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Our Bureau

Kolkata, June 24 The State, which is expanding its industrial horizon, has a significant stake in the revival of the Calcutta Stock Exchange, the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, said here on Tuesday at the centenary function of the bourse.

He said the Government supported the CSE in its endeavour to bring back its days of glory. “We need a robust stock exchange in the State for the rejuvenation of the industry here,” he added.

The CSE, which had turned almost moribund after the 2001 securities scam, has set up plans to revive itself as a financial hub, the first such in this part of the country, on a 10-acre plot at Rajarhat.

The CSE Chairman, Mr Udyan Bose, told reporters after the function on Tuesday that the exchange proposed to involve the leading banks, financial institutions, market intermediaries and fund houses for the ambitious project.

“It will be a landmark for the city and a buzzing financial centre,” he said.

According to him, the State Government has assured support for the project, which intends to bring all kinds of financial market services and players under one roof.

The State Power Secretary and CSE Director, Mr Sunil Mitra, later said that Hidco has identified 5 acres for the CSE project at Rajarhat. The balance 5 acres would be identified soon, he added. The CSE would have to pay Rs 5 crore per acre. The exchange had earlier been allocated a 10-acre plot off the EM Bypass.

But since the exchange could not build its earlier project, the Government and the corporation are now taking back a portion of the land (5 acre) under a new arrangement.

The plot will be auctioned by the KMC and the CSE will get 60 per cent of the proceeds.

The balance 5 acres will be handed over to the State Government for extension of a fair complex for a consideration of Rs 4.5 crore.

The CSE would start the process of appointing a CEO soon.

“We have already shortlisted a few candidates for the post. A final decision will be taken shortly,” an official added.

The BSE along with some city-based corporate houses such the B K Birla group flagship Kesoram, the K K Birla group outfit Texmaco, Emami, Patton, the Somany group and the West Bengal Infrastructure Development Finance Corporation have jointly picked up 52 per cent stake in the exchange’s enhanced capital in 2007, as part of the demutualisation scheme.

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