A thread on BSE (formerly known as Bombay Stock Exchange), Asia's first Stock Exchange @BSEIndia
The Bombay Stock market was initially conceived in 1850s under canopy of Banyan trees in Bombay near Town Hall at Bombay Green where brokers would gather for trade. The trade was moved to different larger places in order to accommodate different number of brokers.
By 1860, the number of brokerages increased to 60 and their acknowledged leader was Shri Premchand Roychand
Shares from few industries that existed in 1860s
Backbay Reclamation
Colaba Land Company
The Mazgaon Land
Asiatic Bank
Bank of Bombay
Apollo Press
Elphinstone Land
Earlier, most of the listed entities in stock market of Bombay were banks. Brokers would borrow loans from bank and trade in stock market.
The Old Bank of Bombay
In 1860-61, American Civil War had great effect on Indian economy leading to great boom in stock market called ‘Share-Mania”. Cotton became as valuable as gold. Earning from cotton trade got pooled in stock market.
Share Mania effects: sharp increase in various stocks and prices
End of Civil War changed business scene. 1st July 1865 was a Black Day in history of Indian Stock exchange when investors lost huge amount around Rs 46 crores
The Great Depression led to the transformation of stock market. In 1875, the brokers formally established Native Share & Stock Brokers Association in Bombay. In 1895, stock exchange acquired a land and the building was inaugurated on 19th January 1899
Then, it was open outcry trading system which was done face to face between 2 brokers.
At the time of independence there were 7 stock exchanges
1) The building was expanded in 1920. In 1968, then Finance Minister Shri Morarji Desai laid foundation for new building
1970s: Bombay Stock Exchange under construction
1977 saw the entry of Shri Dhirubhai Ambani who tapped capital market with his scrip of Reliance Textiles
In 1990, major capital market scams took place in 1990s and had disastrous effect on capital market. This saw emergence of SEBI as Regulator
1993: Brokers in the old ring at Bombay Stock Exchange
1960s: Old & new buildings of Bombay Stock Exchange
9 Oct' 99- Sensex crossed 5,000 mark for first time. BSE employees celebrating releasing balloons on terrace of BSE Bldg
This thread is an excerpt from the book 'BSE- The Temple of Wealth Creation’ presented to me by @KalpitKshatriya
Thank you @ashishchauhan Sir
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