Thread by @mumbaiheritage

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