The Calcutta Stock Exchange Limited (CSE) has sought shareholders’ approval to sub-lease three acres of its land on the EM Bypass to Srijan Infrapromoters LLP for ₹253 crore, after receiving a no-objection from market regulator Sebi. The approval will be taken at an Extraordinary General Meeting (EGM) scheduled to be held on January 16, 2026, through digital mode.
The proposed EGM will enable CSE to execute the sub-lease transaction as part of its efforts to raise resources while proceeding with its exit from the stock exchange business. Sebi conveyed its clearance for the proposed sub-lease through a letter dated December 15, 2025.
According to conditions stipulated by the regulator, the entire proceeds from the sub-lease amounting to ₹253 crore will be kept in an interest-bearing escrow account or fixed deposit with a scheduled bank. The funds will carry a lien in favour of Sebi and cannot be released without the regulator’s prior approval, sources familiar with the matter told PTI.
CSE has indicated that the proceeds may be used to meet any shortfall in liabilities arising from its exit from stock exchange operations, but only after exhausting its own available financial resources, in line with Sebi’s exit framework.
The exchange had informed shareholders at its 102nd annual general meeting held in November that Srijan Infrapromoters LLP had emerged as the highest bidder for the land parcel. The bidder was selected through a competitive bidding process conducted by property consultant JLL.
Following the bidding process, a provisional allotment letter was issued to Srijan Infrapromoters in September 2024. CSE subsequently approached Sebi for regulatory approval. As part of its review, the regulator sought multiple documents, including a no-objection certificate from the Calcutta Municipal Corporation, before granting clearance.
CSE originally held around 10 acres of land off the EM Bypass on lease from the KMC. The land holding was later reduced to facilitate the expansion of the state government’s fairground located adjacent to the plot.
In addition to addressing exit-related liabilities, CSE has said the sub-lease proceeds would also be utilised for investment in its subsidiary to undertake stock broking activities. This is aimed at providing trading opportunities to its members after the exchange exits the bourse business, in accordance with Sebi norms.
The exchange is also evaluating new business opportunities, including investment banking, non-banking financial services and margin funding, to protect shareholder interests and create revenue streams.
