The Calcutta Stock Exchange (CSE), once a proud symbol of Kolkata’s financial strength, may be heading towards a fresh chapter. In a move that has caught the attention of the financial world, the West Bengal government has announced plans to support the revival of the historic exchange, which has remained inactive for more than a decade.
, Finance Minister Swapan Dasgupta said the government wants to help bring the 118-year-old institution back to life as part of its vision for a “Viksit Bharat” and a “Viksit Bengal”. The announcement comes at a time when the exchange was facing the possibility of closure.
Tabling the first budget of the BJP-led government in West Bengal, Dasgupta highlighted the importance of reviving the Calcutta Stock Exchange.
He said the exchange, one of the oldest institutions in the country, has been struggling due to legal and regulatory hurdles. According to him, restoring the exchange could help Kolkata reclaim its position as a major financial centre.
“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,” said the minister.
The government’s announcement follows recent efforts by the exchange itself to restart operations.
Recently, a delegation from the Calcutta Stock Exchange met Industry Minister Tapas Roy and urged the state government to help prevent the institution from shutting down.
In a letter submitted to the minister, CSE officials said they wanted to withdraw the voluntary exit application that had been filed with the Securities and Exchange Board of India (Sebi). Instead, they expressed their intention to revive the exchange and resume trading activities.
The Calcutta Stock Exchange has not conducted trading since April 2013, when SEBI suspended its operations.
The regulator had raised concerns over compliance issues, governance standards and technological infrastructure. Following years of legal disputes with Sebi, the exchange applied for a voluntary exit from stock exchange operations in February 2025.
However, Sebi has not yet issued a final exit order, leaving the door open for a possible revival.
While the announcement has generated optimism, bringing the exchange back into operation will not be a simple process.
India’s stock market ecosystem has changed significantly over the past decade. Today, stock exchanges are expected to operate sophisticated electronic trading platforms, maintain strong cybersecurity systems, and ensure seamless clearing and settlement mechanisms.
To restart trading, CSE would need to demonstrate that it meets all modern regulatory and technological requirements. This would involve significant investments in technology, infrastructure and compliance systems.
Supporters of the move believe the revival fits well with the BJP government’s promise of industrial development and economic growth in West Bengal.
Members of the exchange have said that a functioning regional stock exchange could help smaller businesses in eastern India access funding more easily while boosting economic activity in the region.
Whether the historic institution can overcome the regulatory and financial challenges ahead remains to be seen. But for now, the state government’s backing has given the Calcutta Stock Exchange a fresh opportunity to fight for its future.