Till 2005, the number of listed companies in CSE was more than 4000. The number was at that point in time more than NSE and almost equal to BSE. Since 2013, the trading has been closed in CSE.
In his reply, the minister said that Sebi, in view of non-compliance by CSE with the applicable regulatory requirements and the SEBI Exit Circular dated May 30, 2012, initiated compulsory exit proceedings against the exchange in May 2015. CSE filed writ petitions before the Calcutta High Court challenging SEBI’s action.
“After prolonged litigation, the Calcutta High Court, by its order dated February 19, 2024, granted CSE six months to either establish a clearing corporation or tie up with an existing one, in compliance with the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, failing which SEBI would be free to proceed in accordance with law,” he added.