Annual Report: 2023
The Calcutta Stock Exchange Limited Annual Report 2022-23 Summary:
The Board of Directors of The Calcutta Stock Exchange Limited (CSE) presents the company's 100th Annual Report for the Financial Year 2022-23. The total income of the Exchange on a stand-alone basis stood at Rs.1788.96 lakhs, compared to Rs.486.23 lakhs in the previous year. The profit for the financial year 2022-23 stood at Rs.10.83 lakhs compared to Rs.11.26 lakhs for the previous year. The Board has not proposed any dividend or transfer of funds to any Reserve for the financial year ended 31st March, 2023.
Operations and Regulatory Compliance The Exchange received no applications for direct listing. It approved the Voluntary Delisting of 43 companies and Compulsory Delisting of 2 companies as per SEBI laws. The total number of listed companies in the Company is 1842 as of 31st March 2023.
Subsidiary Performance CSE Capital Markets Pvt. Ltd. (CCMPL), a wholly owned subsidiary, is engaged in depository operations. Profit earned after tax for the year amounted to Rs.27.39 lakhs. Lyons Range Securities Clearing Corporation Ltd. (LRSCCL), continues as an indirectly wholly owned subsidiary. The Profit after tax from LRSCCL was Rs.1.04 lakhs.
Investor Services & Code of Conduct The Exchange continues to work in the interest of investors and protect their interests. The Investor Services Cell handled complaints. A Code of Conduct for Directors, as recommended by SEBI, has been adopted.
Board Structure and Governance The Governing Board comprised of three Public Interest Directors (PIDs). Mr. Samit Ray, Shareholder Director retires by rotation at the ensuing Annual General Meeting and offers himself for re-appointment. Several changes occurred to the Board of Directors during the year, including appointments and resignations of PIDs and Shareholder Directors. The Company has received declarations from all the PIDs that they have met the criteria of independence and "fit and proper" criteria.
Committees and Meetings The Board has constituted various Statutory Committees. During the year, seven Board Meetings took place.
Directors' Responsibility Statement The Directors confirm that the applicable accounting standards have been followed, accounting policies were applied consistently, proper and sufficient care was taken for maintaining accounting records, the annual accounts were prepared on a going concern basis, internal financial controls were adequate and operating effectively, and proper systems were devised to ensure compliance with applicable laws.
Material Changes, Subsidiaries, and Other Information BSE issued notice of termination relating to Section-13 Agreement effective from 18th July 2023. Subsequently, NSE also intimated that they would withdraw the facility effective from 19th August 2023. The Company filed a writ petition challenging the notice of NSE. The Exchange has two wholly-owned Subsidiary Companies viz. CSE Capital Markets Private Limited (CCMPL) and Lyons Range Securities Clearing Corporation Limited (LRSCCL). The company invested Rs.25 lakhs in LRSCCL as rights share.
Conservation of Energy and Technology Absorption The Company has installed an environment friendly 10.2 KWP Grid Connected Solar Power Plant. CSE endeavors to keep abreast of technological advancements.
Financial Data and Auditors There were no foreign exchange earnings. The shareholders of the company appointed M/s Ray & Ray, Chartered Accountants, as Statutory Auditors. The Auditors have mentioned uncertainty in the recoverability of Rs.94,34,22,919/- receivable from defaulting members. The Board believes that the company has sufficient resources to meet its obligations. Management Discussion & Analysis forms part of this Annual Report.
Internal Control, Risk Management, and CSR The Company has a robust system of Internal Financial Control. The Company has in place an Enterprise Risk Management framework. The Board expresses its appreciation for the dedication and sincere services rendered by the employees. The Corporate Social Responsibility Policy appears on the Company's website.
Investor Education and Other Compliances The Company complied with provisions relating to transfer of Unpaid/Unclaimed Dividend and transfer of shares to IEPF Authority. The company operated normally after the Covid period is over. 85.54% of the company's paid up equity share Capital is in dematerialized form as on 31st March, 2023.
Future Strategies With a rich legacy, CSE is poised to scale greater heights. CSE will leverage its strengths and pursue a focused strategy for growth in close consultation with SEBI. With the approval of the SEBI and subject to the decision of the Hon'ble High Court, Calcutta, CSE expects to resume its trading and settlement functions on its own platform in the near future with state-of-the-art technology and to also expand it's portfolio to include currency and commodity trading. CSE also proposes to strengthen its ongoing Investor Awareness, Research and Capacity building programs and to also provide advisory support for promoting a startup culture.
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