The Bombay Stock Exchange (BSE) has done what National Stock Exchange (NSE) has failed to do.

Since launching its liquidity enhancement incentive programmes (Leips) to lift its derivatives segment in September, its futures and options (F&O) segment crossed Rs 10,000 crore worth turnover for the first time ever on Wednesday. The final figure for Wednesday stood at Rs 12,490 crore. BSE’s rival NSE, where daily F&O turnover is over Rs 1.22 lakh crore at present, took several years to clock an average daily turnover of above Rs 10,000 crore for the first time.

From June 2000 to March 2001, the total trading volume on NSE’s Nifty futures was Rs 2,365 crore and in 2001-02, its derivatives segment clocked Rs 101,927 crore for the 12-month period or about Rs 8500 per month. A BSE official told Financial Chronicle that foreign institutional investors (FIIs) for the first time, on an experimental basis, started to trade on its F&O segment. “This is a positive sign.”

But experts are not impressed by BSE’s achievement.“Rather than looking at total turnover, one needs to look at open interest positions, which is very low on BSE’s derivatives segment,” said Sidharth Bamre, head of equity derivatives at Angel Broking. Further, he added that Angel Broking is yet to receive a single query from investors on BSE’s derivatives segment. “Market makers and brokers may be driving up the volume, not investors,” he added.