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Sebi tells Calcutta Stock Exchange to wind up by 30 May

LiveMint logoLiveMint 21-05-2014 Aniek Paul

Kolkata: The Securities and Exchange Board of India, or Sebi, has ordered the Calcutta Stock Exchange (CSE), one of Asia’s oldest bourses, to wind up effective 30 May, putting at risk at least 100 jobs.

Agitated employees laid a siege to managing director B. Madhav Reddy’s office till late Wednesday evening, demanding compensation for the potential lay off, officials said, asking not to be named.

The board of CSE, a 106-year old exchange, is to meet on Thursday to weigh options, officials added.

Trading in shares and bonds started at Kolkata’s Lyons Range, where CSE is located, in 1830.

CSE was incorporated as an association in 1908.

Trading on CSE fell to a trickle following the 2001 payments crisis from which the exchange suffered a loss of at least `120 crore.

It was following this crisis and at the market regulator’s instruction that the exchange had to converted into a corporation.

Its assets include a huge building in the heart of Kolkata’s central business district and plot in Rajarhat township on the outskirts of the city.

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