Kolkata, The Calcutta Inventory Alternate , one in every of India’s oldest bourses, might this yr have fun its final Kali Puja and Diwali on October 20 as a functioning change, with the method of voluntary exit as a bourse nearing completion after a decade-long authorized battle.
Buying and selling at CSE was suspended by SEBI in April 2013 following regulatory non-compliance. After years of efforts to revive operations and contest SEBI directives in courts, the change has now determined to again out of the enterprise and search a voluntary exit from its inventory change licence.
“Approval has additionally been obtained from the shareholders vide EGM dated April 25, 2025 regarding the exit of the inventory change enterprise. Accordingly, CSE submitted the exit utility to SEBI, which has, in flip, appointed a valuation company for endeavor the valuation of inventory change which is in progress,” CSE Chairman Deepankar Bose stated.
As soon as SEBI grants exit approval for inventory change enterprise, CSE will operate as a holding firm, whereas its 100 per cent subsidiary, CSE Capital Markets Pvt Ltd , will proceed broking as a member of NSE and BSE.
The regulator has additionally cleared the proposed sale of CSE’s three-acre property on EM Bypass to the Srijan Group for ₹253 crore, anticipated to be executed post-exit approval by SEBI.
Based in 1908, the 117-year-old establishment as soon as rivalled the Bombay Inventory Alternate in buying and selling volumes and stood as an emblem of Kolkata’s monetary heritage.
The decline started after the ₹120-crore Ketan Parekh-linked rip-off triggered a cost disaster on the Calcutta Inventory Alternate, as a number of brokers defaulted on settlement obligations.
The episode shattered investor and regulator’s confidence, leading to a protracted erosion of buying and selling exercise.
A nostalgic temper now prevails among the many few members as CSE prepares for its final festive celebration as an impartial bourse.
“We started every day with a prayer to Goddess Lakshmi earlier than buying and selling until April 2013 when buying and selling was suspended by the regulator. This Diwali seems like a farewell to that legacy,” stated veteran inventory dealer Siddharth Thirani, recalling the bustle that when crammed the Lyons Vary flooring until Nineties.
In December 2024, CSE’s board resolved to withdraw its pending instances within the Calcutta Excessive Court docket and the Supreme Court docket and apply for voluntary exit. The proposal was formally submitted to SEBI on February 18, and obtained shareholder approval on April 25 this yr.
SEBI has appointed Rajvanshi & Affiliate to undertake the valuation the ultimate step earlier than approval.
In preparation, the change launched a Voluntary Retirement Scheme for all staff, entailing a one-time payout of ₹20.95 crore which can have an annual financial savings of round ₹10 crore. All staff opted for the scheme, with some retained on contract for compliance work.
In his FY25 annual report, CSE Chairman and Public Curiosity Director Deepankar Bose famous that the change “has performed an necessary function in India’s capital markets”, with 1,749 listed corporations and 650 registered buying and selling members.
The report additionally disclosed that Bose obtained ₹5.9 lakh as director’s sitting charges throughout 2024-25.
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