Bombay Stock Exchange

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BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange based in Mumbai. Established in 1875, it is the oldest stock exchange in Asia, and also the tenth oldest in the world. It is the 6th largest stock exchange in the world by total market capitalisation, exceeding $5 trillion in May 2024.[1][2][3][4]

History

Bombay Stock Exchange logo used until June 2023

Bombay Stock Exchange was founded by a Jain businessman Premchand Roychand in 1875.[5] While BSE Limited is now synonymous with Dalal Street, it was not always so. In the 1850s, four Gujarati and one Parsi stockbroker gathered together under a banyan tree in front of Bombay (now Mumbai) Town Hall, where Horniman Circle is now situated.[2][6] A decade later, the brokers moved their location to under the banyan trees at the junction of Meadows Street and what was then called Esplanade Road, now MG Road. With a rapid increase in the number of brokers, they had to shift places repeatedly. At last, in 1874, the brokers found a permanent location, the one that they could call their own. The brokers group became an official organisation known as "The Native Share & Stock Brokers Association" in 1875.[7]

In 1956, the BSE became the first stock exchange to be recognised by the Indian Government under the Securities Contracts Regulation Act.[8]

The BSE is also a Partner Exchange of the United Nations Sustainable Stock Exchange initiative, joining in September 2012.[9]

BSE established the India International Exchange (India INX) on 30th December 2016. India INX, based out of GIFT City, is the first international stock exchange of India.[10]

BSE became the first stock exchange in the country to launch commodity derivatives contract in gold and silver in October 2018.[11]

BSE was demutualised and corporatised on 19 May 2007, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by SEBI.[12][13]

BSE Limited listed on the National Stock Exchange (NSE) on 3 February 2017 under the ticker symbol of "BSE".[14][15]Template:Efn-la

Criticism and controversies

Template:See also BSE has witnessed several high-profile market manipulation scandals.[16][17][18][19][20] At times, the Securities and Exchange Board of India (SEBI) has barred several individuals and entities from trading on the exchanges for insider trading and stock manipulation, especially in illiquid small-caps and penny stocks.[21][22][23][24]

The BSE faced criticism during the early 2000s for delayed technology upgrades, which contributed to its competitor NSE gaining market dominance in electronic trading. In 2013, market participants raised concerns over alleged preferential access to BSE's trading systems, prompting calls for improved transparency and oversight, though no regulatory action followed.[25]

See also

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References

Notes

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Citations

  1. ↑ Monthly Reports - World Federation of Exchanges. WFE. Retrieved 21 May 2018.
  2. ↑ 2.0 2.1 BSE-Introduction. bseindia.com. Retrieved 31 January 2018.
  3. ↑ Indian Stock Market and Investors Strategy{{#if:|, {{{last}}}}. Priya Rawal(16 April 2015). ISBN 978-1-5053-5668-7
  4. ↑ 10 Oldest Stock Exchanges in the World(10 September 2020).
  5. ↑ BSE may set another record, become an official tourist spot. The New Indian Express(6 October 2017). Retrieved 4 November 2021.
  6. ↑ The Profile of the Bombay Stock Exchange Limited.
  7. ↑ The History of Bombay Stock Exchange(11 September 2014).Template:Cbignore
  8. ↑ Forecasting Financial Markets in India{{#if:Pradhan|, Pradhan}. Allied Publishers(2009). ISBN 978-81-8424-426-7
  9. ↑ Bombay Stock Exchange (BSE) commits to promoting sustainability(28 September 2012). Retrieved 2016-04-29.
  10. ↑ India INX. indiainx.com. Retrieved 15 March 2018.
  11. ↑ India thehindubusinessline. Business Line(October 2018). Retrieved 25 October 2018.
  12. ↑ BSE demutualisation complete. Business Standard India(14 June 2013). Retrieved 27 November 2022.
  13. ↑ Order in respect of BSE (Corporatisation and Demutualisation) Scheme, 2005. sebi.gov.in. Retrieved 27 November 2022.
  14. ↑ BSE to list on NSE on 3 February. Livemint(29 January 2017). Retrieved 27 November 2022.
  15. ↑ 142 years after taking roots under a banyan, Asia's oldest stock exchange hits the capital market today(22 January 2017). Retrieved 27 November 2022.
  16. ↑ How India's trading queen and mystery guru engulfed NSE in scandal. The Economic Times.
  17. ↑ The fall of NSE: Corruption or hubris?. The Economic Times.
  18. ↑ BSE Sensex drops as corruption scandal weighs. Reuters(25 November 2010).
  19. ↑ SEBI penalises BSE, NSE for 'laxity' in Karvy fraud case(13 April 2022).
  20. ↑ Trading 'queen' and mystery guru: Strange tale engulfs NSE in scandal. Business Standard India(21 March 2022).
  21. ↑ Rs 144 crore wrongful profit! Sebi finds stock manipulation in 5 smallcaps. The Economic Times(21 June 2023). Retrieved 24 August 2023.
  22. ↑ Sebi ban pinches penny stocks. Business Standard. Retrieved 24 August 2023.
  23. ↑ SEBI Cracks Down on Misuse of Penny Stocks. The Wire. Retrieved 24 August 2023.
  24. ↑ I-T Department, SEBI begin crackdown on penny stock firms in PMO-led push. Moneycontrol(20 November 2017). Retrieved 24 August 2023.
  25. ↑ Preferential access? A look into how NSE got ahead in tech race. Business Standard(10 February 2017). Retrieved 14 June 2025.

Further reading

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  • BSE: Journey of an Aspiring Nation{{#if:|, {{{last}}}}. Skoch Media(2015). ISBN 978-8-1929-1725-2
  • Efficiency of BSE Sectoral Indices in India: A Study with Special Reference to Bombay Stock Exchange Ltd in India{{#if:|, {{{last}}}}. Lap Lambert Academic Publishing GmbH KG(2014). ISBN 978-3-6592-1130-0
  • Stock Market Volatility in India{{#if:|, {{{last}}}}. Deep & Deep Publications(2002). ISBN 978-8-1762-9361-7
  • The Scam: Who Won, who Lost, who Got Away{{#if:|, {{{last}}}}. UBS Publishers' Distributors(1993). ISBN 978-8-1859-4410-4
  • Indian Stock Market: An Empirical Analysis of Informational Efficiency{{#if:|, {{{last}}}}. Springer India(2013). ISBN 978-8-1322-1590-5
  • Rethinking the BSE Crisis: A Study of Scientific Reasoning under Uncertainty{{#if:|, {{{last}}}}. Springer Netherlands(2014). ISBN 978-9-4017-8491-7
  • Razdan, A. Scaling in the bombay stock exchange index. Pramana - J Phys 58, 537–544 (2002). Template:Doi
  • Goel, A., Tripathi, V. and Agarwal, M. (2021), "Market microstructure: a comparative study of Bombay stock exchange and national stock exchange", Journal of Advances in Management Research, Vol. 18 No. 3, pp. 414–442. Template:Doi
  • Krishnamurti, Chandrasekhar and Eleswarapu, Venkat R., Liquidity, Stock Returns and Ownership Structure - An Empirical Study of the Bombay Stock Exchange (March 31, 1994). IIM Bangalore Research Paper No. 65, Available at Template:SSRN or Template:Doi
  • Sumon Kumar Bhaumik. “Stock Index Futures in India: Does the Market Justify Its Use?” Economic and Political Weekly, vol. 32, no. 41, 1997, pp. 2608–11. Template:JSTOR. Retrieved 13 Feb. 2024.
  • Ganeshaiah, K. N. “Has the Behaviour of the Stock Market Been Affected by the Scam? — A Statistical Analysis.” Current Science, vol. 63, no. 7, 1992, pp. 345–47. Template:JSTOR. Retrieved 13 Feb. 2024.
  • Bulls, Bears and Other Beasts (5th Anniversary Edition): A Story of the Indian Stock Market{{#if:|, {{{last}}}}. Pan Macmillan(2021). ISBN 978-9-3907-4257-8

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