Overview

• SEBI chair Tuhin Kanta Pandey said the regulator is exploring extending the maturity of equity derivatives, with a consultation paper planned and no final decision yet.
• A pilot regulated platform for pre-IPO share trading was hinted, with trading subject to disclosures and potentially covering the gap between allotment and listing to curb grey-market activity.
• Shares of capital-market players fell after the remarks, with BSE down about 7–7.7%, Angel One off roughly 6–6.7%, and CDSL lower by over 1%, while some brokerages also declined.
• UBS warned that exchange earnings are sensitive to options turnover, estimating a ~6% hit to BSE profit for every 10% drop in options premium average daily turnover if expiries are altered.
• SEBI reiterated an analytical, consultative approach, noted cash market daily volumes have doubled in three years, and highlighted investor safeguards including a verified UPI channel for intermediaries from October 1, 2025.