BSE index options market share falls in June, Groww MTF book grows: Jefferies

In a report on brokers, asset managers and stock exchanges, foreign brokerage Jefferies said equity exchange BSE witnessed a decline in index options average daily turnover (ADTO) in June, while commodity exchange MCX Ltd saw an improvement. Jefferies said brokers witnessed an improvement in options and cash contracts in June on month-on-month (MoM) basis, with Billionbrains Garage Ventures Ltd 's book growth and client additions remaining ahead of the market.

Among asset managers, Nippon Life India Asset Management Ltd and ICICI Prudential Asset Management Company Ltd witnessed higher net equity flows in May relative to their asset market share, Jefferies said adding low number of IPOs and demat openings remained a challenge for depositories.

"Our preferred picks include: Groww, MCX, KFin & Nuvama," Jefferies said.

Stock exchange industry's June index options premium ADTO stood at Rs 80,900 crore, down 8 per cent MoM. Industry cash ADTO was down 7 per cent MoM. BSE's June 2026 ADTO of Rs 26,200 crore was down 12 per cent MoM.

"Its index options market share fell to 32.4 per cent as NSE had an additional weekly expiry. Its premium-to-notional turnover ratio declined to 12.2 bps in June 2026 against 12.9 bps in May. For the June quarter., BSE's ADTO growth was 2 per cent QoQ vs 49 per cent in March quarter. Premium-to-notional turnover improved to 12.5 bps in June quarter vs 11.8 bps in March quarter," Jefferies said.

On MCX, it said options ADTO rose 8 per cent MoM led by acceleration in bullion ADTO, while futures ADTO fell 8 per cent MoM.

Order velocity picked up among brokers. In June, equity option contracts traded were up 12 per cent MoM, after declining in May. Cash contracts traded also improved MoM, up 7 per cent. For the June quarter, option contracts fell 5 per cent QoQ, while cash contracts rose 6 per cent QoQ.

Jefferies said MTF book picked up 6 per cent MoM to Rs 1.3 lakh crore, with Groww's MTF book rising 14 per cent MoM, ahead of the market, to Rs 3,800 crore," it said.