SEBI raises viability concerns: SEBI Chairman Tuhin Kanta Pandey has highlighted commercial and operational challenges surrounding the proposed revival of the Calcutta Stock Exchange (CSE). He stated that any new exchange must demonstrate financial feasibility and commercial viability before receiving regulatory approval.
Liquidity remains a major challenge: With NSE and BSE dominating India's stock market, attracting sufficient trading volumes, brokers and investors will be critical for CSE to establish a sustainable business model.
Significant technology investment required: A revived exchange would need substantial investment in trading infrastructure, technology, cybersecurity and risk management systems. Increasing technological requirements, including risks associated with artificial intelligence, could further raise operating costs.
Revival proposal under consideration: CSE had approached SEBI in July 2026 seeking to put its voluntary exit application on hold following the West Bengal government's announcement supporting its revival. The exchange will need to establish a distinct business proposition to compete in the existing market structure.
Key monitorable: Investors should track SEBI's response to CSE's revival proposal, regulatory approvals, proposed technology investments, capital requirements and the exchange's strategy to attract trading volumes. The revival is not yet confirmed.
