Kolkata’s historic Calcutta Stock Exchange (CSE), founded in 1908 and once the heart of eastern India’s financial life, is about to mark a poignant milestone: its final Diwali and Kali Puja as a functioning stock exchange.
On the evening of October 20, 2025, the exchange will hold its last festive celebration before formally exiting its bourse operations after more than 117 years.
This year’s Diwali holds deep significance for the CSE community – a moment not just of festival cheer, but of reflection, nostalgia, and farewell. The looming closure concludes over a decade of uncertainty, legal tussles, and relentless efforts by CSE to regain its regulatory standing following the suspension of trading by SEBI in April 2013.
The closure of the Calcutta Stock Exchange (CSE) is primarily due to prolonged and repeated non-compliance with regulatory requirements set by the Securities and Exchange Board of India (SEBI). Trading at the CSE was suspended in April 2013 for regulatory lapses, including the inability to meet SEBI’s updated norms and the failure to establish or tie up with a clearing corporation as mandated by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018
CSE’s decline began in the early 2000s, notably after the Ketan Parekh Scam led to a payment crisis and loss of investor confidence. Mounting regulatory pressures culminated in SEBI suspending trade in 2013, and CSE’s subsequent legal appeals proved unfruitful.
In December 2024, facing little hope of revival, the CSE board withdrew all pending legal suits and in April 2025, shareholders formally approved the voluntary exit plan. The process involves asset valuation and property sale, with future operations limited to broking services through its subsidiary.
Currently, the exit process is in its final stages. SEBI has appointed a Valuer, and after assessment, the regulator will grant formal approval to dissolve CSE’s bourse status. The exchange will continue only as a holding company, while its subsidiary, CSE Capital Markets Pvt Ltd, will offer broking services on India’s larger exchanges (NSE and BSE).
Additionally, post-exit, the landmark three-acre CSE property on EM Bypass has been cleared for sale to the Srijan Group for ₹253 crore, subject to SEBI’s final nod.
On October 20, employees, brokers, and former members will gather for a final festival evening at the historic Lyons Range building. Diyas (oil lamps) and Rangoli will decorate the halls for Lakshmi Puja and Kali Puja, bringing nostalgia and the spirit of prosperity that the exchange once embodied.
The mood is emotional but dignified as Kolkata’s financial community pays tribute to a century-old institution. Similar to other Indian markets, the occasion blends tradition with symbolic closure—a festival of light marking the end of an era in the city’s financial history.
As the lights are lit for the last time at the Calcutta Stock Exchange, a chapter closes, leaving behind memories and milestones in Kolkata’s business heritage.