Calcutta Stock Exchange has not submitted formal revival plan to Sebi: Govt

The exchange asked Sebi in July to put its February 2025 exit application on hold, but the regulator has yet to receive a formal proposal for its revival

While the Calcutta Stock Exchange (CSE) in July asked the Securities and Exchange Board of India (Sebi) to put its exit proposal on hold, the exchange has not yet submitted any formal proposal to the regulator for its revival, Minister of State for Finance Pankaj Chaudhary informed Parliament on Tuesday.

 

“Sebi has received a formal communication from the CSE dated July 01, 2026, to keep on hold their exit application filed on Feb 18, 2025,” Chaudhary said in a written reply to a question in the Rajya Sabha. “Sebi has informed that CSE has not submitted any formal proposal for its revival to the Sebi.”

 

 

The exchange’s exit application remains under regulatory consideration, Chaudhary said. “No decision has been taken on the said application by Sebi,” he added.

 

Chaudhary's response in Parliament comes weeks after the West Bengal government backed plans to revive the exchange, which has not seen equity trading for over a decade. The state government's support had sparked optimism around the revival and a sharp rise in prices of CSE's unlisted shares.

 

The CSE had filed for voluntary exit in February 2025, after which Sebi began examining the proposal and also appointed a valuer. The exchange's subsequent request to put the exit application on hold followed the West Bengal government's push for a revival.

 

Meanwhile, the valuation agency appointed by the market regulator initiated the process to verify and value CSE's assets and liabilities. The agency also submitted its report to Sebi, although some information sought from CSE is still awaited.

 

For its exit application, CSE is required to address issues including the future course of action for exclusively listed companies, treatment of its assets and outstanding broker dues. Sebi has been seeking information from the exchange to examine the proposal, Chaudhary said.

 

At the same time, any attempt to resume operations would require CSE to comply with the regulatory framework applicable to recognised stock exchanges. “To resume operations as a stock exchange, the applicant has to comply with all relevant provisions” of the Securities Contracts (Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, and the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, Chaudhary said.