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A Brief History of the Bombay Stock Exchange by Rohan sheth
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A Brief History of the Bombay Stock Exchange |
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Business,Finance & Investment,Investment
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No country in the world is completely self-sufficient. There is a need for all nations to trade in both commodities and services, so that they can support each other and grow at a faster pace. This holds true on an individual level as well. Man is a social animal, who is dependent on those around him in order to survive. Thus, he has a constant need to trade that is, to buy and sell goods and services in order to make a profit. The first ever trades were in the form of the barter system, where goods were exchanged according to the needs of two or more individuals. However, after money was introduced the means of trading changed significantly. In the early eighteenth century the first stock market was started in India, trading loan securities of the East India Company. Today, the BSE, India is one of the oldest stock markets in Asia. In around 1830 they started trading in shares and corporate stocks. However, there were hardly any brokers involved. In around 1850 an informal group of 22 brokers would meet in Bombay and trade under a Banyan tree. At that time, the investments were as low as 1 Rupee, which was considered to be a significant amount of money, back then. Thus, the Indian share market began to grow, at a slow but steady pace, with the number nearing 60 brokers in 1860. Over the years, the exchange continued to grow, with more and more people getting involved in trading of stocks. The next significant change took place in 1995, when there was a switch to an electronic trading system. The entire transaction took place in just fifty days, which is a notable fleet. The electronic trading system means that people could trade online using the BOLT technology. With this the trading capacity of the stock exchange increased to a capacity of eight million, in a single day. Today, trading in shares has become easier than it ever was. By harnessing the power of the internet, investors can make quick and efficient trades, in a matter of minutes. Brokers set up trading portals which can be accessed by investors using the internet. Investors can go through the various stocks online and monitor them live. In this manner, they are in a good position to study fluctuations and make trades, accordingly. Thus, when the price is favorable, they can make purchases through a portal in a matter of minutes with the least possible lag. Thus, it is safe to say that trading has come a long way from the days where brokers used to buy and sell stocks under a banyan tree. Today, with the use of modern technology, trades can be made from anywhere in just a matter of minutes.
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