Bengaluru-based tax practitioner recalls the golden era of regional exchanges, says revival will be challenging but welcome
Published on: June 25, 2026
By: BTNI
Location: Kolkata/Bengaluru, India
The proposal to revive the historic Calcutta Stock Exchange (CSE), once one of India’s most prominent regional stock exchanges, has generated fresh discussion among market participants and financial professionals.
Among those welcoming the debate is Bengaluru-based tax practitioner S.L. Joshi, who fondly remembers the exchange’s influential role in India’s capital market ecosystem.
Reflecting on his association with the exchange, Joshi recalled regularly subscribing to the Calcutta Stock Exchange’s annual publication, a silver-covered reference book that served as an invaluable source of corporate and market information during a period when financial data was not readily accessible.
“The annual book was a treasure of information. For investors, tax professionals and market followers, it provided valuable insights into listed companies at a time when such information was difficult to obtain,” Joshi said.
India’s stock market landscape has transformed dramatically over the past two decades. The expansion of the Bombay Stock Exchange (BSE) and the rise of the National Stock Exchange (NSE) have consolidated trading activity, leaving many regional exchanges struggling to remain relevant.
According to Joshi, any attempt to revive the Calcutta Stock Exchange would face significant hurdles in an era dominated by technology-driven trading platforms, stringent regulations and intense competition among market institutions.
“The market ecosystem has changed completely. With NSE’s continued expansion and the evolution of digital trading infrastructure, reviving a dormant exchange after more than a decade will be a formidable challenge,” he observed.
Despite the challenges, Joshi believes the Calcutta Stock Exchange occupies a special place in India’s financial history and deserves recognition for its contribution to the development of the country’s capital markets.
In a lighter vein, the self-described “book bug” expressed hope that a successful revival could also bring back one of his favourite traditions.
“If the Calcutta Stock Exchange sees the light of day again, I would love to subscribe once more to its annual book,” he remarked.
The proposal has sparked nostalgia among many market veterans who witnessed the era when regional stock exchanges played a crucial role in connecting investors with Indian industry. While the future of the revival initiative remains uncertain, the discussion has undoubtedly revived memories of a significant chapter in India’s financial history.
— BT News India Business Bureau btnewsindia.com
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