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The West Bengal government is working on modalities to support the revival of the Calcutta Stock Exchange (CSE), one of India's oldest stock exchanges, with the aim of preserving its legacy and strengthening Kolkata's position as a financial centre, State Finance Minister Swapan Dasgupta said.
In an exclusive conversation with ANI at the Assembly House in West Bengal on Thursday, Dasgupta said the state government believes Kolkata needs to preserve the stock exchange despite the challenges involved in reviving it. "Well, we believe that Kolkata needs to preserve the stock exchange. Now that's not going to be a very easy proposition, because of various other factors, you know, technology being the thing. The question really is how do we take into account the fact that a large number of businesses are still headquartered in Kolkata and listed on the Kolkata Stock Exchange and move away from arbitrage to trading. That's the challenge and we're working on the modalities," he said. The minister's remarks are seen as an effort to reclaim Kolkata's place as a financial centre and attract fresh investment and employment opportunities to eastern India. The Calcutta Stock Exchange has a long history dating back nearly two centuries. The roots of stock trading in Kolkata can be traced to 1830, when trading activities were conducted informally under a neem tree. Brokers carried out transactions in the open without any permanent infrastructure. Over time, the growing inconvenience of operating in such conditions prompted brokers to organise themselves. In May 1908, the Calcutta Stock Exchange Association was formally established at 2, China Bazar Street with 150 members. The exchange went on to become one of the country's prominent regional stock exchanges and played an important role in the development of capital markets in eastern India. According to the finance minister, the key challenge today is adapting the institution to changing market conditions and technological developments while ensuring that businesses historically associated with the exchange continue to find value in its revival. The proposal for revival comes amid efforts by the state government to attract investment and reinforce Kolkata's historical role as one of India's major commercial and financial centres. (ANI)
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