The Bombay Stock Exchange (BSE) celebrated its birthday yesterday completing 149 years of service. It was founded on July 9 1875, near the Town Hall in South Mumbai. It is reportedly the first stock market in the Asian continent. Around two decades before the establishment of BSE, traders began trading under a banyan tree near the town hall. As the stock exchange completed its 149 years yesterday let us learn about some unknown facts about BSE:
In 1855, stock brokers started trading cotton under a banyan tree. Around 22 brokers gathered in the area to trade, according to a report by CNBC. After the number of traders increased drastically the venue was shifted to Meadows Street. On July 9, 1875, the Native Share and Stock Brokers’ Association was formed. Around three years after this, the Tokyo Stock Exchange in Japan was established.
When the stock exchange was established in 1875. It had around 318 members who registered their names with an entry fee of Rs 1. The first formal office was purchased in 1895. The current location of the Bombay Stock Exchange, known as Dalal Street, was purchased in 1928. The construction of the building was completed in 1930.
The name of the building, Phiroze Jeejeebhoy Tower, was named in honour of the former BSE chairman, Phiroze Jamshedji Jeejeebhoy. In 1986, India’s first equity index, Sensex was launched. It was started with a base point of 1000. In 1990, the index closed above 1000 points for the first time. Around three decades later, Sensex has crossed the 80,000 points mark. Many experts believe that the index will soon reach the 100,000 mark. Today Sensex is presently trading at 79,573.62 points.
The SEBI Act and the Securities Appellate Tribunal (SAT) were established in 1992. Around three years later in 1995, BSE started a screen-based trading system and named it the Bombay Online Trading System (BOLT).
The BSE became a partner exchange of the United Nations Sustainable Stock Exchange initiative in September 2012.
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