Calcutta Stock Exchange may rise again as BJP govt unveils ‘revival’ plan in Bengal budget 2026

The BJP-led West Bengal government is exploring possibilities to revive the long-defunct Calcutta Stock Exchange (CSE). During his first budget speech, Finance Minister Dr. Swapan Dasgupta suggested that reopening the exchange could help draw private investment and re-establish Kolkata as a financial hub for eastern India.

The Calcutta Stock Exchange was suspended in 2023 by the Securities and Exchange Board of India (SEBI) after it failed to comply with key regulatory requirements, including adequate trading activity, as well as proper clearing and settlement systems. The suspension was subsequently upheld by the courts.

While presenting the 2026–27 state budget, Finance Minister Dr. Swapan Dasgupta said the government aims to revive the 118-year-old institution as part of its broader vision for a “Viksit Bharat” and “Viksit Bengal.”

The move comes at a time when the exchange is facing the threat of a complete shutdown.

While presenting the first budget of the BJP-led government in West Bengal, Dr Swapan Dasgupta emphasised the need to revive the Calcutta Stock Exchange.

He noted that the exchange, one of India’s oldest financial institutions, has been facing prolonged challenges due to legal and regulatory constraints. According to him, its revival could help Kolkata regain its status as a key financial hub, according to a report by India Today.

“My Government proposes to support the revival of the Calcutta Stock Exchange so as to reclaim Kolkata's place as a financial capital. The revival of the Calcutta Stock Exchange would have multifarious advantages, including easier access to capital for Eastern India, lower costs of listing and trading and create new jobs,” said the minister, as reported by India Today.

The Calcutta Stock Exchange has been inactive since April 2013, when the Securities and Exchange Board of India (SEBI) suspended its operations.

The regulator flagged multiple concerns, including compliance lapses, weak governance practices, and inadequate technological infrastructure. After years of legal proceedings with SEBI, the exchange applied in February 2025 for voluntary exit from its status as a stock exchange.

However, SEBI has not yet granted final approval for the exit, keeping the possibility of a revival open.

Meanwhile, BJP's West Bengal president and Rajya Sabha MP Samik Bhattacharya on Monday welcomed the state budget presented by Finance Minister Swapan Dasgupta, describing it as a "comprehensive" and people-oriented document aimed at strengthening the state's economy and improving the lives of people, particularly women, PTI reported.

Presenting the budget, Dasgupta announced the filling of 1 lakh government vacancies, a 20 percentage point hike in DA for its employees, and a ₹36,000-crore outlay for the financial assistance scheme for women, Annapurna Yojana.

The finance minister said the budget had been framed with the objective of building a "modern, progressive and developed Bengal" in line with the vision of a “Viksit Bharat”.

(With inputs from agencies)