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Kolkata’s historical Calcutta Stock Exchange (CSE), 1 of India’s oldest bourses, is gearing up to observe its past Kali Puja and Diwali arsenic a moving speech connected October 20. The determination comes arsenic the speech edges person to a voluntary exit aft years of ineligible battles and regulatory challenges.Trading astatine the CSE was suspended successful April 2013 by Sebi implicit non-compliance with regulations. For implicit a decade, the speech tried to restart operations and situation Sebi’s directives successful court. Now, it has decided to upwind down its banal speech business."Approval has besides been obtained from the shareholders vide EGM dated April 25, 2025 relating to the exit of the banal speech business. Accordingly, CSE submitted the exit exertion to SEBI, which has, successful turn, appointed a valuation bureau for undertaking the valuation of banal speech which is successful progress," said CSE Chairman Deepankar Bose.If Sebi approves the exit, CSE volition proceed arsenic a holding company, though its subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), volition support broking connected NSE and BSE. The regulator has besides cleared the merchantability of CSE’s three-acre EM Bypass spot to the Srijan Group for Rs 253 crore, which volition proceed aft Sebi’s nod.End of an epoch Founded successful 1908, CSE was erstwhile a rival to the Bombay Stock Exchange and a awesome of Kolkata’s fiscal legacy.
Its diminution began aft the Rs 120-crore Ketan Parekh-related scam, which caused brokers to default connected settlements and eroded capitalist confidence.Recalling the bustling speech astatine the Lyons Range level successful the 1990s, seasoned stockbroker Siddharth Thirani, said, "We began each time with a supplication to Goddess Lakshmi earlier trading till April 2013 erstwhile trading was suspended by the regulator. This Diwali feels similar a farewell to that legacy."Back successful December 2024, the CSE committee decided to retreat its ongoing cases successful the Calcutta High Court and the Supreme Court and determination guardant with a voluntary exit. The ceremonial exertion was submitted to Sebi connected February 18 and gained shareholder support connected April 25 this year.SEBI has appointed Rajvanshi & Associate to transportation retired the valuation, marking the last measurement earlier granting exit approval.The FY25 study by president Bose noted that the speech "has played an important relation successful India's superior markets," with 1,749 listed companies and 650 registered members.
Bose received Rs 5.9 lakh successful director’s sitting fees during 2024-25.In mentation for the exit, the speech offered a Voluntary Retirement Scheme to each employees, with a one-time payout of Rs 20.95 crore and yearly savings of astir Rs 10 crore. All employees opted in, with immoderate retained connected declaration for compliance work.
