Calcutta Stock Exchange, one of oldest stock exchanges in Asia, saw trading suspended in April, 2013, following regulatory non-compliance
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Sanjit Das
The West Bengal government, which has proposed to support the revival of the 118-year-old Calcutta Stock Exchange, is awaiting the exchange’s roadmap for its future strategic direction.The Calcutta Stock Exchange is planning to discuss its future strategy in its board meeting this month.In its maiden Budget, the BJP government in the State proposed to support revival of the iconic bourse to reclaim Kolkata’s place as a financial capital.Following the Budget proposal in June, Calcutta Stock Exchange has written to SEBI requesting a hold on its voluntary exit proposal. After a decade-long legal battle, the regional exchange had applied for a voluntary exit from stock exchange operations in February 2025.State government sources told businessline that it is awaiting a response from the CSE on its future strategic direction. The exchange will need to decide on its thrust area.CSE, one of oldest stock exchanges in Asia, saw trading suspended in April, 2013, following regulatory non-compliance.“We will discuss the future strategy in a board meeting, which may be held during this month,” sources at Calcutta Stock Exchange told businessline.“We have written to SEBI requesting a hold on the exchange’s voluntary exit proposal. Now, we are awaiting guidance from the regulator in the matter of revival of the exchange,” the sources said.Revival roadmapNotably, there is no policy at present on reopening of a regional stock exchange. Therefore, CSE has to restart the operation in a certain form, and in this regard, it proposes to have a dialog with SEBI.“The Calcutta Stock Exchange, an 118-year old institution is on the verge of closure due to several legal hurdles. My government proposes to support the revival of the Calcutta Stock Exchange so as to reclaim Kolkata’s place as a financial capital. The revival of the Calcutta Stock Exchange would have multifarious advantages, including easier access to capital for Eastern India, lower costs of listing and trading and create new jobs,” Finance Minister Swapan Dasgupta said in the West Bengal Assembly on June 22.Tabling the State Budget of over ₹4.38 lakh crore for the financial year 2026-27, Dasgupta said an endeavour will be taken for listing profit making State Public Sector Undertakings (SPSUs) on public stock exchanges which will benefit the State by raising capital through disinvestment, unlocking hidden corporate value.The Calcutta Stock Exchange currently has net worth of over ₹100 crore, which is a regulatory requirement for a regional bourse.After the implementation of demutualisation scheme in 2007, directed by SEBI, brokers’ shareholding in the bourse stands at around 49 per cent, while around 51 per cent of its equity shares are held by corporate shareholders (non-trading members). Within the corporate shareholding segment, BSE and the State’s infrastructure financing arm West Bengal Infrastructure Development finance corporation (WBIDFC) hold 4.99 per cent and 3.38 per cent, respectively.Published on August 5, 2026
