After 13 years of inactivity, the Calcutta Stock Exchange could be set for a revival as the BJP-led West Bengal government explores plans to restore the historic institution, according to reports.
Finance Minister Swapan Dasgupta, during his first budget speech in the Assembly on Monday, said reopening the exchange could help attract private investment and revive Kolkata's position as a major financial hub for eastern India.
The CSE was suspended in 2023 by the Securities and Exchange Board of India after it failed to comply with key regulatory requirements, including adequate trading activity, as well as proper clearing and settlement systems. The suspension was subsequently upheld by the courts.
While presenting the 2026-27 state budget, Dasgupta said the government aims to revive the 118-year-old institution as part of its broader vision for a "Viksit Bharat" and "Viksit Bengal". The move comes at a time when the exchange is facing the threat of a complete shutdown.
While presenting the first budget of the BJP-led government in West Bengal, Dasgupta emphasised the need to revive the Calcutta Stock Exchange. He noted that the exchange, one of India's oldest financial institutions, has been facing prolonged challenges due to legal and regulatory constraints.
According to him, its revival could help Kolkata regain its status as a key financial hub. "My Government proposes to support the revival of the Calcutta Stock Exchange so as to reclaim Kolkata's place as a financial capital. The revival of the Calcutta Stock Exchange would have multifarious advantages, including easier access to capital for Eastern India, lower costs of listing and trading and create new jobs," the minister said.
The regulator had earlier flagged multiple concerns, including compliance lapses, weak governance practices, and inadequate technological infrastructure.
After years of legal proceedings with SEBI, the exchange applied in February 2025 for voluntary exit from its status as a stock exchange. However, SEBI has not yet granted final approval for the exit, keeping the possibility of a revival open.
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