Kolkata, Oct 10: The fate of the beleaguered Calcutta Stock Exchange continued to hang in balance as no clear picture emerged from Thursday's personal hearing of its directors in Mumbai before the Securities and Exchange Board of India (Sebi) in connection with August 28 showcause notice asking why the bourse's board be not superseded. The watchdog gave the exchange directors, who appeared, seven days time to make further submission, if any, in connection with the showcause notice, CSE director S K Kaushik said from Mumbai after the hearing.

"We placed all facts, including that we were not involved in the day-to-day management of the exchange when the alleged discrepancies were noticed. It is now up to Sebi to take a decision," Kaushik said.
He said the directors replied in detail to all the allegations made in the showcause notice after which Sebi's whole-time director A K Batra gave them the seven more days.
"I don't know why seven more days were given when we explained whatever we had to from our side," Kaushik said. Bureau Report