Kolkata Exchange Faces Fresh Crisis As Key Officials Quit

The beleaguered Calcutta Stock Exchange (CSE) is facing a fresh crisis from within. A couple of key officials of the surveillance department have put in their papers, while some others are looking for better placements.

The problem has been aggravated with the acting executive director expressing his willingness to relinquish his responsibility on health grounds. With the resignation of two managers of surveillance department, the important division of the bourse will be left with only one manager and a couple of junior officials.

In an attempt to combat the imminent problem with the exodus of officials, the exchange authorities have set the promotion system rolling. Two assistant managers -- one each in the margin and inspection departments -- will be soon promoted to the rank of managers.

The responsibility of manager - accounts will be designated as manager (accounts and administration). The assistant manager (inspection) will be transferred to surveillance department.

Since the inspection department is an one-man army now, the authorities will have to depute some body in the inspection department. Otherwise, it will face virtual closure.

But a greater problem is facing the exchange regarding the appointment of a full-time executive director, the position which has been laying vacant for quite some time. The former incumbent has resigned from the bourse on a direction of the Securities and Exchange Board of India (Sebi).

The acting executive director made it clear that he would not continue beyond February when he would turn 67. He said it was not fair on the part of the exchange to keep such an old man at the helm of operations.

Top sources in the CSE management sub-committee, which has been keeping the show going at the bourse since the previous committee resigned on the wake of the payment crisis, admitted that it was not "an easy task to find out a suitable candidate for the post."