Shares in India's BSE rise as much as 49% on trading debut

Mumbai

SHARES of India's second-biggest stock exchange, BSE Ltd, jumped as much as 49 per cent on their market debut on Friday, after the exchange raised about US$185 million in an initial public offering that had been heavily oversubscribed.

Asia's oldest exchange is expected to benefit from a surge in retail investments into mutual funds as well as government efforts to steer more pension money into stocks. The government's scrapping of old high-value banknotes, leading to a surge in bank deposits, has raised hopes that some of these savings would be channelled into financial markets.