Trading at CSE was suspended by SEBI in April 2013 following non-compliance with regulations. After years of efforts to revive operations and challenge SEBI guidelines in court, the exchange has now decided to withdraw from operations and apply for a voluntary termination of its exchange license.
“Approval has also been obtained from the shareholders’ meeting held on April 25, 2025, regarding the exit from the stock exchange operations. Accordingly, CSE has submitted the exit application to SEBI, which in turn has appointed a valuation agency for carrying out the valuation of the stock exchange which is underway,” CSE Chairman Deepankar Bose said.
Once SEBI grants approval for stock exchange operations, CSE will function as a holding company while its 100 percent subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue to broker as a member of NSE and BSE.
The regulator has also approved the proposed sale of CSE’s three-acre estate on EM Bypass to Srijan Group for Rs 253 crore, which is expected to be executed after approval by SEBI.
Founded in 1908, the 117-year-old institution once rivaled the Bombay Stock Exchange in trading volumes and stood as a symbol of Kolkata’s financial heritage. The decline started after the Ketan Parekh-linked Rs 120 crore scam triggered a payments crisis at the Calcutta Stock Exchange as several brokers defaulted on their settlement obligations. long-term erosion of trading activity.
There is now a nostalgic mood among its few members as CSE prepares for its final festive celebration as an independent stock exchange.
“We started every day with a prayer to Goddess Lakshmi before trading until April 2013, when trading was suspended by the regulator. This Diwali feels like a farewell to that legacy,” says veteran stockbroker Siddharth Thirani, recalling the hustle and bustle that once filled the Lyons Range floor till the 1990s.
In December 2024, the CSE board decided to withdraw the pending cases in the Calcutta High Court and the Supreme Court and apply for a voluntary exit. The proposal was formally submitted to SEBI on February 18 and received shareholder approval on April 25 this year.
SEBI has appointed Rajvanshi & Associate to conduct the valuation – the final step before approval.
In preparation, the exchange launched a Voluntary Pension Scheme (VRS) for all employees, which will entail a one-time payout of Rs 20.95 crore, which will result in annual savings of around Rs 10 crore. All employees opted into the arrangement, and some remained on contract for compliance work.
In its FY25 annual report, CSE Chairman and Director of Public Interest Deepankar Bose noted that the exchange has “played an important role in the Indian capital markets”, with 1,749 listed companies and 650 registered trading members.
The report also disclosed that Bose received Rs 5.9 lakh as director sitting allowance during 2024-25.
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