Tag: SEBI

Finance

Calcutta Stock Exchange Prepares for Final Exit After 117 Years

Tanisha Cardozo

The end of an era is near for one of India’s oldest financial landmarks. The Calcutta Stock Exchange (CSE), established in 1908, is preparing to voluntarily exit its role as a stock exchange after years of operational dormancy and prolonged legal battles.

A century ago, CSE was a powerhouse of trade in the eastern region of India, standing toe-to-toe with the Bombay Stock Exchange. Its building on Lyons Range in Kolkata symbolized prosperity, enterprise, and financial ambition for decades. However, over time, the momentum slowed. After a massive settlement crisis tied to the Ketan Parekh scam in the early 2000s, CSE’s influence began to wane. Trading was officially suspended by SEBI in April 2013 due to regulatory non-compliance and failure to adopt modern trading frameworks.

In February 2025, the exchange submitted a formal application for voluntary exit to SEBI. The decision followed a shareholder vote held in April 2025, where the majority approved a transition plan that would see CSE shift from an exchange to a holding company. Its broking subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue operations through affiliations with the BSE and NSE.

SEBI has appointed Rajvanshi & Associates as the valuation agency to oversee the financial assessment of the exchange, and the exchange has already offered a Voluntary Retirement Scheme (VRS) to employees. The move is expected to save ₹10 crore annually, with ₹20.95 crore allocated for staff exit packages.

Part of the transformation also involves the sale of CSE’s prized 3-acre property on EM Bypass to real estate group Srijan for ₹253 crore — another indicator of the exchange’s shift from traditional market functions to asset management.

The 2025 Diwali season is likely to be its last as a functioning entity — a poignant and symbolic farewell. Kolkata’s iconic financial monument, which has stood tall for 117 years, will cease to operate as a stock exchange, representing the larger story of how India’s capital markets have consolidated over the last two decades.

This voluntary exit is more than a regulatory process. It is the final chapter of a historic institution that once played a pivotal role in India’s financial growth — and a reflection of how regional exchanges have given way to national and global trading platforms in an increasingly digital, centralized world.

Business

Molbio Diagnostics Files DRHP with SEBI: Plans ₹200 Crore Fresh Issue, Major Expansion Ahead

allycaralgoa

Molbio Diagnostics Limited, a Goa-based leader in point-of-care (POC) molecular diagnostics, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its much-anticipated Initial Public Offering (IPO).

The IPO will include a fresh issue of equity shares aggregating up to ₹200 crore and an Offer for Sale (OFS) of up to 1.25 crore equity shares by existing shareholders.

According to the DRHP, Molbio plans to utilize the net proceeds as follows:

  • ₹99.3 crore for infrastructure development including a state-of-the-art R&D facility, Center of Excellence, and office space.
  • ₹73.5 crore for purchase of plant, machinery, and equipment for its Goa and Visakhapatnam manufacturing units.
  • The remainder for general corporate purposes.

Molbio’s patented Truenat platform is recognized globally in over 100 countries as a breakthrough in rapid molecular diagnostics. Being portable and battery-operated, Truenat enables decentralized testing and provides results within an hour, making it crucial for diseases like tuberculosis, COVID-19, HIV, HPV, and Hepatitis B & C.

  • Incorporated in 2000, Molbio operates five manufacturing facilities across India — two in Goa, one in Visakhapatnam, and two in Bengaluru.
  • The Machohalli (Bengaluru) unit, operated by its subsidiary Prognosys Medical Systems, manufactures radiology products including ultraportable X-rays and C-arm systems.
  • As of March 31, 2025, the company’s annual installed capacity was 3,600 devices and 3.9 crore test kits.

In FY25, Molbio Diagnostics reported:

  • Revenue from operations: ₹1,020 crore (22% YoY growth)
  • Profit After Tax: ₹138.5 crore

The company’s promoters include Sriram Natarajan, Chandrasekhar Bhaskaran Nair, Sangeetha Sriram, Shiva Sriram, Sowmya Sriram, and Exxora Trading LLP.

The book-running lead managers for the IPO are Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India, and Motilal Oswal Investment Advisors.

With robust financials, a globally recognized platform, and plans for significant expansion, Molbio Diagnostics’ IPO is poised to be a landmark event in India’s healthcare and diagnostics sector.