The discussions, if successful, would see the German major owning a majority stake of nearly 60 per cent in the combined entity, while the rest would be with NYSE Euronext.
The Bombay Stock Exchange is in the process of listing Sensex futures on Europe's largest stock exchange by market value, the Frankfurt-based Deutsche Borse AG.
If it goes ahead, the combination would create the world's biggest exchange by revenue.
The Bombay Stock Exchange, the oldest bourse in Asia, is looking at listing its benchmark 30-share index Sensex on the US-based International Securities Exchange that is owned by Eurex Frankfurt AG.