BSE@150: India's economic heritage

The post-Independence history of Indian stock markets needs more reflection. One hopes that with the launch of Sebi's Dharohar, more research follows

- AMOL AGRAWAL

FEW SYMBOLS ARE markers of a country's economic development. The iconic tall building of the Bombay Stock Exchange (BSE) is one such symbol associated with India's development. After all, there are few economic institutions that have witnessed the unfolding of Indian history over 150 years.

The BSE, established in July 1875, turns 150 this year. To mark the 150 years of stock markets, the Securities Exchange and Board of India (Sebi) has recently launched a wonderful digital archive named "Dharohar: Milestones in the Indian Securities Market". Dharohar, translated as heritage in English, is a treasure trove of Indian securities markets through articles, interviews, videos, etc. The archive helps trace the fascinating early history of Indian stock markets and the BSE.

The history of Indian stock markets goes back to the 1860s. In 1861, the American Civil War disrupted the supply of cotton from America to the Lancashire mills. The British zeroed in on India's Deccan region as an alternative source of supply. The cotton was transported from the Deccan fields to Bombay via railways (started in 1953) and shipped to England via the Suez Canal (opened in 1859).