117-Year Old CSE Closes Down, Srijan Group Eyes Rs 253 Crore Property

Once a formidable rival to the BSE, the 117-year-old Calcutta Stock Exchange (CSE) is voluntarily exiting the stock exchange business, marking the end of an era in India’s capital markets. Established in 1908 as the country’s second recognised bourse, the CSE once served as Kolkata’s financial hub, attracting significant trade volumes and investor interest. The exchange’s decline accelerated following the Ketan Parekh stock market scam, which triggered a payment crisis and broker defaults. Despite attempts to modernise, CSE struggled to compete with the technologically advanced BSE and the NSE. Trading at the CSE was suspended in April 2013 by the SEBI for failing to meet mandatory turnover thresholds and establish a separate clearing corporation. Over the last decade, the exchange attempted multiple revivals, including approaching Calcutta High Court and the Supreme Court challenging SEBI’s suspension order. However, these efforts added to financial strain without delivering results. In December 2024, the CSE board resolved to withdraw pending litigation and pursue a voluntary exit. Shareholders formally approved the exit at an EGM in April 2025, after which the CSE submitted its exit application to SEBI. The regulator has appointed Rajvanshi & Associates, a valuation agency to determine the exchange’s worth. Once the exit is sanctioned, CSE will transition into a holding company, with its 100% subsidiary, CSE Capital Markets Pvt Ltd, continuing broking operations as a member of NSE and BSE. Speculations are rife that CSE is seeking SEBI’s approval to sell its 3-acre EM Bypass property to the Srijan Group for Rs 253 crore.