BSE: The transformation of India’s legacy exchange into a high-margin utility
- Posted on January 17, 2026
- By Financial Express
- 2 Views
BSE: The transformation of India’s legacy exchange into a high-margin utility
Once seen as a secondary exchange, BSE now earns high margins, generates strong cash flows, and logs in returns on capital rarely seen in financial services. This deep dive explains what changed inside the business, and why the easy gains may already be behind it
