Calcutta Stock Exchange Ltd
Asia's second-oldest bourse: trading suspended since 2013, a SEBI exit application on hold, and a West Bengal government revival push in 2026.
Market cap
₹128.38 Cr
0.06 Cr shares
P/E ratio
Loss making
Sector average 42
Book value
₹3,056.54
P/B 0.68
1-year return
+70.12%
52w ₹935 – ₹2,750
Currently 63% of the way through its 52-week range.
Indicative price history
1Y change
+70.12% ₹1,219 → ₹2,074
52-week band in this window: ₹1,203.36 – ₹2,492.02. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Book value of roughly ₹200 Cr against a market value near ₹130 Cr at the current price; a ₹253 Cr Kolkata land sale is expected to lift net worth above ₹300 Cr.
- West Bengal government backed a revival in its June 2026 budget; the board paused the SEBI exit application on 30 June 2026.
- FY25 total income ~₹26 Cr; loss before tax ~₹13.95 Cr owing to a ₹20.95 Cr VRS that cuts overheads by ~₹9 Cr a year.
About CSE
The Calcutta Stock Exchange Ltd (CSE), founded in 1908 and incorporated in 1923, is a SEBI-recognised regional stock exchange headquartered at Lyons Range, Kolkata. Its own trading platform has been dormant since 2013, so income now comes from annual listing fees paid by companies still listed on CSE and from interest on its treasury of fixed deposits and bonds. BSE holds about 5.05% and West Bengal Infrastructure Development Finance Corporation about 3.40%; the balance is spread across former broker-members and other investors.
After a decade of regulatory disputes, the exchange filed a voluntary exit application with SEBI on 18 February 2025 and in the same year carried out a voluntary retirement scheme costing about ₹20.95 Cr that cut annual overheads by roughly ₹9 Cr. FY25 total income was around ₹26 Cr, largely listing fees and interest, against a loss before tax of about ₹13.95 Cr because of the one-time VRS charge. Dealer data put the book value near ₹200 Cr in FY24; press reports say net worth should exceed ₹300 Cr once the sale of a land parcel on Kolkata's Eastern Metropolitan Bypass for about ₹253 Cr is reflected.
The story turned in June 2026 when the West Bengal Finance Minister announced support for reviving the exchange in the state budget. On 30 June 2026 the CSE board asked SEBI to keep the exit application in abeyance, and management says a fresh trading infrastructure could be built if the regulator agrees. SEBI has said that no formal revival proposal has yet been received and that the exit application remains under consideration. The unlisted price has more than doubled in a year on the revival hopes.
With only about 6.19 lakh shares of ₹1 face value outstanding, the exchange's equity is small and illiquid. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Treasury & interest income70%
Interest on fixed deposits and bonds
- Listing fees25%
Annual listing fees from companies listed on CSE
- Other income5%
Rent, membership and miscellaneous receipts
Products & services
Listing services
Annual listing fees from companies still listed on the exchange.
Treasury
Interest income on fixed deposits and bonds built from past surpluses and asset sales.
Trading platform (dormant)
Own platform suspended since 2013; revival would require new technology and SEBI approval.
What works
- • Large treasury relative to the equity: interest income of about ₹16 Cr a year covers running costs, and book value per share is well above the dealer price.
- • Valuable Kolkata real estate and a SEBI recognition that would take years for a new entrant to obtain.
- • Explicit backing from the West Bengal government in the 2026-27 state budget for a revival plan.
What to watch
- • The trading platform has been shut since 2013; core operations lose money at the EBITDA level and depend on listing fees from a shrinking roster of companies.
- • SEBI has not decided on the February 2025 exit application and has received no formal revival proposal; the outcome could be an orderly wind-down rather than a relaunch.
- • Extremely small share count and wide dealer spreads make the unlisted price volatile - it moved from ₹935 to nearly ₹2,700 within a year.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| CSEThis page | ₹2,074.00 | ₹128.38 Cr | — | 0.68 | -7.01% |
| MSEI | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
| DSE | ₹29.00 | ₹87 Cr | 43.28 | 0.71 | +8.01% |
Latest reported year: FY25 ending 31 Mar 2025.