Dolat Capital Market Pvt. has assigned a 'sell' rating to National Stock Exchange of India Ltd (NSE) as the bourse prepares what would be India’s largest IPO. NSE operates the world’s largest derivatives market by volume. Dolat warns that tighter regulation of Indian equity derivatives will depress trading volumes and reduce NSE’s market share, and says current high equity valuations limit upside. Recent regulatory moves cited include increases in contract size and a rule restricting weekly-expi

Dolat Capital Market Pvt. has assigned a 'sell' rating to National Stock Exchange of India Ltd (NSE) as the bourse prepares what would be India’s largest IPO. NSE operates the world’s largest derivatives market by volume. Dolat warns that tighter regulation of Indian equity derivatives will depress trading volumes and reduce NSE’s market share, and says current high equity valuations limit upside. Recent regulatory moves cited include increases in contract size and a rule restricting weekly-expiring option contracts to one benchmark index per exchange. NSE has filed for an IPO of about $3.0bn and plans to list in September subject to SEBI approval.