New Delhi, March 9 The capital market regulator, Sebi, is examining the application seeking the voluntary exit of the Calcutta Stock Exchange (CSE) from its business, said Minister of State for Finance Pankaj Chaudhary on Monday.
In a written reply to a question in the Lok Sabha, Chaudhary said that Sebi has constituted a Working Group on the matter and appointed a valuation agency for verification and valuation of CSE's assets and liabilities.
Certain information sought by Sebi from CSE is awaited, he said.
"Sebi will issue a detailed order allowing CSE to exit from the stock exchange business after taking into account the exclusively listed companies of CSE, its assets and liabilities, and any relaxation from regulations to facilitate the exit," he said.
The Calcutta Stock Exchange (CSE) sought voluntary exit as a Stock Exchange under the Sebi Exit Policy for stock exchanges in its letter dated February 18, 2025, to the Securities and Exchange Board of India (Sebi). "The proposal is at the stage of examination before SEBI," Chaudhary said.
Trading on the CSE platform stopped in April 2013.
The Calcutta High Court, in its orders dated February 19, 2024 and August 19, 2024, granted time to CSE to comply with the requirements relating to clearing corporation arrangements and net worth under the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
The said requirements were not achieved within the stipulated period by CSE. Subsequently, CSE submitted an application on February 18, 2025, seeking exit from the stock exchange business.
