Calcutta Stock Exchange: Anticipating a Bullish 2024 Comeback!
The Calcutta Stock Exchange (CSE) is gearing up for a resurgence, eyeing a return to operations by March-April 2024. The Securities and Exchange Board of India (SEBI) had imposed a trading ban on CSE in April 2013 due to regulatory and compliance issues. Dhiraj Chakraborty, CSE's Chief General Manager, expressed optimism, stating, ‘We will come back as the third equity bourse of the country soon.’ Plans include implementing measures by January and reintroducing the exchange with state-of-the-art technology.
Currently relying on facilitating member trades on the National Stock Exchange (NSE), CSE aims to regain autonomy pending SEBI approval and a favorable decision from the Calcutta High Court. The ambition extends to expanding its portfolio to include currency and commodity trading. With 1,842 listed companies and 400 trading members, CSE has historically played a vital role in the Indian capital market. Abhirup Sarkar, a shareholder director, cautiously noted, ‘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.’ Facing the challenges of the dominant National Stock Exchange (NSE), CSE's revival holds interest for stakeholders. The Bombay Stock Exchange (BSE) is the largest shareholder with a 4.99% stake, and the West Bengal Infrastructure Development Finance Corporation Ltd holds a 3.37% stake, reflecting a collective corporate interest.
As CSE embraces technological advancements and a diversified trading portfolio, anticipation surrounds its potential return to prominence in India's financial landscape in 2024.
Did you find this newsletter helpful or insightful? Please “Subscribe” to receive future installments highlighting some of the most exciting and interesting newsletters from across LinkedIn. Let us know your comments or suggestions below and thank you for reading!
?