India’s stock market may get a third player

India’s stock market is basically a two-horse race today: NSE and BSE. Now, a third exchange may be trying to crash the party.

The scoop: the Metropolitan Stock Exchange (MSE) is set to restart operations, and trading could begin within the next two weeks, CNBC-Awaaz reported citing sources.

But here’s the catch. NSE dominates the cash market with roughly 90-92% share, while BSE has about 8-10%, as per data cited in the report. So MSE is not just launching, it’s trying to pull traders away from two giants.

There’s another roadblock too. SEBI’s 2025 rules allow only two weekly derivatives expiries in a segment. Right now, NSE’s Nifty expires on Tuesdays and BSE’s Sensex expires on Thursdays. That leaves very little “prime real estate” for a new exchange to create a high-volume product.

Bottom line: MSE’s comeback could mean more choice, but the real fight will be for liquidity. If traders don’t show up, the screens may stay quiet.