One of India’s oldest stock exchanges, the Calcutta Stock Exchange (CSE), is set to commemorate its final Diwali in October 2025 as a functioning bourse, as per the news reports. This comes as it nears the completion of a voluntary exit process, a decade after its trading operations were suspended by SEBI.
Founded in 1908, the Calcutta Stock Exchange stood as a significant pillar of India's equity market history. However, following SEBI’s suspension of trading at CSE in April 2013 due to regulatory non-compliance, operations gradually wound down.
After legal challenges and abandoned revival efforts, the exchange submitted a formal voluntary exit application to SEBI on February 18, 2025. This was later approved by shareholders on April 25, 2025, during an Extraordinary General Meeting.
Post approval from SEBI, CSE will operate as a holding company. Its 100% subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue broking activities under BSE and NSE memberships. SEBI also approved CSE's plan to sell its 3-acre property on EM Bypass to the Srijan Group for ₹253 crore. The transaction is expected to be completed once SEBI's final exit nod is secured.
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In preparation for the operational wind-down, the exchange introduced a Voluntary Retirement Scheme (VRS) with a one-time payout of ₹20.95 crore. This strategic move is projected to save around ₹10 crore annually. All employees accepted the offer, with a few retained on contract to support compliance needs during the transition.
As the final festive season at CSE approaches, emotions run high among its remaining members and staff. Once bustling with 650 trading members and hosting 1,749 listed entities, the exchange’s legacy is now being remembered with fond nostalgia. The Kali Puja and Diwali on October 20, 2025, are seen as symbolic farewells to CSE’s vibrant past.
The closure of the Calcutta Stock Exchange signifies the end of an era in India’s financial history. After over a century of operation, it makes way for modern structures while preserving its legacy through its broking subsidiary. The exchange’s final festive celebration resonates as a tribute to its significant role in shaping India’s capital markets.
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Published on: Oct 20, 2025, 11:15 AM IST
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