BSE Ltd is a listed company whose shares trade on National Stock Exchange of India Ltd (NSE). And when NSE lists, its shares will trade on BSE.
This is because the Securities and Exchange Board of India (Sebi) does not permit an exchange to list on its own platform, for the obvious reason that no company should regulate the trading of its own stock.
So each exchange’s shares are priced, every single day, on the platform run by its rival.
BSE was listed on NSE in February 2017 at ₹1,085 against an issue price of ₹806. In due course, NSE will return the favour.
But which is ultimately better? Should you apply for the initial public offering (IPO) when it launches, or are you better off buying the already-listed company?