BSE's 2QFY21 reported revenue was above estimates, largely led higher revenue from services to corporates. Management's decision to explore options to unlock value from its Star MF segment is encouraging. Strong transactional income from the Equity segment was offset by lower revenue in Star MF on one-time rate negotiation. Cross-subsidization by NSE has limited monetization opportunities for BSE in the INX and Commodity Derivatives segments in the near term. While the announced additional income streams may be small currently, some of them have the potential to...