Annual Report: 2024
The Calcutta Stock Exchange Limited 101st Annual Report 2023-24 Summary:
Corporate Information and Key Personnel:
The report outlines the corporate information of The Calcutta Stock Exchange Limited (CSE) for the financial year 2023-24. Deepankar Bose serves as the Chairman and Public Interest Director. The other Public Interest Directors are Chacko Joseph and Subash Chandra Misra. The Shareholder Director is Manas Dhar. The registered office is located at 7, Lyons Range, Kolkata – 700 001, with the website www.cse-india.com. The Registrar & Share Transfer Agents are C B Management Services (P) Limited. Key bankers include Axis Bank, HDFC Bank Limited, and Punjab National Bank. The auditors are Ray & Ray, Chartered Accountants, and the internal auditors are KGRS & Co., Chartered Accountants. The solicitors are Uttam Kumar Mandal, Advocate.
101st Annual General Meeting:
The 101st Annual General Meeting is scheduled for Friday, September 20th, 2024, and will be conducted via Video Conference at 5:00 PM.
Financial Performance (Standalone):
The report summarizes the audited financial results for the year. The total income of the Exchange on a standalone basis was Rs. 2637.90 lakhs. The profit before tax and contributions to Settlement Guarantee Fund and Investors' Service Fund was Rs. 863.28 lakhs, compared to Rs. 409.41 lakhs for the previous year. Profit after tax and contributions to Settlement Guarantee Fund and Investors' Service Fund for the year was Rs. 59.19 lakhs, compared to Rs. 10.83 lakhs for the previous year. The board is not considering payment of dividend due to deficit in the Profit & Loss account amounting to Rs. 211.80 Lakhs.
Subsidiaries & Operations:
The Company has two subsidiaries as of March 31, 2024: CSE Capital Markets Pvt. Ltd. (CCMPL) and Lyons Range Securities Clearing Corporation Ltd. (LRSCCL). CCMPL, a wholly-owned subsidiary, is engaged in depository operations with both CDSL and NSDL. CCMPL earned a profit after tax of Rs. 21.78 lakhs. LRSCCL will commence commercial operations of a Clearing Corporation after receiving approval from SEBI and profit after tax was Rs.2.23 lakhs.
Regulatory & Compliance:
The Exchange has initiated steps for collection of old listing fee dues from the suspended companies and substantial collections have been made. The Exchange approved the Voluntary Delisting of 23 companies and Compulsory Delisting of 3 companies. The total number of listed companies is 1816 as of 31st March, 2024.
The Exchange has filed an appeal before a Division Bench of the Hon'ble High Court at Calcutta, seeking a stay against the exit process initiated by SEBI. The Division Bench vide order dated March 29, 2017 has stayed the exit process initiated by SEBI till the appeals are heard. The Hon'ble Division Bench in the High Court at Calcutta directed the Exchange to be at liberty to establish a Clearing Corporation or to tie up with another Clearing Corporation. The Exchange has appointed Delloite Touche Tohmatsu India LLP as Consultant for setting up of a faster resumption of equity trading platform for CSE and has made an application before the Hon'ble Division Bench seeking extension of time.
The company has received declarations from all Public Interest Directors (PIDs) that they have met the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013.
Corporate Governance and Social Responsibility:
The Exchange has adopted a Code of Conduct for Directors, as recommended by SEBI. The Board has constituted various Statutory Committees in accordance with the provisions of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018. In accordance with the SEBI Circular dated June 25, 2024, new Board Members have been inducted in the various Board Committees of the Exchange. The details pertaining to composition, terms of reference, meetings held and attendance thereat of various Statutory Committees for the year have been enumerated in Corporate Governance Report forming part of this Annual Report. As required under Regulation 35 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, disclosure requirements and corporate governance norms as specified for listed companies apply mutatis mutandis to CSE. The Corporate Social Responsibility Policy [CSR Policy] appears on the Company's website www.cse-india.com and disclosures as required under Rule-9 of the Companies (Accounts) Rules, 2014.
Other Key Points:
Future Strategy:
The Calcutta Stock Exchange (CSE) is preparing for a comeback, considering starting its own trading platform and setting up its own Clearing Corporation through a subsidiary or tie-up with recognized clearing corporations. CSE is focused on leveraging its strengths and achieving high operational standards through advanced technology. Deloitte India was onboarded as the consulting partner. CSE also proposes to strengthen its ongoing Investor Awareness.
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