Kolkata:
The new BJP government of West Bengal has made a key announcement in the state budget – a bid to restore Kolkata’s waning financial glory by reviving revive the 118-year-old “Calcutta Stock Exchange”, which has been on the verge of closure.
Tabling the Rs 4.38 lakh crore state budget for 2026-27 in the West Bengal Assembly last week, Dasgupta said, “The Calcutta Stock Exchange, a 118-year-old institution, is on the verge of closure due to several hurdles. The government proposes to support the revival of the Calcutta Stock Exchange so as to reclaim Calcutta’s place as a financial centre.”
Founded in 1908, the Calcutta stock exchange was once India’s second largest after the Bombay stock exchange. It thrived as much as the exchange in Mumbai, the country’s commercial capital, or the one in Gujarat’s Ahmedabad.
But over time, the exchange got mired in various legal complexities and regulatory hurdles.
Investment started to decline after 2013 as investors withdrew their capital. Subsequently, the exchange faced the threat of closure due to stringent regulations imposed by the Securities and Exchange Board of India (SEBI) and legal complexities regarding clearing corporations.
Now, the fresh move by the government is being welcomed by many, who say the decision could provide a boost to traders and businesses across eastern India.
“Calcutta stock exchange is the oldest stock exchange. Eastern region used to see the best financial growth in India. Calcutta stock exchange will start its operation. It will be a state-of-the-art technology. It will create lots of features, prevent scam,” said Dhiraj Chakraborty, Officer on Special Duty and the Chief Executive of the Calcutta Stock Exchange.
The new CSE, he said, will have a state-of-the-art surveillance system. “Any jama-kharchi (sham) transaction will not take place in CSE,” he added.
“We are feeling upbeat after the budget announcement…many small and large companies will come. PSUs would get their shares listed here. That will increase our revenue. Investors will get benefits, a platform… They will not get cheated. Ultimately the Viksit Bharat and Viksit Bengal will make their presence felt,” said Chandrani Dutta, the company secretary of the CSE.
“Back in 2021, Union Home minister Amit Shah assured that he will support the Calcutta stock exchange it the BJP came to power. But that time BJP was not in power in the state,” said Shankarlal Singh from the Board secretariate, CSE.
Now the BJP government has taken it as a challenge, Swapan Dasgupta assured support for the revival, he said.
The CSE, he added, is looking for support on two scores. “One is technical support. And we also want the government to have some stake so we will run the stock exchange after the revival,” he added.
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