Buoyed by positive indications from the market regulator, the Calcutta Stock Exchange (CSE) hopes on making a comeback as the third equity exchange of the country by March-April 2024, a senior official said on Sunday.
The Securities and Exchange Board of India (SEBI) barred the CSE from trading on its platform in April 2013 due to regulatory and compliance issues.
"We will come back as the third equity bourse of the country soon. There is positive feedback. We have to adhere to some measures, which will be done by January," CSE chief general manager Dhiraj Chakraborty told PTI.
"We hope to resume as an independent exchange again by March-April with new technology, which will be the best in the industry," he said.
Currently, the CSE is surviving by providing its members with facilities to trade on the NSE platform.
"With the approval of SEBI and subject to the decision of the Calcutta High Court, CSE expects to resume its trading and settlement functions on its own platform in the near future with state-of-the-art technology and to also expand its portfolio to include currency and commodity trading," CSE chairman Deepankar Bose informed the shareholders.
With 1,842 listed companies and around 400 registered trading members, the CSE has always had an important role to play in the Indian capital market and maintains a net worth in tune with the regulatory requirements, it's latest annual report said.
"CSE is making an honest effort to restart operations on its own. But, given the present circumstances, how far it will be fruitful only time will say," Abhirup Sarkar, a shareholder director (till FY'23) on behalf of the West Bengal government, told PTI.
The other 19 regional exchanges have closed over time after the National Stock Exchange (NSE) flourished as a modern national bourse since its commencement of operations in 1994.
The Bombay Stock Exchange (BSE) is currently the single largest shareholder in the CSE, with a 4.99.per cent stake. West Bengal Infrastructure Development Finance Corporation Ltd also holds a 3.37 per cent stake in the CSE among other corporates.
