Indian Capital Market -Hardcover

Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are not clear. The East India Company during British Raj was the dominant institution in those days and business in its loan securities used to be transacted towards the close of the eighteenth century. In 1860-61, the American Civil War broke out and cotton supply from United States of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers increased to about 200 to 250. However, at the end of the American Civil War, in 1865, a disastrous slump began (for example, Bank of Bombay Share which had touched Rs. 2850 could only be sold at Rs. 87). 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 Dalai 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.