Calcutta Stock Exchange shares rally in unlisted market; details here

Shares of the Calcutta Stock Exchange (CSE), traded on unlisted share platforms, have rallied after the West Bengal government announced its intent to revive the century-old bourse.

The exchange's unlisted shares, quoted at around Rs 1,500 on June 21, have climbed to nearly Rs 1,900 by June 30. The exchange's reported book value per share stood above Rs 3,000.

The surge came after West Bengal Finance Minister Swapan Dasgupta, during the state Budget presentation on June 22, proposed reviving the exchange.

"My Government proposes to support the revival of the Calcutta Stock Exchange so as to reclaim Kolkata's place as a financial capital. The revival of the Calcutta Stock Exchange would have multifarious advantages, including easier access to capital for Eastern India, lower costs of listing and trading, and create new jobs," Dasgupta said during his Budget speech.

The bourse had applied for a voluntary exit from stock exchange operations in February 2025 after years of disputes with market regulator Sebi.

However, Sebi has not yet issued a final exit order.

Established in 1923, the Calcutta Stock Exchange has not witnessed equity trading since April 2013, after Sebi suspended trading on the bourse for failing to comply with regulatory requirements applicable to recognised stock exchanges.

The market regulator had cited non-compliance with operational and regulatory norms. Meanwhile, trading volumes gradually shifted to NSE and BSE, which offered superior technology, nationwide connectivity and significantly higher liquidity.

In a separate development, the National Stock Exchange of India (NSE) has filed its draft red herring prospectus (DRHP) with Sebi for its proposed initial public offering (IPO).

In its draft papers, NSE described itself as India's largest stock exchange in the cash market and equity derivatives segments. The DRHP also highlighted the exchange's technology infrastructure, investor reach, non-trading businesses and financial performance.