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The BSE and NSE, major stock exchanges in India, are embroiled in a dispute over clearing and settlement fees. The NSE refused BSE’s request to lower charges, citing adherence to the interoperability framework established in 2019, allowing trades from either exchange to be cleared by NSE Clearing (NCL) or Indian Clearing Corporation (ICCL). While NSE benefits from revenue via NCL, BSE incurs dual charges. BSE’s standalone clearing costs surged from Rs 40.2 crore to Rs 63.8 crore in the December 2023 quarter, impacting its net profit. BSE seeks a review, urging a reduction by a third, but NSE maintains current charges. The dispute involves a significant portion of BSE’s trading, with efforts to increase ICCL usage. Both exchanges are expanding infrastructure, awaiting regulatory approval. Interoperability ensures market continuity and risk mitigation.