BSE reported a strong operational revenue growth of 42% YoY in 2QFY22. The revenue beat to our estimate was led by a 15% YoY increase in equity transaction charges on account of strong volumes and market share gains. Revenue from the Star MF platform rose 22% YoY in 1HFY22. Overall volumes (number of orders) saw a 99% YoY increase in 2QFY22. BSE continues to command strong market positioning. The management is open to monetization of the Star MF platform via sale to a strategic investor. BSE saw its market share increase in both the cash equity and derivatives...