“Jefferies believes the National Stock Exchange (NSE) is uniquely positioned among global peers, citing its dominant market position with over 90% share across most trading categories, diversified revenue streams including 70% from derivatives, robust profitability with a normalized operating EBITDA margin of 76-77%, strong cash generation supporting high shareholder payouts, and an improving regulatory outlook with uncertainties being addressed. The brokerage sees significant room for market development in options premiums.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%