The uphill battle to revive Calcutta Stock Exchange
The Calcutta Stock Exchange is attempting a revival after being dormant since 2013, spurred by a new proposal from the West Bengal government. The plan faces significant hurdles, including skepticism from the Securities and Exchange Board of India and the need for a modern business model to compete with national exchanges.
Why it matters
The potential reopening of a regional exchange reflects broader efforts to decentralize financial markets and boost regional economic development in India.
FREEZE FRAME. Trading halted at the 118-year-old Calcutta Stock Exchange in 2013 | Photo Credit: ROY CHOWDHURY A
India’s second-oldest bourse is attempting an audacious comeback from the brink of liquidation. After applying for a voluntary exit in February 2025, the Calcutta Stock Exchange (CSE) has abruptly pressed ‘pause’, triggered by a budget proposal from West Bengal’s newly elected Bharatiya Janata Party (BJP) government. The State’s planned revival of the 118-year-old exchange — where trading remains frozen since 2013 — seeks to challenge Mumbai’s monopoly and position Kolkata as a major capital markets hub for eastern and north-eastern India. But first it must convince a sceptical Securities and Exchange Board of India (SEBI) — the capital market regulator, and rewrite the rules of regional trading.
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