Calcutta exchange’s unlisted shares double on revival hopes
Calcutta Stock Exchange shares have more than doubled in the unlisted market in three months as hopes of a revival gain momentum. The exchange is seeking to pause its voluntary exit process and explore opportunities across equities, derivatives, bonds, currencies and commodities, though any revival will require regulatory approvals and potential anchor investors.
In the past three months, the share price of the Calcutta Stock Exchange Ltd. has more than doubled on the unlisted market, according to Dharawat Securities. The exchange currently trades at around 2,100 rupees, up from approximately 900 rupees in early June when activity was scarce, due to years of inactivity.
Interest in the exchange revived after Swapan Dasgupta, newly appointed finance minister of West Bengal, announced on June 25 that the government was actively working to revive the exchange in the state capital. This development prompted further interest when CSE unveiled a broader strategy in its annual report, released on August 19. The report disclosed that the exchange plans to approach the Securities and Exchange Board of India to postpone its voluntary exit application, as scheduled for February 2025.
Hitesh Dharawat of Dharawat Securities stated that demand remains robust for CSE shares. The surge in the share price is attributed to the West Bengal government's signal to revive the exchange.
The annual report revealed that CSE listed 1,507 companies and had about 500 registered stockbrokers as of March 2026, with no active trading on the exchange. The exchange offers opportunities across various markets, including bonds, equity derivatives, currencies, commodities, carbon trading, and mutual funds, as well as developing products for small and medium-sized enterprises.
The renewed interest in CSE comes as the National Stock Exchange of India prepares to hold its highly anticipated initial public offering, which has drawn attention to India's exchange industry. Previously, investors have shown interest in unlisted shares of other Indian bourses expecting a turnaround. Metropolitan Stock Exchange of India (MSEI) saw its unlisted shares surge by about 5-fold between December 2024 and January 2025 before experiencing a significant drop, according to UnlistedZone. However, MSEI has yet to establish a significant presence in India's equity trading market.
CSE's revival would necessitate regulatory approvals and the involvement of anchor investors who meet capital-adequacy and "fit and proper" requirements, as per the annual report. A CSE representative did not respond to requests for comment.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
