Jefferies says Sebi's proposed CAS changes will remove uncertainty, but still remains negative on BSE. Here’s why

Jefferies expects Sebi’s proposed CAS changes to reduce expiry-day volatility and uncertainty but remains negative on BSE shares, citing limited options-industry growth, a ceiling in market-share gains, tighter bank guarantee norms and a potential management transition. The brokerage prefers Groww, citing strong earnings growth levers and recovery in F&O activity.