What is The Calcutta Stock Exchange Limited?

The Calcutta Stock Exchange (CSE), incorporated in 1923, is one of Asia's oldest stock exchanges. It is headquartered at Lyons Range in Kolkata and was historically the primary exchange for eastern India. However, with the dominance of BSE and NSE, CSE's trading volumes have become negligible.

What is SEBI's action against the Calcutta Stock Exchange?

SEBI directed the Calcutta Stock Exchange to exit from exchange operations due to its failure to meet regulatory requirements including minimum net worth and trading volume norms. The CSE challenged this order before the Calcutta High Court, and the matter remains sub judice.

Is the Calcutta Stock Exchange still operational?

CSE's exchange operations are effectively inactive in terms of meaningful trading volumes. It continues to exist as a corporate entity, and its litigation against SEBI's exit directive is ongoing. The company's primary value today is seen more in its real estate holdings than active exchange operations.

Is the Calcutta Stock Exchange listed?

No. The Calcutta Stock Exchange Limited is itself an unlisted company, trading only in the OTC/unlisted market at around ₹1,395 per share. It is not listed on BSE or NSE.

When was the Calcutta Stock Exchange incorporated?

The Calcutta Stock Exchange was incorporated in 1923, making it over 100 years old. It was formerly one of the premier stock exchanges in India alongside BSE.

How do I buy Calcutta Stock Exchange (CSE) unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Calcutta Stock Exchange (CSE)?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Calcutta Stock Exchange (CSE) shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Calcutta Stock Exchange (CSE) Unlisted Share Price | Buy Calcutta Stock Exchange (CSE) Pre-IPO Shares — wisefolio

Investment Thesis

The Calcutta Stock Exchange — one of Asia's oldest exchanges (founded December 1, 1863, incorporated 1923) — is in the final stages of winding down. No trading since April 2013 due to non-compliance with SEBI's 2012 exit policy. Applied for voluntary exit from stock exchange business in February 2025; shareholders endorsed in April 2025. SEBI reviewing exit application. October 2025 marked its last Diwali as a functioning bourse — end of a 162-year era. Revenue only ₹4.27 Cr FY2022. Property/asset value may be significant.

Pros

One of India's most historic institutions — exchange founded December 1, 1863
Large real estate / property assets likely significant
SEBI-regulated entity with structured exit process underway

Cons

No trading since April 2013 — exchange effectively defunct for 12+ years
Applied for voluntary exit from stock exchange business (February 18, 2025)
SEBI reviewing exit; October 2025 = last Diwali as functioning bourse
Failed to meet SEBI 2012 exit policy requirements (clearing corp, ₹1,000 Cr turnover)
Revenue declining — FY2022 at only ₹4.27 Cr

Business Segments

Stock exchange operations (suspended since April 2013)

Securities dealing / regulatory compliance activities

Revenue Model

Historically generated revenue through transaction fees, membership fees from brokers, and listing fees. Current revenue is minimal due to near-zero trading volumes; any active income likely comes from property rentals or investments.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds6

Growth Plans

A favorable court judgment could allow CSE to reinstate exchange operations or negotiate a structured transition

Redevelopment or monetization of its prime Kolkata commercial real estate could unlock significant asset value

Industry Tailwinds

A favorable court judgment could allow CSE to reinstate exchange operations or negotiate a structured transition

Redevelopment or monetization of its prime Kolkata commercial real estate could unlock significant asset value

Recent Developments

February 2025: Formal SEBI exit application submitted; SEBI reviewing

April 2025: Shareholders endorsed voluntary exit from stock exchange business

October 2025: Last Diwali as a bourse — end of 162-year exchange history

SEBI working group and independent valuation agency appointed to assess financial position

Comparable Companies

CompanyTypeTickerMkt Cap

BSE LimitedPE: ~60xxListedBSE~50,000 Cr

Multi Commodity Exchange of IndiaPE: ~50xxListedMCX~15,000 Cr

BSE LimitedListed

BSE · ~50,000 Cr

PE: ~60xx

Multi Commodity Exchange of IndiaListed

MCX · ~15,000 Cr

Frequently Asked Questions

About Calcutta Stock Exchange (CSE)

The Calcutta Stock Exchange Limited (CSE) is one of the oldest stock exchanges in Asia, with origins dating to 1863 when sixteen leading stockbrokers established the precursor to the exchange. Formally constituted as an association in May 1908 and incorporated as a public limited company on 6 June 1923, CSE received permanent recognition from the Government of India on 14 April 1980 under the Securities Contracts (Regulation) Act, 1956. At its peak in 1997-98, the Calcutta Stock Exchange recorded an extraordinary annual turnover of ₹1,78,779 Cr — surpassing even the Bombay Stock Exchange (BSE) on multiple occasions between 1997 and 2000. The exchange's meteoric rise in the late 1990s was driven by aggressive participation from regional brokers in eastern India and, critically, the speculative frenzy surrounding Ketan Parekh's stock market manipulation. When the Ketan Parekh scam unravelled in 2001, involving approximately ₹120 Cr in broker defaults on the CSE, the exchange suffered catastrophic damage to investor confidence, triggering a structural decline from which it never recovered. A series of regulatory interventions followed, and trading on the CSE was ultimately halted in April 2013 after the exchange failed to comply with SEBI's mandatory requirement of maintaining ₹1,000 Cr continuous turnover and establishing a separate clearing corporation. In February 2024, the Calcutta High Court upheld SEBI's compulsory derecognition order against CSE in a long-pending legal challenge. Following the verdict, the CSE board decided in December 2024 to withdraw all ongoing litigation before the Calcutta High Court and the Supreme Court, and instead pursue a voluntary exit. The voluntary exit application was submitted to SEBI on 18 February 2025, and shareholders formally endorsed the voluntary exit in April 2025. The exchange is now in the process of concluding its over 100-year existence as a recognised stock exchange. Despite its terminal status as a functioning exchange, CSE maintained active operations in terms of regulatory compliance and corporate governance. Revenue for FY2022 was ₹4.27 Cr, growing 6.82% in FY2023, primarily from non-trading activities. The company employs 60 people and is registered with paid-up capital of ₹0.62 M. Its registered office is in Kolkata, and the company continues to appear on unlisted share trading platforms, indicating secondary market interest from investors.

Key Milestones

Common questions about unlisted shares

How do I buy Calcutta Stock Exchange (CSE) unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

The Calcutta Stock Exchange Limited

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