Kolkata
The Calcutta Stock Exchange (CSE), one of India’s oldest and most storied trading platforms, is set to mark its final Kali Puja and Diwali as a functioning bourse this year. After a prolonged legal and regulatory battle, the 117-year-old exchange is on the verge of completing its voluntary exit from the stock exchange business.
Founded in 1908, CSE was once a vibrant rival to the Bombay Stock Exchange and a pillar of Kolkata’s financial identity. However, the 2001 Ketan Parekh scam triggered a severe payment crisis as several brokers defaulted on settlements, shaking investor confidence and leading to a long decline. The Securities and Exchange Board of India (SEBI) suspended trading in April 2013 due to persistent regulatory lapses, halting the exchange’s once-bustling operations.
Despite years of legal appeals and attempts to revive trading, CSE’s board ultimately decided to withdraw. Chairman and Public Interest Director Deepankar Bose confirmed that shareholders approved the exit plan during an Extraordinary General Meeting on April 25, 2025, following which the formal application was submitted to SEBI on February 18. The regulator has appointed Rajvanshi & Associate to oversee the final valuation before issuing its clearance.
Once SEBI’s approval is granted, CSE will cease functioning as a stock exchange. Its wholly owned subsidiary, CSE Capital Markets Private Limited (CCMPL), will continue as a broker and retain memberships in both NSE and BSE, while the parent entity transitions into a holding company.
In preparation for its closure, SEBI has also permitted the sale of CSE’s three-acre EM Bypass property to the Srijan Group for Rs 253 crore. Additionally, a Voluntary Retirement Scheme worth Rs 20.95 crore was introduced, accepted by all employees, saving the company around Rs 10 crore annually.
At its peak, CSE boasted 1,749 listed companies and 650 registered members. The Calcutta Stock Exchange has played a vital role in shaping India’s capital markets, Bose wrote in the FY2025 annual report — a nostalgic reflection marking the end of an era in Indian finance.
