The Calcutta Stock Exchange (CSE) is experiencing a notable surge in the unlisted share market following a proposal by the West Bengal government to revive the century-old institution. West Bengal Finance Minister Swapan Dasgupta announced the plan during the state Budget presentation on June 22, sparking immediate investor interest.
Unlisted shares of the CSE, which were trading around Rs 1,500 on June 21, climbed to nearly Rs 1,900 by June 30. This rally reflects optimism about the exchange's future, particularly given its reported book value per share stands above Rs 3,000.
During his Budget speech, Minister Dasgupta emphasized the strategic importance of the revival. "My Government proposes to support the revival of the Calcutta Stock Exchange so as to reclaim Kolkata's place as a financial capital," Dasgupta stated. He highlighted several potential advantages, including "easier access to capital for Eastern India, lower costs of listing and trading, and [the creation of] new jobs."
The Calcutta Stock Exchange, established in 1923, has not seen equity trading since April 2013. Its operations were suspended by the market regulator, Sebi, due to non-compliance with regulatory requirements applicable to recognized stock exchanges. In February 2025, the bourse had applied for a voluntary exit from stock exchange operations after years of disputes with Sebi, though a final exit order has not yet been issued by the regulator.
Over the past decade, trading volumes gradually shifted away from the CSE towards larger national exchanges like the National Stock Exchange (NSE) and BSE, which offered superior technology, nationwide connectivity, and significantly higher liquidity. The West Bengal government's initiative now seeks to reverse this trend and re-establish the CSE's role in India's financial landscape.