“Maintains a 'buy' rating on BSE but cut its target price to ₹4,025 from ₹4,850, citing a slowdown in derivatives volumes due to the implementation of the Closing Auction Session (CAS), tighter bank-guarantee norms, and higher STT on F&O transactions. These regulatory headwinds are expected to constrain BSE’s near-term growth, leading to a reduction in FY27 and FY28 profit estimates by 2-6%.”