Till NSE actually comes to the markets, would it make sense at all to stick by with BSE because they are not going to degrow from here. There is this marginal chance that business may actually be up from here?
One reason to buy this IPO would be for a dividend yield. I believe they will be selling a substantial portion of their holding in CDSL maybe later this year that will give a huge cash amount to the BSE and I expect them to be transferring that cash because they do not need the cash for operations. They are a cash rich company. Most of their profits comes from the interests they earn from their cash deposits.
If that is the case, that will be one big result thing to look forward to this year. So there will be a dividend yield, I expect reasonable amount of money per share to be distributed. Having said that, from a longer term perspective is it an exchange that you want to own? You have two exchanges today -- MCX and BSE that are listed and on both the volumes growth in terms of volumes trade has not been substantial. I say this for NSE as well. The bet could be that in the next 10 years this will double, triple, quadruple but since I have not seen that volume really coming into that market. I do not know if BSE is a great play and so I will wait for this.