Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>We continue to see one change for NIFTY 50 and five changes for NIFTY 100 during the September 2026 index rebal event.</li>
<li>The Vedanta demerger has caused a couple of changes in expectations for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
We continue to see one change for NIFTY 50 and five changes for NIFTY 100 during the September 2026 index rebal event.
The Vedanta demerger has caused a couple of changes in expectations for NIFTY 100.


Quiddity Leaderboard NIFTY Sep26: Changes to Expectations Caused by Vedanta Spin Offs

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.</li>
<li>Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.</li>
<li>The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.</li>
</ul>


The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.
Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.
The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.


RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The equity derivatives segment has successfully navigated a period of significant regulatory changes and emerged stronger</li><li>Over the past eighteen months, the sector has adapted to multiple developments, including the one exchange one weekly expiry policy, revisions to upfront margin regulations and higher lot sizes, and uncertainty surrounding the continuation of weekly options</li><li>Despite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The equity derivatives segment has successfully navigated a period of significant regulatory changes and emerged strongerOver the past eighteen months, the sector has adapted to multiple developments, including the one exchange one weekly expiry policy, revisions to upfront margin regulations and higher lot sizes, and uncertainty surrounding the continuation of weekly optionsDespite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE: Impressive Growth, Emerging Stronger. Maintain ADD

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).</li>
<li>The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a> will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.</li>
</ul>



Jio Platforms is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).
The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.

Jio Platforms Ltd (1797135D IN) will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.


Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Thematic (Sector/Industry)

<ul><li>BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book-building and listing fees</li><li>Adjusted PAT (ex-labor laws provision, additional SGF, and impairment) came in at INR 6.5bn vs our estimate of INR 6.2bn</li><li>Transaction revenue, contributing 77% of total revenue, surged 26% QoQ on continued gains in options market share and recovery in industry volumes</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book-building and listing feesAdjusted PAT (ex-labor laws provision, additional SGF, and impairment) came in at INR 6.5bn vs our estimate of INR 6.2bnTransaction revenue, contributing 77% of total revenue, surged 26% QoQ on continued gains in options market share and recovery in industry volumesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

Quiddity Leaderboard NIFTY Sep26: Changes to Expectations Caused by Vedanta Spin Offs

Vedanta Ltd (VEDL IN) completed its five-way split on 1st May 2026, with the four new entities listing on 15th June 2026. This event has caused...

Janaghan Jeyakumar, CFA

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

BSE: Impressive Growth, Emerging Stronger. Maintain ADD

Despite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)

HDFC Securities

Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Jio Platforms is looking to list in Oct after raising US$3.1bn at a valuation of US$106.5bn. No index Fast Entry given the low float. Passive...

Brian Freitas

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard NIFTY Sep26: Changes to Expectations Caused by Vedanta Spin Offs

Vedanta Ltd (VEDL IN) completed its five-way split on 1st May 2026, with the four new entities listing on 15th June 2026. This event has caused...

Janaghan Jeyakumar, CFA

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

​RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

BSE: Impressive Growth, Emerging Stronger. Maintain ADD

Despite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)

HDFC Securities

Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Jio Platforms is looking to list in Oct after raising US$3.1bn at a valuation of US$106.5bn. No index Fast Entry given the low float. Passive...

Brian Freitas

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book...

HDFC Securities

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....