The Calcutta Stock Exchange, one of India’s oldest bourses, may this year celebrate its last Kali Puja and Diwali on October 20 as a functioning exchange, with the process of voluntary exit as a bourse nearing completion after a decade-long legal battle.

Trading at CSE was suspended by SEBI in April 2013 following regulatory non-compliance. After years of efforts to revive operations and contest SEBI directives in courts, the exchange has now decided to back out of the business and seek a voluntary exit from its stock exchange licence.

“Approval has also been obtained from the shareholders vide EGM dated April 25, 2025 relating to the exit of the stock exchange business. Accordingly, CSE submitted the exit application to SEBI, which has, in turn, appointed a valuation agency for undertaking the valuation of stock exchange which is in progress,” CSE Chairman Deepankar Bose said.

Once SEBI grants exit approval for stock exchange business, CSE will function as a holding company, while its 100 per cent subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue broking as a member of NSE and BSE.

The regulator has also cleared the proposed sale of CSE’s three-acre property on EM Bypass to the Srijan Group for Rs 253 crore, expected to be executed post-exit approval by SEBI.

Founded in 1908, the 117-year-old institution once rivalled the Bombay Stock Exchange in trading volumes and stood as a symbol of Kolkata’s financial heritage.

The decline began after the Rs 120-crore Ketan Parekh-linked scam triggered a payment crisis at the Calcutta Stock Exchange, as several brokers defaulted on settlement obligations.

The episode shattered investor and regulator’s confidence, resulting in a prolonged erosion of trading activity.

A nostalgic mood now prevails among the few members as CSE prepares for its last festive celebration as an independent bourse.