Exchange & Data Platforms (India) — Comprehensive Sector Analysis (Fy23–Q1 Fy27, With Key Forward Milestones Into Cy27)

India’s exchange and exchange-adjacent “data platform” ecosystem is in a high-growth, high-operating-leverage phase, powered by (1) rapid expansion of retail and institutional participation, (2) strong derivatives and options adoption (equity and commodities), (3) deepening market infrastructure (clearing, co-location, APIs, warehousing/delivery), and (4) regulatory evolution that both expands addressable markets (e.g., power market product expansion, coal exchange rules) and introduces episodic uncertainty (STT changes, bank guarantee rules, market coupling). Within the extracted set, BSE is scaling a multi-vertical exchange + distribution platform (cash, equity derivatives, MF, listing, data, co-location, clearing), MCX is the near-monopoly commodity derivatives venue with an options-led growth wave and deep delivery/warehouse moats, and IEX is the dominant power exchange building adjacencies (gas, coal exchange venture, certificates) while navigating market coupling risk.

A. Industry Overview & Market Landscape

A1) What The Sector Is (And How It Makes Money)

“Exchange and data platform” businesses are multi-sided marketplaces that monetize:

• Transaction charges (per trade / per contract / per premium / per notional category depending on segment).
• Clearing & settlement (C&S) related fees and float/treasury income on