Why was the Calcutta Stock Exchange closed? | Explained
The Hindu
CSE, India's second oldest stock exchange, is hoping to reopen trading in March-April 2024. SEBI's approval and Calcutta High Court's decision will determine if CSE can resume its trading and settlement functions on its own platform. CSE had been barred from trading in 2013 due to regulatory and compliance issues. NSE terminated its trading agreement with CSE in 2023, but SEBI has given positive indications for CSE's return. If approved, CSE will be able to expand its portfolio to include currency and commodity trading.
The story so far: Trading has ceased completely in one of India’s oldest stock exchanges, the Calcutta Stock Exchange (CSE), on November 28, after the National Stock Exchange (NSE) terminated its contract with the bourse. On November 20, the stock exchange issued a notice to all members asking them to square off open positions in the NSE derivative segment.
The notice was issued after the Calcutta High Court vacated its interim stay on NSE’s decision to terminate its contract with the CSE. The bourse had challenged NSE’s decision claiming that its move would cripple the stock exchange’s operations completely. It also sought time from both SEBI and the NSE to comply to all regulations for extending the contract.
CSE was barred from trading on its platform by SEBI in April 2013 due to regulatory and compliance issues. Since then, CSE’s only function is to provide its members a platform to trade on the NSE. As of date, CSE has 1842 listed companies and 400 registered trading members.
Stock-broking in Calcutta (now Kolkata) was first conducted in the 1830s under a neem tree. In 1863, a small premise on Netaji Subhas Road was rented by stock brokers to conduct operations. However, Standard Chartered Bank began constructing their own building on that site, necessitating a shift to a nearby neighbourhood.
Finally, in 1908, an association of brokers was established under the Companies Act 1850, with the name ‘Calcutta Stock Exchange Association’ at 2, China Bazar Street with 150 members. It was the second stock exchange to be set up in India -- and Asia - after the BSE, which was established in 1875.
CSE’s current premises at 7, Lyons Range was constructed in 1928. There is a plan to shift to bigger premises on the Eastern Metropolitan Bypass in Kolkata.
As CSE’s volume in share trade grew, it was granted permanent recognition by the Central government on April 14, 1980, under provisions of the Securities Contracts (Regulation) Act, 1956. In 1997, centralisation of the Indian stock market saw the old manual trading system in the CSE being replaced with the online electronic trading system -- C-STAR (CSE Screen Based Trading And Reporting), ushering in digitisation. Despite this, trading shifted mainly to the NSE and BSE after centralisation.
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