Calcutta Stock Exchange misses Diwali trading for first time in history

The Calcutta Stock Exchange (CSE) today missed its Muhurat trading for the first time in its 105-year-old history due to regulatory hurdles. However, the bourse officials held puja on the occasion and Muhurat trading for its members on NSE and BSE platforms. "SEBI approval is still awaited for clearing activity with Indian Clearing Corporation Ltd. Trading will resume when the approval comes and we are hopeful," CSE managing director and CEO B Madhav Reddy told PTI.

"This is the first time since 1908, since the exchange was incepted that there was no muhurat trading. We had not missed muhurat of our own trading platform despite extreme odds," CSE employees union president Gulab D Dubey said.

Trading at the bourse has remained closed since April 4 after the market regulator asked CSE to stop its own clearing and settlement of trades executed on C—Star unless compliant.

CSE soon tied up with BSE's ICCL to carry out the settlement due to high capital requirement, but SEBI is yet to approve the same. "We understand this is due to additional guarantee ... When a regional exchange is trying to revive why is SEBI not supporting it - we are unable to understand it," Dubey said.

The union, he said, may approach state Chief Minister Mamata Banerjee, if needed as Trinamool Congress election manifesto also promised revival of CSE.

CSE is the only regional bourse in the country compliant with regulations and was trying to attract small companies of other regional exchanges to get listed in it as a cost effective solution compared to other national exchanges, its officials said.

Trading on BSE and NSE platforms through CSE gets an average volume of around Rs 40 crore, they added.