BSE and NSE are both privately owned stock exchanges. The purpose of a stock exchange is just to match the bid and ask price, so whichever stock exchange gives you the least rate, transact using that exchange.
A lot of Indian companies are not listed on the NSE, but are available on BSE, for example, Anuh Pharma, Poddar Developers, Capital Trust, which have been multi baggers for the past few years, have only been listed on BSE.
NSE, in general has better liquidity compared to BSE. So there's always a trade off.
Disclosure: Invested in all the above mentioned companies.
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