Calcutta Stock Exchange Revival: West Bengal Budget Pledges Support for Historic Bourse

The West Bengal government has announced a proposal to revive the 118-year-old Calcutta Stock Exchange (CSE) as part of the state budget for 2026-27, aiming to restore Kolkata's historical status as a financial centre. Finance Minister Swapan Dasgupta presented the Rs 4.38 lakh crore budget in the West Bengal Assembly last week, stating that the exchange is on the verge of closure due to various hurdles and that the government will support its revival.

Founded in 1908, the Calcutta Stock Exchange was once India's second-largest after the Bombay Stock Exchange, thriving as a major financial hub. However, over time, it faced legal complexities and regulatory hurdles imposed by the Securities and Exchange Board of India (SEBI), leading to a decline in investment after 2013. The threat of closure intensified due to stringent regulations and issues related to clearing corporations.

Dhiraj Chakraborty, Officer on Special Duty and Chief Executive of the CSE, welcomed the announcement, stating that the revived exchange will feature state-of-the-art technology and a robust surveillance system to prevent fraudulent transactions. He emphasised that any irregular or sham transactions will not be tolerated. Chandrani Dutta, company secretary of the CSE, expressed optimism that both small and large companies, including public sector undertakings, will list their shares, boosting revenue and providing a trustworthy platform for investors.

Shankarlal Singh from the board secretariat of the CSE recalled that Union Home Minister Amit Shah had assured support for the exchange in 2021 if the Bharatiya Janata Party came to power. With the new state government in place, the revival has been taken up as a challenge. The CSE is seeking technical support and hopes the government will take a stake in the exchange after revival, Singh added.