BSE to Celebrate 150 Years in 2025: From Banyan Tree to Dalal Street
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Synopsis
The Bombay Stock Exchange (BSE) is set to celebrate 150 years in 2025, tracing its roots back to 1855 under a banyan tree in Mumbai. It has grown from informal cotton trading to becoming Asia's first stock exchange, recognized for its significant contributions to the financial sector.
Key Takeaways
- The BSE will celebrate its 150th anniversary in 2025.
- It began under a banyan tree in South Mumbai in 1855.
- BSE is the oldest stock exchange in Asia.
- The Sensex, India's first stock index, was launched by BSE in 1986.
- The current BSE building was constructed in 1970.
Mumbai, April 17 (NationPress) The remarkable history of the Bombay Stock Exchange (BSE), which will mark its 150th anniversary in 2025, commenced modestly beneath a banyan tree in 1855.
During those initial years, traders convened under the tree in South Mumbai to trade cotton. This informal trading set the stage for what would evolve into Asia's first stock exchange.
As the community of traders expanded, the Native Share and Stock Brokers’ Association was officially formed on July 9, 1875, ultimately leading to the establishment of the BSE.
Notably, this occurred three years prior to the founding of the Tokyo Stock Exchange, making the BSE the oldest stock exchange in Asia.
One of the prominent founders of the BSE was Premchand Roychand, famously referred to as the Cotton King of Bombay.
Reports indicate that the Native Share and Stock Brokers' Association started with 318 members, with a nominal admission fee of just one rupee.
The site of the current BSE was acquired in 1928, with construction commencing in 1930.
Post India's Independence, the BSE gained official recognition in 1957 under the Securities Contracts (Regulation) Act (SCRA).
The existing BSE structure, known as the Phiroze Jeejeebhoy Towers, was erected in 1970, named in honor of Phiroze Jamshedji Jeejeebhoy, who chaired the BSE from 1966 to 1980.
In 1986, BSE introduced India's inaugural stock index, the Sensex, with a base value of 100.
The Sensex first surpassed the 1,000 mark in 1990, reached 5,000 in 1999, hit 20,000 in 2007, and is projected to reach 80,000 in 2024.
In celebration of its 149th Foundation Day in 2023, the BSE introduced a new logo symbolizing prosperity, vibrance, growth, and fresh beginnings.
This new logo also signifies the exchange's ongoing commitment to trust and its growing sense of responsibility.
The festivities, held on July 10, 2023, at the BSE International Convention Hall, commenced with the traditional bell-ringing ceremony.
"On this significant occasion, as we approach our 150th Foundation Day, we proudly unveil a new logo. It embodies prosperity, vibrance, and new beginnings, while also emphasizing our enduring trust and heightened responsibility," stated the BSE on July 10, 2023.
Today, the BSE stands as one of the most prominent stock exchanges globally, featuring over 4,100 listed companies and a total market capitalization of Rs 419 lakh crore.
