Calcutta Stock Exchange (CSE) unlisted shares have rallied around 45% over the last six months, amid renewed hopes of revival. The West Bengal Government has expressed its intention to revive the exchange in its Budget 2026–27. However, several regulatory requirements remain before CSE can resume operations.

Background: Why Is CSE’s Revival in Focus?

CSE’s trading operations have been suspended since April 2013 due to regulatory compliance issues. In February 2025, the exchange applied for voluntary exit from stock exchange operations.

However, following the West Bengal Government’s revival push, CSE requested SEBI to keep its exit application on hold. As of the latest reported update, SEBI had not received a formal revival proposal.

What Has SEBI Chairman Said About the Revival?

SEBI Chairman Tuhin Kanta Pandey highlighted three major requirements for an exchange to operate:

1. Capital: CSE needs to meet the minimum net-worth requirement of ₹100 crore and achieve an average annual turnover of ₹1,000 crore.

2. Technology: The exchange requires substantial and continuous investment in trading infrastructure, cybersecurity and surveillance systems. Technology requirements are also expected to increase with emerging risks, including Artificial Intelligence.

3. Governance: CSE needs to submit a credible revival plan covering its business model, financial viability, clearing corporation arrangements and settlement of outstanding dues to brokers and other stakeholders.

What Should CSE Unlisted Shareholders Watch?

For CSE unlisted shareholders, the key developments to monitor are the formal revival proposal, SEBI’s response, capital arrangements, technology investments and settlement of outstanding dues.

The key takeaway: The West Bengal Government’s support is an important development, but a government announcement alone cannot revive CSE. The exchange must meet SEBI’s requirements and obtain the necessary regulatory approvals before it can restart operations.