The Telegraph
Since 1st March, 1999
Email This PagePrint This Page
Dull Diwali on Lyons’ Range

Calcutta, Nov. 4: Lyons’ Range wore a deserted look today as a handful of brokers logged on for ‘mahurat’ trading on the Calcutta Stock Exchange (CSE). The exchange’s hall, which buzzed with life even a few Diwalis ago, was remarkably empty this year.

“Very few people trade on the Calcutta Stock Exchange these days and even fewer traded today. A day like this reveals the decrepit state of the 125-year old exchange, which has provided livelihood to several generations. Now we must look beyond,” a former Calcutta Stock Exchange president said.

Besides the exchange, the city’s broking community too is going through tough times. The police investigation into the March 2001 payment crisis and the arrest of 12 people so far have driven many brokers from the city.

It’s not merely the main accused—Dinesh Kumar Singhania and Ashok Kumar Poddar—who are on the run. Many of their associates have also fled the city for fear of being detained by the police.

Making matters even worse, members of the bourse are at loggerheads with the administration and a showdown between the brokers and the management is likely at the forthcoming annual general meeting.

Email This PagePrint This Page