The Calcutta Stock Exchange (CSE) is one of the oldest stock exchanges in India, primarily focused on facilitating trading in unlisted shares. The exchange has undergone significant changes and is now involved in promoting unlisted securities, providing a platform for investors interested in buying and selling shares that are not listed on major stock exchanges. Recent Developments The CSE has been actively promoting its unlisted shares segment, providing opportunities for investors to engage in the secondary market for these securities. The minimum investment required to participate in the unlisted shares market has decreased significantly, now often starting around ₹35,000 to ₹50,000. The lock-in period for pre-IPO investors has been reduced from one year to six months, encouraging more investments in unlisted shares. Buying and Selling Unlisted Shares Legal Framework: Trading in unlisted shares is regulated by the Securities and Exchange Board of India (SEBI), ensuring that transactions comply with legal standards. Transaction Process: Investors can buy and sell CSE unlisted shares through various platforms like UnlistedZone and Altius Investech. The process typically involves transferring funds to the seller’s bank account, after which the shares are credited to the buyer’s demat account. Liquidity Risks: Unlisted shares are generally less liquid than listed shares, meaning it may be more challenging to find buyers when selling. Price Volatility: Prices can be more volatile due to limited trading activity and information availability. Tax Implications: Short-term capital gains (STCG) tax applies if shares are sold within two years of acquisition. Long-term capital gains (LTCG) tax applies if held for more than two years, with specific tax rates applicable.
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | - | 444 | 566 | 1281 |
| Cost of Material Consumed | - | 0 | 0 | 0 |
| Gross Margins | - | 100 | 100 | 100 |
| Change in Inventory | - | 0 | 0 | 0 |
| Employee Benefit Expenses | - | 852 | 971 | 1011 |
| Other Expenses | - | 368 | 423 | 778 |
| EBITDA | - | -776 | -828 | -508 |
| OPM | - | -174.77 | -146.29 | -39.66 |
| Other Income | - | 928 | 976 | 987 |
| Finance Cost | - | 0 | 0 | 0 |
| D&A | - | 20 | 21 | 23 |
| EBIT | - | -796 | -849 | -531 |
| EBIT Margins | - | -179.28 | -150 | -41.45 |
| PBT | - | 132 | 127 | 456 |
| PBT Margins | - | 29.73 | 22.44 | 35.6 |
| Tax (2021) | - | 107 | 88 | 373 |
| PAT | - | 25 | 39 | 83 |
| NPM | - | 5.63 | 6.89 | 6.48 |
| EPS | - | 4.04 | 6.3 | 13.41 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | - | -174.77 | -146.29 | -39.66 |
| Net Profit Margin | - | 5.63 | 6.89 | 6.48 |
| Earning Per Share (Diluted) | - | 4.04 | 6.3 | 13.41 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | - | 2796 | 2807 | 2791 |
| CWIP | - | 0 | 0 | 0 |
| Investments | - | 3844 | 7204 | 7921 |
| Trade Receivables | - | 150 | 173 | 108 |
| Inventory | - | 0 | 0 | 0 |
| Other Assets | - | 32429 | 29007 | 29459 |
| Total Assets | - | 39219 | 39191 | 40279 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | - | 6.19 | 6.19 | 6.19 |
| FV | - | 1 | 1 | 2001 |
| Reserves | - | 19353 | 19715 | 20238 |
| Borrowings | - | 0 | 0 | 0 |
| Trade Payables | - | 93 | 104 | 145 |
| Other Liabilities | - | 19766.81 | 19365.81 | 19889.81 |
| Total Liabilities | - | 39219 | 39191 | 40279 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | - | 506 | 449 | 897 |
| OPBWC | - | -680 | -741 | -324 |
| Change in Receivables | - | -22 | -30 | 1552 |
| Change in Inventories | - | 0 | 0 | 0 |
| Change in Payables | - | -49 | 11.5 | 140 |
| Other Changes | - | 10642 | 7137.5 | 9296 |
| Working Capital Change | - | 10571 | 7119 | 10988 |
| Cash Generated From Operations | - | 9891 | 6378 | 10664 |
| Tax | - | -3 | 22 | -246 |
| Cash Flow From Operations | - | 9888 | 6400 | 10418 |
| Purchase of PPE | - | -3.5 | -27.5 | -3.8 |
| Sale of PPE | - | 0.8 | 1.6 | 1.42 |
| Cash Flow From Investment | - | -10066 | -6625 | -10839 |
| Borrowing | - | 0 | 0 | 0 |
| Divided | - | -10 | -11 | -10.51 |
| Equity | - | 0 | 0 | 0 |
| Others From Financing | - | 0 | 0 | -0.49 |
| Cash Flow from Financing | - | -10 | -11 | -11 |
| Net Cash Generated | - | -188 | -236 | -432 |
| Cash at the Start | - | 1151 | 905 | 669 |
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Resident Individual | - | 41.33% | 40.93% | 39.42% |
| Bodies Corporate | - | 48.44% | 48.30% | 48.30% |
| IEPF | - | 6.73% | 7.30% | - |
| Banks/FI | - | 3.46% | 3.42% | 3.42% |
| Others | - | 0.04% | 0.05% | 8.86% |
