The Native Stock and Stock Brokers Association started in Mumbai 146 years ago, today it is known as the Bombay Stock Exchange
Bombay has been emerging as a trading center since the early 18th century. Due to its connection with the sea, there was a lot of movement of goods from this area. This is why Bombay was a favorite place for many kinds of business. In the same period, trading business was also started here.
Some traders used to trade under a banyan tree in front of Bombay Town Hall. These traders had no written rules and regulations nor did they have a permanent place to trade. These people kept changing places according to their convenience.
Around 1870, these traders thought of forming an association for trading, so that trading could be organized. An entry fee of Rs. 1 has been fixed for becoming a member of this association. On this very day in 1875, this association was formed, named - Native Share and Stock Broker Association.
Initially 318 people were members of the association. Gradually people grew and the need for a building for trading began to be felt. In 1899 the association rented a hall on Dalal Street for Rs. 100 a month.
The association could not afford the rent, so Dinshaw Maneckji Petit took over the responsibility, after which the hall was named after him. On 31 August 1957, the Government of India recognized the Bombay Stock Exchange under the Securities Contract Regulation Act. Bombay Stock Exchange is the first stock exchange in the country to get this recognition.
The construction of the building where the Bombay Stock Exchange is currently located started in 1973. The entire business was shifted here in 1980 and the building was named BSE Towers. Which was later changed to Firoz Jijibhai Tower.
There was a need for an index to measure the overall performance of the stock exchange, hence the Bombay Stock Exchange Sensitive Index was introduced in 1986. On January 2, 1986, the index of 30 companies listed on the stock exchange was issued for the first time. Later its name was changed to Sensex.
In 1995, making a big change in the way of trading, electronic trading was introduced in place of the traditional method. Today Bombay Stock Exchange is the 9th largest stock exchange in the world in terms of market capitalization and about 5000 companies are registered in it.
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