Discuss the Origin and Growth of Stock Exchange of India.
Origin and Growth of Indian Stock Exchanges.
The National Stock Exchange of India was set up by Government of India on the recommendation of Pherwani Committee in 1991. Since then there has been lot of changes and the exchange has witnesses a great height. Actually, the stock exchange in India originated in 1800 and has developed since then in different stages.
1800-1865: In the initial stages, The East India Company floated shares through a very small group of brokers. Between the years 1840-1850, there were only half a dozen brokers but in, 1850 the number rose to about 60 brokers. In 1860, the entire market was attracted with the concept of shares which lasted till 1865.
1866-1900: This period also saw a drastic change in the history of Stocks and led to the foundation of a regular market for securities. The Bombay market became the leading and the most organized stock exchange in India. A number of code of conduct were developed by the brokers during this period.
1901-1913: The share investment grew during this period because of development in the political field. The industrial enterprises grew after the Swadeshi Movement led by Mahatma Gandhi. Also Calcutta became a major trading center. New ventures were floated and in 1920 another stock exchange was established in Madras.
1935-1965: The industrial development planning was done during this period and two more stock exchanges, one at Hyderabad and another at Delhi was established. Also 12 more stock exchanges were set up after independence, between the years 1946 and 1990.
There are 24 stock exchanges in India which are as follows:
- The Bombay Stock Exchange.
- The Ahmedabad Stock Exchanges of India.
- Bangalore Stock Exchange.
- The Calcutta Stock Exchange Association.
- Cochin Stock Exchange.
- The Delhi Stock Exchange Association.
- The Guwahati Stock Exchange.
- Hyderabad Stock Exchange (HSE).
- Jaipur Stock Exchange (BE).
- Kanara Stock Exchange.
- The Ludhiana Stock Exchange Association.
- Madras Stock Exchange (MSE).
- Madhya Pradesh Stock Exchange.
- Magadh Stock Exchange.
- Mangalore Stock Exchange.
- Pune Stock Exchange.
- Saurashtra Kutch, Stock Exchange.
- The Uttar Pradesh Stock Exchange Association.
- Vadodara Stock Exchange.
- Coimbatore Stock Exchange.
- Meerut Stock Exchange.
- Over the Counter (OTC) Exchange of India.
- National Stock Exchange of India (NSE).
- Inter-connected Stock Exchange of India (ISE).