Indian Stock Markets is one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are meager and obscure.
The East India Company was the dominant institution in those days and business in its loan securities used to be transacted towards the close of the eighteenth century.By 1830’s business on corporate stocks and shares in Bank and Cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers recognized by banks and merchants during 1840 and 1850. The 1850’s witnessed a rapid development of commercial enterprise and brokerage business attracted many men into the field and by 1860 the number of brokers increased into 60. In 1860-61 the American Civil War broke out and cotton supply from United States to Europe was stopped; thus, the ‘Share Mania’ in India began. The number of brokers increased to about 200 to 250.At the end of the American Civil War, the brokers who thrived out of Civil War in 1874,found a place in a street (now appropriately called as Dalal Street) where they would conveniently assemble and transact business. In 1887, they formally established in Bombay,the“Native Share and
Stock Brokers’ Association”, which is alternatively known as“The Stock Exchange”.In 1895, the Stock Exchange acquired a premise in the same street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay was consolidated.The Indian stock market has been assigned an important place in financing the Indian corporate sector. The principal functions of the stock markets are:
- Enabling mobilizing resources for investment directly from the investors
- Providing liquidity for the investors and monitoring.
- Disciplining company management.
The two major stock exchanges in India are:-
- National Stock Exchange (NSE)
- Bombay Stock Exchange (BSE).
National Stock Exchange
With the liberalization of the Indian economy, it was found inevitable to lift the Indian stock market trading system on par with the international standards. On the basis of the recommendations of high powered Pherwani Committee.The National Stock Exchange was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and Investment Corporation of India, Industrial Finance Corporation.
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