to an internet outage that occurred around the time of the disappearance. The outage reportedly disrupted several nearby home surveillance systems, including doorbell cameras, potentially hindering early evidence collection. Police have not confirmed a direct connection but said the damage is under active review as part of the broader probe.

A neighbor, Aldine Meister, recently came forward with a potentially significant tip, telling NewsNation she observed a “suspicious man” walking slowly toward Guthrie’s street on Jan. 11 — about three weeks before the disappearance. Meister described the individual as wearing a low baseball cap, appearing hunched over and scanning the area in a way that seemed out of place for routine activity. She reported the sighting to the FBI, which has since requested doorbell camera footage from neighbors specifically for that date.

The FBI has released images of a person of interest captured on footage at Guthrie’s doorstep prior to the incident, though details remain limited due to the ongoing nature of the investigation. Multiple individuals, including two men initially detained as persons of interest — Carlos Palazuelos and Luke Daley — were questioned and later released, with authorities stating the investigation had “moved on” from them.

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Pima County Sheriff Chris Nanos has described the probe as making progress, telling reporters that investigators possess “a lot of intel” while keeping most details confidential to protect the case. However, the sheriff has faced scrutiny over his own background, including past questions about his resume and departure from an earlier policing position in El Paso, Texas.

No arrests have been made, and Guthrie’s condition and whereabouts remain unknown as of March 11. A body discovered in a canal roughly 100 miles from the home was ruled out as unrelated after identification. Other reported sightings and leads, including various ransom communications, have not yet yielded verifiable results.

The disappearance has drawn international coverage, with outlets from the BBC to Fox News tracking developments. Savannah Guthrie has spoken publicly about the family’s faith sustaining them, noting her mother’s planned participation in an online church service the morning she vanished. A pastor connected to the family has shared messages of hope and continued prayer.

Law enforcement continues to urge anyone with information — particularly footage from Jan. 11 or details about unusual activity around Jan. 31-Feb. 1 — to contact the Pima County Sheriff’s Department or the FBI tip line. The case remains active, with searches and forensic efforts ongoing in the Tucson area.

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As the investigation stretches into a new month, unanswered questions persist: Who targeted the 84-year-old woman living alone? Was the abduction motivated by ransom, personal grudge or something else? And why has no definitive trace emerged despite widespread publicity?

Family, friends and authorities say they remain hopeful for a resolution, even as the days turn into weeks without Nancy Guthrie’s safe return.

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ASX edges higher on hopes of record oil reserve release

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ASX edges higher on hopes of record oil reserve release

Australia’s share market has defied a hawkish interest rate outlook to clock a second session of gains, as reports of a record release of crude reserves took the pressure off oil prices.

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AD FEATURE: The Open returns to Southport with enhanced hospitality offering

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AD FEATURE: The Open returns to Southport with enhanced hospitality offering


The major sporting event has launched a new range of hospitality ticket options as it comes back to Royal Birkdale for the first time since 2017

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Meta Acquires Moltbook to Power the Meta Superintelligence Labs

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DENMARK-HEALTH-PHARMACOLOGY-TECHNOLOGY
Mark Zuckerberg

Meta‘s plans to expand its AI development were unveiled with its latest acquisition of Moltbook, a Reddit-esque social networking platform that is best known for using AI agents and bots.

Meta Acquires Moltbook, the AI Social Network

Axios reported that Meta has finalized the deal to acquire Moltbook, the social networking platform for AI agents, with the company taking a close interest in its creators, Matt Schlicht and Ben Parr.

A Meta spokesperson shared the reason behind the company’s acquisition of Moltboook, saying that its founders’ development centers on an “approach to connecting agents through an always-on directory,” citing that it is a novel take on a “rapidly developing space.”

Moltbook was built using the OpenClaw technology, a large language model that can create AI agents or personas to interact with them via popular apps like WhatsApp, Discord, and more.

Schlicht used OpenClaw to create a bot called “Clawd Clawderberg,” and then asked this bot to create a social networking platform for AI agents, which led to the development of Moltbook.

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That said, Anthropic initially flagged the name “Clawd” for being close to their AI chatbot’s name “Claude,” which led to it being referred to as Moltbot, and then Moltbook.

Moltbook for Meta Superintelligence Labs

According to the deal, Schlicht and Parr are joining the Meta Superintelligence Labs to help the team in their development of next-generation AI experiences under the company.

As mentioned by the spokesperson, the Moltbook founders are set to deliver the approach they have to AI agents that are connected to an always-on directory for an unspecified project.

That said, the terms of the deal have not yet been disclosed by both Meta and Moltbook as of press time.

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Originally published on Tech Times

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