Calcutta Stock Exchange shares have experienced a dramatic recovery in the unlisted market, more than doubling from near ₹900 in early June to approximately ₹2,100 as of recent trading. According to Dharawat Securities, the exchange's shares are currently trading at about ₹2,100, while UnlistedZone platform quotes them at ₹2,175. This represents a significant turnaround from the sporadic transactions that characterized the exchange after years of inactivity. As Hitesh Dharawat of Dharawat Securities noted, "Demand remains strong" and the shares have surged since the West Bengal government signaled plans to revive the exchange.
The rally gained momentum following Swapan Dasgupta's announcement on June 25 that the West Bengal government was working toward reviving the exchange in the state capital. As reported by The Economic Times, the renewed interest was further bolstered when CSE outlined its broader revival strategy in its annual report released August 19. The exchange's board has decided to approach the Securities and Exchange Board of India to request that its February 2025 application for voluntary exit be put on hold. According to Moneycontrol, the government's commitment to reviving the exchange has provided the necessary catalyst for investor confidence, with the shares surging since the West Bengal government signaled plans to revive the exchange.
According to the annual report, CSE sees significant opportunities across multiple financial markets including bond markets, equity derivatives, currencies, commodities, carbon trading and mutual funds. The exchange currently has 1,507 companies listed and about 500 registered stockbrokers as of March 2026, though there was no active trading on the exchange. CSE is also developing offerings for small and medium-sized enterprises as part of its expansion strategy. As outlined in the annual report, the exchange is positioning itself to capitalize on various market segments across India's financial ecosystem, with the company actively exploring opportunities across these diverse financial products.
Any potential revival of CSE would require regulatory approvals and potentially anchor investors that meet capital-adequacy and 'fit and proper' requirements, as outlined in the annual report. The exchange's representative did not respond to requests for comment regarding the revival efforts. The renewed interest comes as the National Stock Exchange of India prepares for its initial public offering, putting a spotlight on India's exchange industry. The regulatory framework will be crucial for any successful revival of the long-dormant bourse, with any CSE revival requiring proper regulatory compliance and adequate financial backing.
The revival efforts at CSE follow similar patterns in India's exchange sector, with Metropolitan Stock Exchange of India previously attracting investments from firms including Billionbrains Garage Ventures Ltd. and Zerodha's Rainmatter Investments as part of its revival effort. According to UnlistedZone, MSEI's unlisted shares surged about 5-fold between December 2024 and January 2025 before losing about half their value since then, highlighting the volatility in unlisted exchange shares during revival periods. The exchange has yet to establish a significant presence in India's equity trading market, making any successful revival particularly significant for the sector.
