SEBI Board Meet Sparks Rally in BSE, Angel One

On September 12, 2025, capital market-linked stocks saw an uptick in trade ahead of the SEBI board meeting scheduled for later in the day.

At 10:21 am, BSE shares were trading 2.35% higher at ₹2,213 apiece, reversing some of the previous session’s sharp decline. A day earlier, the stock had slipped 5 percent after a CNBC-TV18 report indicated that SEBI may issue a consultation paper next month to end weekly F&O expiries.

The broader Nifty Capital Markets index was also trading 1 percent higher at 4,311, with Nuvama and BSE leading the gains.

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BSE, Nuvama, and Angel One Among Top Movers

Among individual stocks:

• BSE rose 2.35% to ₹2,213 per share.

• Nuvama advanced 2.7% to ₹6,337 per share.

• Angel One also gained, contributing to the sector’s upward momentum.

The gains reflect investor positioning ahead of key announcements expected from the SEBI board meeting.

Jefferies’ View on Expiry Speculation

Global brokerage firm Jefferies weighed in on the ongoing speculation surrounding changes to derivative expiry cycles.

According to Jefferies:

• Speculation exists that expiries could be shifted to fortnightly or monthly cycles, with or without same-day expiries across exchanges.

• These changes have not yet been confirmed by SEBI or the exchanges.

• A potential shift to fortnightly expiry with separate settlement for NSE and BSE already seems priced into the market.

The firm emphasized that the September 12 SEBI board meeting would be closely watched for clarity on the issue.

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Potential Impact on Turnover and Revenue

Jefferies also highlighted possible implications if expiries are restructured:

• Industry index options notional Average Daily Turnover (ADTO) could fall by 55%.

• Premium Average Daily Turnover could decline by 45%.

• For BSE, while its market share is expected to remain stable at 29% in August, its options revenue in FY27 could fall by 38%.

• This would translate to a 22% fall in consolidated revenue and a 21% drop in net profit.

These estimates underline the potential challenges exchanges could face if expiry cycles are extended.

CNBC-TV18 Report on SEBI Plans

According to a CNBC-TV18 report citing sources, SEBI may be planning a transition to monthly expiries with a defined glide path. The regulator is also said to be considering the possibility of same-day expiry across exchanges.

The report added that the SEBI Board is expected to be briefed on longer derivative tenures during the September 12 meeting. Formal consultations with exchanges could begin as early as next week.

Broader Proposals Likely at SEBI Meeting

Apart from derivative expiry changes, the SEBI board meeting on September 12 may clear several major regulatory proposals. According to reports, these could include:

• Ease of doing business measures for market participants.

• Easing stake dilution norms for mega IPOs.

• Expansion of activities for rating agencies.

• Revamp of RTA (Registrar and Transfer Agent) and broker rules.

• Granting equity status to REITs and InvITs.

• Introduction of accredited investor AIF schemes.

• Strengthening exchange governance.

• Easing norms for investment advisors and research analysts.

These proposals, if approved, could have wide-ranging implications across different segments of the capital markets.

Market Reaction and Investor Sentiment

The gains in capital market stocks such as BSE, Nuvama, and Angel One suggest that investors are adopting a cautious but optimistic stance ahead of the SEBI board meeting.

While concerns remain about the possible negative impact of expiry restructuring on turnover and revenue, the broader set of regulatory reforms under discussion has kept sentiment buoyant.

The Nifty Capital Markets index, gaining nearly 1 percent, reflects sector-wide confidence that potential regulatory changes may balance risks with new growth opportunities.

Jefferies’ Key Takeaways

Summarizing Jefferies’ observations:

• Expiry changes seem priced in, but clarity from SEBI is awaited.

• If implemented, turnover could decline sharply across the industry.

• BSE’s options revenue may fall 38% by FY27, hitting overall revenues and profits.

• Despite this, BSE’s market share is expected to remain stable.

• The outcome of the September 12 SEBI board meeting will be crucial in shaping the outlook for capital market exchanges.

Conclusion

On September 12, capital market stocks gained ahead of a crucial SEBI board meeting. While BSE, Nuvama, and Angel One rose up to 2.7 percent, investors remained watchful of regulatory decisions that could impact the derivatives market.

With Jefferies warning of significant turnover declines if expiries are shifted, and CNBC-TV18 reporting on possible transitions to monthly cycles, the market is bracing for important announcements.

At the same time, SEBI’s wider agenda — including proposals to ease IPO norms, revamp governance structures, and expand capital market activities — could bring sweeping changes.

The developments from the September 12 meeting will be closely monitored as they carry potential to redefine the operating framework for exchanges, brokers, and investors alike.

Key Highlights

• Capital market stocks rose to 2.5% on September 12 ahead of SEBI’s board meeting.

• BSE traded 2.35% higher at ₹2,213, Nuvama rose 2.7% to ₹6,337.

• Nifty Capital Markets index was 1% higher at 4,311.

• Jefferies said expiry changes are priced in, but could cut turnover by 45–55%.

• BSE’s options revenue in FY27 may fall by 38%, and its net profit may drop by 21%.

• CNBC-TV18 reported SEBI may move to monthly expiries with same-day settlement.

• SEBI may also ease IPO stake dilution, expand rating agency roles, revamp broker norms, and strengthen governance.