Calcutta Stock Exchange may mark its last Diwali in 2025 before voluntary exit as a stock exchange

Kolkata The Calcutta Stock Exchange, one of India’s oldest bourses, may celebrate its last Kali Puja and Diwali as a functioning exchange on October 20 this year, with the process of voluntary exit as an exchange nearing completion after a decade-long legal battle. Trading at CSE was suspended by SEBI in April 2013 following regulatory non-compliance. After years of trying to revive operations and challenging SEBI directives in courts, the exchange has now decided to pull out of the business and seek a voluntary exit from its stock exchange licence. “Approval was also obtained from the shareholders via EGM dated April 25, 2025 regarding the exit from the stock exchange business. Accordingly, CSE submitted the exit application to SEBI, which in turn appointed a valuation agency for undertaking the valuation of the stock exchange which is in progress,” said CSE Chairman Deepankar Bose. Once SEBI grants exit approval for stock exchange business, CSE will function as a holding company, while its 100 percent subsidiary, CSE Capital Markets Pvt Ltd, will continue to broker as a member of NSE and BSE. The regulator also approved the proposed sale of CSE’s three-acre property on EM Bypass to the Srijan Group for ₹253 crore, which is expected to be executed by SEBI after the exit. Established in 1908, the 117-year-old institution once rivaled the Bombay Stock Exchange in trading volumes and was a symbol of Kolkata’s financial heritage. The decline began after the Ketan Parekh-linked Rs 120 crore scam triggered a payment crisis at the Calcutta Stock Exchange as several brokers defaulted on settlement obligations. The episode shattered investor and regulator confidence, leading to a prolonged erosion of trading activity. A nostalgic mood now prevails among the few members as CSE prepares for its final celebration as an independent 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,” said veteran stockbroker Siddharth Thirani, recalling the hustle and bustle that once filled the Lyons Series floor until the 1990s. In December 2024, CSE’s board decided to withdraw its pending cases in the Calcutta High Court and the Supreme Court and apply for voluntary exit. The proposal was formally submitted to SEBI on February 18 and received approval from shareholders on April 25 this year. SEBI appointed Rajvanshi & Associate to undertake the valuation the last step before approval. In preparation, the bourse has launched a voluntary retirement scheme for all employees, involving a one-time payout of ₹20.95 crore that will have an annual savings of around ₹10 crore. All employees opted into the scheme, with some retained 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 India’s capital markets”, with 1,749 listed companies and 650 registered trading members. The report also revealed that Bose received ₹5.9 lakh as directorship fees during 2024-2025. This article was generated from an automated news agency feed with no text modifications.