The 118-Year-Old Stock Exchange That Made ₹215 Crore Without a Single Trade
· 6 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
The Calcutta Stock Exchange, founded in 1908, hasn't processed a single trade since 2013 — yet it recently reported income of roughly ₹215 crore, largely from a land deal rather than any market activity.
It sounds like a contradiction: a stock exchange that hasn't executed a single trade in over a decade, yet reported an income of roughly ₹215 crore. But that's exactly the story of the Calcutta Stock Exchange (CSE)—an 118-year-old institution that once rivalled the Bombay Stock Exchange and today survives largely on listing fees, investment income, and the value of the land it owns in Kolkata.
Here's how one of India's oldest financial institutions found itself in this unusual position and what its recent numbers actually reflect.
Quick Facts About the Calcutta Stock Exchange
From Financial Hub to Dormant Bourse
Established in 1908, the Calcutta Stock Exchange became India's second recognised stock exchange after the Bombay Stock Exchange, operating out of its historic building on Lyons Range in Kolkata. For much of the 20th century, it stood alongside the BSE as one of the country's two major trading hubs, at one point listing close to 1,749 companies and hosting around 650 registered trading members.
Its decline began after the 2001 Ketan Parekh scam, which triggered a payment crisis worth about ₹120 crore and led to multiple broker defaults. Trading volumes never fully recovered, and as national exchanges like the NSE and BSE modernised their technology and expanded nationwide, CSE steadily lost relevance. In April 2013, SEBI suspended trading on its platform entirely after the exchange failed to meet key regulatory requirements — including maintaining a minimum turnover and setting up its own clearing corporation.
Where the ₹215 Crore Actually Came From
With no active trading business, CSE's income in recent years has come almost entirely from non-trading sources. A few key contributors stand out:
• Listing fees from companies that remain listed on the exchange, even though their shares can't be traded on CSE's own platform.
• Interest and investment income earned on the exchange's treasury holdings and reserves.
• A landmark land transaction: CSE received SEBI's no-objection to sub-lease three acres of its EM Bypass property in Kolkata to Srijan Infrapromoters LLP for ₹253 crore.
• Under SEBI's conditions, the proceeds from this land deal were required to be parked in an interest-bearing escrow account, to be used only for settling liabilities linked to CSE's exit process.
In an ordinary year, CSE's reported income has run in the range of just ₹15–30 crore — for instance, FY25 income stood at around ₹26 crore, largely from listing fees and bank interest. The jump toward the ₹215 crore figure reflects the one-time impact of the land transaction rather than any revival in trading activity.
Key Milestones in CSE's Recent History
Exit Plans — and a Possible Revival
Faced with over a decade of regulatory non-compliance and no active trading business, CSE's board decided in December 2024 to withdraw its pending legal cases and pursue a voluntary exit from the stock exchange business. Shareholders approved this plan in April 2025, and the exchange formally applied to SEBI in February 2025. As part of this process, the company also introduced a Voluntary Retirement Scheme for its employees, with a one-time payout of about ₹20.95 crore, expected to save roughly ₹10 crore annually going forward.
However, the story has since taken an unexpected turn. In mid-2026, West Bengal's state government publicly backed a revival of the exchange, with the Finance Minister describing it as a way to improve capital access for eastern India and create local jobs. Reports since then suggest CSE may withdraw its voluntary exit application altogether and instead attempt to rebuild its trading infrastructure — a reversal that would have seemed unlikely just months earlier.
What This Story Says About Legacy Institutions
CSE's situation illustrates how an institution can remain financially solvent — even profitable in a given year — without performing its original core function. Its net worth of over ₹300 crore and steady, if modest, non-trading income have kept it viable as a corporate entity even as its trading floor has stayed silent for more than a decade. Whether CSE eventually completes its exit or attempts a genuine revival will likely depend on regulatory approval, the state government's continued support, and whether a viable business case exists for a regional exchange in a market now dominated by the NSE and BSE.
Frequently Asked Questions
1. Which stock exchange is 118 years old and made ₹215 crore without trading?
This refers to the Calcutta Stock Exchange (CSE), established in 1908, which has not executed a single trade on its own platform since April 2013 but has continued to report income from listing fees, investments, and asset sales.
2. Why did the Calcutta Stock Exchange stop trading?
SEBI suspended trading on CSE's platform in April 2013 after the exchange failed to meet regulatory requirements, including a minimum turnover threshold and the need to establish or tie up with a recognised clearing corporation.
3. How did CSE earn money without any trading activity?
CSE's income has come mainly from listing fees paid by companies still listed on the exchange, interest and investment income on its reserves, and — more recently — proceeds from leasing out its EM Bypass land parcel in Kolkata.
4. What was the ₹253 crore land deal about?
SEBI approved CSE's plan to sub-lease three acres of its land on Kolkata's EM Bypass to Srijan Infrapromoters LLP for ₹253 crore. Under regulatory conditions, the proceeds were required to be held in an interest-bearing escrow account, to be used only after exhausting CSE's own resources to settle any exit-related liabilities.
5. Is the Calcutta Stock Exchange shutting down permanently?
CSE's board and shareholders approved a voluntary exit from the stock exchange business in 2025, and the exchange formally applied to SEBI. However, as of 2026, reports suggest CSE may withdraw this application and instead attempt a revival, following support from the West Bengal state government.
6. What happens to a company listed only on CSE?
Companies still listed on CSE cannot trade their shares on CSE's own platform, since it has had no active trading system since 2013. Investors and companies have generally relied on the NSE and BSE, or on CSE's broking subsidiary, for actual trading access.
7. What is CSE Capital Markets Pvt Ltd?
CSE Capital Markets Pvt Ltd (CCMPL) is CSE's wholly owned subsidiary, which operates as a broking entity and a member of the NSE and BSE. It is expected to continue functioning even if the parent exchange formally exits the stock exchange business.
8. Could the Calcutta Stock Exchange start trading again?
It's possible but not yet confirmed. As of 2026, there have been reports of plans to withdraw the exit application and build a new trading platform, backed by state government support, though this would still require regulatory approval and fresh infrastructure investment.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
