Latest news with #Sebi-prescribedExitPolicyforStockExchanges
Time of India
3 days ago
- Business
- Time of India
Calcutta Stock Exchange awaits Sebi decision on voluntary exit
1 2 Kolkata: Calcutta Stock Exchange (CSE) is waiting for a formal death sentence from market regulator Sebi. Established in 1908, CSE is the second oldest in India after BSE and one of the oldest stock exchanges in Asia. Union minister of state for finance Pankaj Chaudhary , during a reply in RS on Tuesday, said Sebi was examining a proposal from CSE for voluntary exit as an exchange. This means CSE would cease to exist as a stock exchange once the die is cast by Sebi. Chaudhary, replying to a question by Bengal BJP MP Samik Bhattacharya, said: "On Feb 18, 2025, CSE submitted a proposal for voluntary exit as a stock exchange under Sebi-prescribed Exit Policy for Stock Exchanges. The proposal is currently under examination." You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Sources close to the development said that the beleaguered exchange had no options left. It had tried to float a clearing corporation to remain as a stock exchange and, for this, it wanted to sell a land parcel off EM Bypass for Rs 253 crore. But it did not get the requisite approvals. Incidentally, at one point in time between 1997 and 2000, CSE's daily turnover used to surpass BSE's on many days. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Undo "We can recount many such days when CSE's volume was only second to NSE's," said a former broker of CSE who is now enlisted in NSE. According to old-timers in CSE, the exchange used to clock an average daily volume of Rs 1,000 crore until mid-2001. "In one day in 2000, CSE booked a volume of Rs 2,000 crore," said a broker. The number of listed companies in CSE until 2005 was more than 4,000, which at that point was more than NSE's and almost equal to BSE's. Trading has been closed in CSE since 2013. The trading volume for the last financial year, 2012-13, was Rs 9,500 crore. Sebi, in view of non-compliance by CSE over applicable regulatory requirements and its exit circular dated May 30, 2012, initiated compulsory exit proceedings against the exchange in May 2015, Chaudhary added. In response, CSE filed writ petitions in Calcutta High Court challenging Sebi's action. "After a prolonged litigation, the Calcutta HC, by its order dated Feb 19, 2024, granted CSE a period of six months to either establish a clearing corporation or tie up with an existing one, in compliance with the Securities Contracts (regulation) (stock exchanges and clearing corporations) Regulations, 2018, failing which Sebi would be free to proceed in accordance with law," he added.
New Indian Express
3 days ago
- Business
- New Indian Express
Calcutta Stock Exchange waiting for Sebi's formal death sentence: Minister of State Pankaj Chaudhary
KOLKATA: The Calcutta Stock Exchange (CSE), one of the oldest share exchanges in Asia, is waiting for the formal death sentence from market regulator Sebi, the Parliament was informed on Tuesday. Established in 1908, CSE is the second oldest in India after BSE, and was on the verge of celebrating its 125-year anniversary. During a reply to the question of West Bengal MP Samik Bhattacharya in Rajya Sabha, Union Minister of State for Finance Pankaj Chaudhary said that Sebi is examining CSE's proposal for voluntary exit as a stock exchange. This implies CSE would cease to exist as a stock exchange once the die is cast by Sebi formally. 'On February 18, 2025, CSE submitted a proposal for voluntary exit as a stock exchange under the Sebi-prescribed Exit Policy for Stock Exchanges. The proposal is currently under examination by Sebi,' Chaudhary informed.
