Synopsis: After more than a century of shaping India’s financial history, the Calcutta Stock Exchange (CSE) is preparing for its final exit from trading operations. The exchange, once a rival to BSE, is now completing its voluntary withdrawal after years of regulatory hurdles and legal battles.
The Calcutta Stock Exchange (CSE), established in 1908, is on the verge of closing its chapter as one of India’s oldest and most iconic stock exchanges. The exchange, which once stood shoulder-to-shoulder with the Bombay Stock Exchange (BSE), is nearing the completion of its voluntary exit from stock market operations — likely marking its final Diwali celebration on October 20, 2025, as an active bourse.
The downfall of CSE can be traced back to the 2001 Ketan Parekh scam, which triggered a major payment crisis when several brokers failed to meet their settlement obligations. The aftermath shattered investor confidence and marked the beginning of a slow decline for the once-thriving exchange.
In April 2013, the Securities and Exchange Board of India (SEBI) suspended trading at the CSE due to regulatory non-compliance. Despite numerous appeals and legal challenges, the exchange struggled to regain operational status.
According to CSE Chairman and Public Interest Director Deepankar Bose, shareholders approved the voluntary exit plan at an Extraordinary General Meeting (EGM) held on April 25, 2025. Following this, a formal exit application was submitted to SEBI on February 18, 2025. SEBI has since appointed Rajvanshi & Associate as the valuation agency to conduct a final review before granting approval.
Once SEBI gives its nod, CSE will officially cease functioning as a stock exchange. However, its subsidiary — CSE Capital Markets Private Limited (CCMPL) — will continue to operate as a broker, maintaining memberships with both NSE and BSE, while the parent company transitions into a holding company.
As part of the exit process, SEBI has approved the sale of CSE’s three-acre land on EM Bypass to Srijan Group for ?253 crore, pending final clearance. The exchange has also rolled out a Voluntary Retirement Scheme (VRS) worth ?20.95 crore, which all employees have accepted. Some staff members have been retained on contract for compliance-related work, helping CSE save around ?10 crore annually.
Once home to 1,749 listed companies and 650 trading members, CSE was an integral part of Kolkata’s financial identity. In its FY2025 Annual Report, Chairman Bose reflected on CSE’s historic contribution to India’s capital markets and acknowledged receiving ?5.9 lakh in sitting fees for the year.
With its closure, India bids farewell to a 117-year-old financial institution that once symbolized Kolkata’s trading legacy — now making way for a modern, consolidated, and technology-driven market structure.
Disclaimer: This article is based on publicly available information and official statements from the Calcutta Stock Exchange and SEBI. It is intended for informational purposes only and should not be construed as financial or investment advice.
