Shares of the Bombay Stock Exchange (BSE) Ltd. surged as much as 11% on Friday, March 28, and are the top gainers on the Nifty 500 index.

The move comes after market regulator Securities and Exchange Board of India (SEBI), in its consultation paper on Thursday evening, proposed to keep all equity derivative contracts expiry either on Tuesday or Thursday.

In response, the National Stock Exchange (NSE) has deferred its plans

to change the day of its contract expiry to Monday from the current Thursday, a move that it had announced earlier this month.

“We will not run behind derivative market share. However, there should be a spread between 2 expiries,” BSE CEO Sundararaman Ramamurthy. said in a conversation with CNBC-TV18 earlier this week.

Brokerage firm Jefferies, in its note on Friday, said that the SEBI consultation paper, if implemented, would mean that the NSE will stick to its expiry on Thursday and the BSE will stay with its Tuesday expiry.

“This may abate concerns around BSE’s potential loss of market share and impact on its Earnings Per Share (EPS), which the brokerage had pegged at close to 12%.

Jefferies said that while it still awaits clarity on Open Interest limits, but the impact of that is lower for BSE. While the stock has retraced majority of its fall, but lower regulatory risks and better markets can aid the re-rating of the stock, Jefferies said.

Jefferies has a “hold” recommendation on BSE with a price target of ₹5,250.

Shares of BSE are trading 10.8% higher at ₹5,190. The stock is still below its record high level of ₹6,133.