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This article was first published 10 years ago

How stocks were traded in the '90s

July 16, 2013 09:56 IST

Image: A view of Bombay Stock Exchange.
Photographs: Punit Paranjpe/Reuters

Bombay Stock Exchange, the first-ever stock exchange in Asia established in 1875 and the first in the country to be granted permanent recognition under the Securities Contract Regulation Act, 1956, has had an interesting rise to prominence over the past 137 years.

Let's take a look at how stocks were traded in the 1990s.

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How stocks were traded in the '90s

Image: Stock brokers at a brokerage firm in Mumbai trade in front of a television screen displaying Atal Behari Vajpayee delivering his parliament address in New Delhi, April 17, 1999.
Photographs: Reuters

While BSE is now synonymous with Dalal 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 Horniman Circle is now situated.

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How stocks were traded in the '90s

Image: Stock brokers trade in Mumbai, July 5, 1999.
Photographs: Reuters

A decade later, the brokers moved their venue to another set of foliage, this time under banyan trees at the junction of Meadows Street and what is now called Mahatma Gandhi Road.

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How stocks were traded in the '90s

Image: A dealer in a brokerage firm in Mumbai trades on two phones even as Finance Minister Yashwant Sinha unveils the 1999/2000 budget as telecast on the television set, February 27.
Photographs: Reuters

As the number of brokers increased, they had to shift from place to place, but they always overflowed to the streets. At last, in 1874, the brokers found a permanent place, and one that they could, quite literally, call their own. The new place was, aptly, called Dalal Street (Brokers' Street).

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How stocks were traded in the '90s

Image: Hectic trading at the Bombay Stock Exchange on January 5,where like in all South Asian markets stocks are expected to gain sharply, buoyed by the global movement of capital into emerging markets.
Photographs: Reuters

The journey of BSE is as eventful and interesting as the history of India's securities market.

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Tags: BSE , India

How stocks were traded in the '90s

Image: Brokers in Delhi Stock Exchange carry on normal trade of shares on February 21 even as communist activists occupied the old bourse building to protest against the government's on-going reforms programme.
Photographs: Reuters

In fact, as India's biggest bourse in terms of listed companies and market capitalisation, almost every leading corporate in India has sourced BSE services in raising capital and is listed with BSE.

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Tags: BSE , India

How stocks were traded in the '90s

Image: Brokers perform a traditional prayer ritual on the occasion of Diwali in Mumbai, November 7.
Photographs: Reuters

Even in terms of an orderly growth, much before the actual legislations were enacted, BSE had formulated a comprehensive set of Rules and Regulations for the securities market.

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Tags: BSE

How stocks were traded in the '90s

Image: A stock broker watches England play Sri Lanka in the inugural World Cup match as he trades on the phone in Mumbai, May 14.
Photographs: Reuters

It had also laid down best practices which were adopted subsequently by 23 stock exchanges which were set up after India gained its independence.

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Tags: India

How stocks were traded in the '90s

Image: Stock brokers trade at a brokerage firm in Mumbai, July 12.
Photographs: Reuters

BSE, as a institutional brand, has been and is synonymous with the capital market in India. Its S&P BSE Sensex is the benchmark equity index that reflects the health of the Indian economy.

Tags: BSE , India
Source: REUTERS
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