The iconic 28-storey PJ Towers, which houses the BSE, the
oldest stock exchange in all of Asia, may become an official tourist
destination in the megapolis, catapulting to the league of the
Gateway of India and the Taj Mahal Palace hotel nearby. If declared
an official tourist destination, that will mark yet another historic
milestone for the nation's oldest bourse that began to function under
a banyan trees way back in 1855 unofficially and officially from
1875. "It has been proposed that BSE be made one of the tourist
spots in the city and I think it's a good idea. There is huge
interest among people to see the BSE," Fadnavis said at event
organised by the exchange here. "I think its a very good
proposal. We've started a tourism initiative in Mumbai and I think
its best spot to add," he added in a response to a proposal from
the BSE chief Ashishkumar Chauhan. The 142-year-old BSE was founded
in 1875 by Premchand Roychand, who was an influential businessmen in
the 19th- century Bombay, as the Native Share & Stock Brokers
Association, and began to function from under a banyan tree on Dalal
Street in the Kala Khoda area of south Bombay and shifted the present
Phiroze Jeejeebhoy Towers in 1980. Roychand made a fortune in
stockbroking and was known as the cotton king, bullion king or just
the Big Bull. While BSE is now synonymous with Dalal Street (Broker's
Street), it was not always so. The first venue of the earliest stock
broker meetings in the 1850s was in rather natural environs - under
banyan trees - in front of the Town Hall, where the Horniman Circle
is now situated. In fact, history of BSE dates back to 1855, when 22
stockbrokers gathered under banyan trees in front of the Town Hall. A
decade later, the brokers moved their venue to another set of
foliage, this time under banyan trees at the junction of the Meadows
Street which is now called the MG Road. As the number of brokers
increased, they had to shift from place to place, but they always
overflowed to the streets. In 1874, the brokers found a permanent
place, which was aptly called Dalal Street and became an official
organisation known as The Native Share & Stock Brokers
Association in 1875. In August 1957, the BSE became the first stock
exchange to be recognised by the government under the Securities
Contracts Regulation Act. In 1980, BSE moved to the Phiroze
Jeejeebhoy Towers on the Dalal Street. In 1986, it developed the
30-share Sensex, the national benchmark index, giving the BSE a means
to measure the overall performance of the exchange. In 2000, the BSE
used this index to open its derivatives market, trading Sensex
futures. Options and equity derivatives followed in 2001 and 2002
respectively. Moving on from the historically an open outcry floor
trading, the Bse switched to electronic trading in 1995. With over
7,800 listed companies listed on its platform BSE, which went public
in May 2017, is the world's largest exchange in terms of the numbers
of stocks listed and also the world's fastest exchange with a median
trade speed of 6 microseconds. In terms of market capitalisation, BSE
is the world's 11th largest with an overall mcap of over Rs 134.41
trillion as of today. A bomb had gone off at the basement of the BSE
towers in the March 1993 serial blasts. The 28-storey tower and
surrounding structures were badly damaged and nearly 50 people were
killed. Among various milestones, including being the fastest bourse
in the world for trading, BSE also became the first stock exchange to
be listed in the country.
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