India’s National Stock Exchange said its board on Monday approved a 1% reduction in overall transaction charges across cash equity and equity derivatives segments and products, effective April 1.

The NSE said the reduction is expected to have an overall impact of about 1.30 billion rupees ($15.71 million) annually on the company’s revenue from transaction charges.

Currently, NSE’s transaction charges for the equity segment are 0.00325%, and for the derivatives futures segment, they are 0.0019%, while for options, it stands at 0.05%. Meanwhile, the Bombay Stock Exchange’s (BSE) charges for equities are at 0.00375%.

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The NSE’s move could potentially drive up volumes, especially at a time when Indian markets are hitting new highs, with stock options trading booming and drawing retail investors.

The stock bourse further said its board approved the sale of its unit, NSEIT Limited, along with some subsidiaries to Investcorp for 10 billion rupees ($121 million).

Rival BSE’s shares fell 2.52% during the session on the NSE’s move.

Equity derivatives’ volumes of the BSE picked up in the last quarter, with the average daily turnover growing to 71.14 trillion rupees in terms of the notional turnover.