New Delhi, Oct. 29 -- The National Stock Exchange of India's operating revenue could grow at a compound annual rate of 15 per cent between FY27 and FY29, with new businesses potentially adding another 15 per cent to earnings by FY30, according to a report by Jefferies.

The brokerage said the exchange's growth could improve after regulatory changes and higher taxes weighed on its equity derivatives business over the past two years. It expects revenue growth to be supported by a recovery in equity options, higher cash-market trading and an expansion of technology-related services.

"With regulatory headwinds in the past, we expect a 15% revenue CAGR over FY27-29e," Jefferies said in its report initiating coverage of NSE.

The brokerage est...