The literature on the impact of the demutualization of stock exchanges on performance is growing since the percentage of demutualized exchanges has risen from 10% in the mid-1990s to 63% in 2002. The Bombay Stock Exchange, established in 1875, demutualised in 2005 to follow the “for profit company” model of the National Stock Exchange incorporated in 1992. The performance of the Bombay Stock Exchange is analysed using data from 1998 until 2016 to cover pre and post demutualization, but a significant relation between demutualisation and performance could not be found. Comparing the Bombay Stock Exchange with performance data from the National Stock Exchange showed the latter having a significantly higher performance implying that the value enhancing effects of demutualisation is yet to be fully achieved.