Kolkata’s historic Calcutta Stock Exchange (CSE), one of India’s oldest bourses, is gearing up to celebrate its last Kali Puja and Diwali as a working exchange on October 20. The move comes as the exchange edges closer to a voluntary exit after years of legal battles and regulatory challenges.Trading at the CSE was suspended in April 2013 by Sebi over non-compliance with regulations. For over a decade, the exchange tried to restart operations and challenge Sebi’s directives in court. Now, it has decided to wind down its stock exchange business.“Approval has also been obtained from the shareholders vide EGM dated April 25, 2025 relating to the exit of the stock exchange business. Accordingly, CSE submitted the exit application to SEBI, which has, in turn, appointed a valuation agency for undertaking the valuation of stock exchange which is in progress,” said CSE Chairman Deepankar Bose.If Sebi approves the exit, CSE will continue as a holding company, though its subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will keep broking on NSE and BSE. The regulator has also cleared the sale of CSE’s three-acre EM Bypass property to the Srijan Group for Rs 253 crore, which will proceed after Sebi’s nod.End of an era Founded in 1908, CSE was once a rival to the Bombay Stock Exchange and a symbol of Kolkata’s financial legacy. Its decline began after the Rs 120-crore Ketan Parekh-related scam, which caused brokers to default on settlements and eroded investor confidence.Recalling the bustling exchange at the Lyons Range floor in the 1990s, veteran stockbroker Siddharth Thirani, said, “We began each day with a prayer to Goddess Lakshmi before trading till April 2013 when trading was suspended by the regulator. This Diwali feels like a farewell to that legacy.”Back in December 2024, the CSE board decided to withdraw its ongoing cases in the Calcutta High Court and the Supreme Court and move forward with a voluntary exit. The formal application was submitted to Sebi on February 18 and gained shareholder approval on April 25 this year.SEBI has appointed Rajvanshi & Associate to carry out the valuation, marking the final step before granting exit approval.The FY25 report by chairman Bose noted that the exchange “has played an important role in India’s capital markets,” with 1,749 listed companies and 650 registered members. Bose received Rs 5.9 lakh in director’s sitting fees during 2024-25.In preparation for the exit, the exchange offered a Voluntary Retirement Scheme to all employees, with a one-time payout of Rs 20.95 crore and annual savings of about Rs 10 crore. All employees opted in, with some retained on contract for compliance work.
