Calcutta Stock Exchange has hired property consultant Jones Lang LaSalle (JLL) for sale of one of its assets — three acres of prime land on the eastern commercial corridor of the city.

According to sources in the real estate circle, the land could fetch CSE a tidy sum of ₹300 crore.

Though CSE officials confirmed the development, they did not disclose their price expectations.

The proceeds would be used to improve the exchange’s net worth and fund the proposed investment in a clearing corporation and a subsidiary, which functions as the depository participant of NSDL and CDSL.

Shareholders nod Market regulator SEBI and shareholders of the exchange have already given their approvals for sale of the asset and the specific use of the proceeds.

The board of directors of the exchange had earlier decided to take stake in any clearing corporation so that it facilitates the process of resumption of trading on its own platform — C-Star. The trading on the platform has remained suspended since April 4, 2013.

CSE, one of the oldest stock exchanges in the country, also has its building at the centre of the city’s business district. It also has a five-acre plot at Rajarhat, the new township on the eastern fringe of the city.

Survival and continuation of CSE as a full-fledged stock exchange hinges on establishing an independent clearing mechanism.

Ties up for asset buys CSE has tied up with several non-functional stock exchanges to acquire their assets.

CSE has signed an initial agreement with the Madhya Pradesh Stock Exchange (which applied to the market regulator for an exit) for taking over the exclusive listings (18 in total), 10,000 DP accounts and some 130 brokers for registration with the CSE.

Four other exchanges — including OTCI have agreed to allow their exclusively listed companies to have reenlistment entitlements with CSE.

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