End-of-an-era: Calcutta Stock Exchange to celebrate its last Diwali tomorrow
What's the story
The Calcutta Stock Exchange (CSE), one of India's oldest stock exchanges, is gearing up to celebrate its last Kali Puja and Diwali tomorrow. The occasion marks the nearing completion of a voluntary exit process after a decade-long legal battle. Trading at CSE was suspended by SEBI in April 2013 over regulatory non-compliance issues.
Exit strategy
CSE has opted to exit the business
After years of trying to revive operations and challenging SEBI orders in courts, CSE has now opted to exit the business. "Approval has also been obtained from the shareholders vide EGM dated April 25, 2025 relating to the exit of the stock exchange business," said CSE Chairman Deepankar Bose. The exchange has submitted an exit application to SEBI, which is currently assessing it through a valuation agency.
Transition phase
Proposed sale of CSE's property has been approved by SEBI
Once SEBI approves the exit of the stock exchange business, CSE will operate as a holding company. Its 100% subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue broking as a member of NSE and BSE. The regulator has also approved the proposed sale of CSE's three-acre property on EM Bypass to Srijan Group for ₹253 crore after SEBI's exit approval.
Legacy
A look at the CSE
Founded in 1908, the 117-year-old CSE was once a major competitor to the Bombay Stock Exchange in terms of trading volumes. However, its downfall started after a ₹120 crore scam linked to Ketan Parekh triggered a payment crisis. This led to several brokers defaulting on settlement obligations, eroding investor and regulator confidence over time.