Why has 118-year-old Calcutta Stock Exchange been shut for 13 years?

The Calcutta Stock Exchange (CSE), one of the oldest exchanges in Asia, stopped trading in 2013 after it couldn't meet SEBI's regulatory requirements. The 118-year-old exchange's decline began in 2001 when ₹40,000-crore Ketan Parekh scam exposed weaknesses in its trading and surveillance systems. By 2012, CSE's daily trading turnover fell by over 90% as investors shifted towards NSE and BSE.