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President of CSE on his way out

Calcutta, Jan. 30: Calcutta Stock Exchange (CSE) is set to lose its president, Supriyo Gupta, soon. He has not put in his papers yet, or does not intend to do so immediately, but says he is not with the exchange for “too long”. “It is too demanding,” he explained.

The bourse is also losing its executive director, P. K. Sarkar, who put in his papers earlier this month. He had given a month’s notice and had sought release from his office by the end of this month.

He has, however, been asked by the board to continue for another 2-3 weeks till “things stabilise a bit”. “We have asked him to oversee the operations for a while,” Gupta said.

An immediate replacement for Sarkar could not be found, and a committee of 5-6 senior executives has been formed to look after the day-to-day operations of the exchange, he added.

The exchange will soon release an advertisement in newspapers seeking a replacement for Sarkar. “We do not want to get another executive director through personal persuasion. It’s too much of an obligation,” Gupta said.

Gupta and then chairman of the bourse, Dipankar Basu — both former directors of State Bank of India — had fielded Sarkar, former chief financial officer of the bank, through personal persuasion. Basu has since resigned, and the two others are now on their way out.

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