CSE incurs Rs 1.67 crore loss in FY03

The Calcutta Stock Exchange (CSE) will seek shareholders' approval for its proposed demutualisation, which was prepared in line with Kania Committee recommendations, at its annual general meeting (AGM) on January 7. The bourse will also place the profit-and-loss account for the year ended March 2003 at the AGM.

The demutualisation proposes to vest more powers with a chief executive officer as well as converting CSE from a non-profit making organisation to a profit making one. With the change, CSE will attract income tax on profits.

There is no executive director at CSE ever since the previous one was sacked by Sebi two years ago. CSE will also hold an AGM to get shareholders' approval for annual accounts of 2001-02 on the same day, just before the AGM for the 2002-03 accounts.

The 2001-02 report was not passed as the CSE members adjourned the meeting demanding special audit of the settlement guarantee fund (SGF) last year. The bourse authorities will place the SGF audit report, audited by L B Jha & Co, on January 7.

According to the annual report for 2002-03, the bourse has incurred net loss of Rs 1.67 crore against the previous year's Rs 4.10 crore.

Income from C-Star operations was lower at Rs 62.26 lakh compared with the previous year's Rs 2.49 crore. Income from listing fees came down to Rs 3.46 crore from Rs 3.78 crore, while interest income from fixed deposit also reduced to Rs 4.01 crore from Rs 5.26 crore.