Capital market regulator Sebi is examining the application seeking voluntary exit of the Calcutta Stock Exchange (CSE) from its business, Union Minister of State for Finance Pankaj Chaudhary said on Monday.
In a written reply to a question in the Lok Sabha, Chaudhary said Sebi has constituted a Working Group on the matter and appointed a valuation agency for verification and valuation of CSE's assets and liabilities. Certain information sought by Sebi from CSE is awaited, he said.
“Sebi would be passing a speaking order giving an exit to CSE from stock exchange business after taking a view on exclusively listed companies of CSE, its assets and liabilities, and relaxation from any regulations in order to facilitate exit,” he said.
The Calcutta Stock Exchange (CSE), in its February 18, 2025, letter to the Securities and Exchange Board of India (Sebi), sought voluntary exit as a Stock Exchange under the Sebi Exit Policy for stock exchanges. "The proposal is at the stage of examination before SEBI," Chaudhary said.
Trading on the CSE platform stopped in April 2013.
The Calcutta High Court, in its orders dated February 19, 2024 and August 19, 2024, granted time to CSE to comply with the requirements relating to clearing corporation arrangements and net worth under the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
The said requirements were not achieved within the stipulated period by CSE. Subsequently, CSE submitted an application on February 18, 2025, seeking exit from the stock exchange business.
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