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Location of Bombay Stock Exchange in India
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<tr class="note"><th style="text-align:right; padding-right:0.75em;">Type</th><td> Stock Exchange</td></tr> <tr class="note"><th style="text-align:right; padding-right:0.75em;">Location</th><td> Mumbai, Maharashtra, India</td></tr>

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</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Founded</th><td>1875</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Owner</th><td class="agent">BSE Limited</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Key people</th><td>Ashish Chauhan (MD & CEO)</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Currency</th><td>Indian rupee (7px)</td></tr><tr><th style="text-align:right; padding-right:0.75em;">No. of listings</th><td>5,163 (as of September 2012)</td></tr><tr class="note"><th style="text-align:right; padding-right:0.75em;">MarketCap</th><td>US$1.203 trillion (Oct 2012)[1]</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Volume</th><td>US$231 billion (Nov 2010)</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Indexes</th><td>BSE SENSEX
BSE Small Cap
BSE Mid-Cap
BSE 500</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Website</th><td>Script error</td></tr>
BSE Limited (Formerly Bombay Stock Exchange Limited)

Bombay Stock Exchange, commonly referred to as the BSE, (Bombay Śhare Bāzaār) is a stock exchange located on Dalal Street, Mumbai, Maharashtra, India. It is the 11th largest stock exchange in the world by market capitalisation as of 31 December 2012 [2]. Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India’s leading exchange groups. Over the past 137 years, BSE has facilitated the growth of the Indian corporate sector by providing it an efficient capital-raising platform. Popularly known as BSE, the bourse was established as "The Native Share & Stock Brokers' Association" in 1875.

BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME). More than 5000 companies are listed on BSE making it world's No. 1 exchange in terms of listed members. The companies listed on BSE Ltd command a total market capitalization of USD Trillion 1.32 as of January 2013. BSE Ltd is world's fifth most active exchange in terms of number of transactions handled through its electronic trading system. It is also one of the world’s leading exchanges (3rd largest in December 2012) for Index options trading (Source: World Federation of Exchanges).

BSE also provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. BSE is the first exchange in India and second in the world to obtain an ISO 9001:2000 certification. It is also the first Exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its On-Line trading System (BOLT).

It operates one of the most respected capital market educational institutes in the country (the BSE Institute Ltd.). BSE also provides depository services through its Central Depository Services Ltd. (CDSL) arm.

BSE’s popular equity index - the S&P BSE SENSEX [Formerly SENSEX ] - is India's most widely tracked stock market benchmark index. It is traded internationally on the EUREX as well as leading exchanges of the BRCS nations (Brazil, Russia, China and South Africa). On Tuesday, 19 February 2013 BSE has entered into Strategic Partnership with S&P DOW JONES INDICES and the SENSEX has been renamed as "S&P BSE SENSEX".

HistoryEdit

File:India economy.jpg

The Bombay Stock Exchange is the oldest exchange in India. It traces its history to the 1855, when four Gujarati and one Parsi stockbroker would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in 1874 and in 1875 became an official organization known as 'The Native Share & Stock Brokers Association'.

In 1958, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act. In 1980 the exchange moved the Phiroze Jeejeebhoy Towers at Dalal Street, Fort area. In 1986 it developed the BSE SENSEX index, giving the BSE a means to measure overall performance of the exchange. In 2000 the BSE used this index to open its derivatives market, trading SENSEX futures contracts. The development of SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSE's trading platform.

Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system in 1995. It took the exchange only fifty days to make this transition. This automated, screen-based trading platform called BSE On-line trading (BOLT) had a capacity of 8 million orders per day. The BSE has also introduced the world's first centralized exchange-based internet trading system, BSEWEBx.co.in to enable investors anywhere in the world to trade on the BSE platform.[3]

TimelineEdit

Following is the timeline of the BSE.

1830 to 1875Edit

  • 1830's Business on corporate stocks and shares in Bank and Cotton presses started in Bombay.
  • 1860-1865 Cotton price bubble as a result of the American Civil War.
  • 1870 - 90's Sharp increase in share prices of jute industries followed by a boom in tea stocks and coal

1875 To 1995Edit

  • 9th Jul 1875 The Native Share & Stock Broker's Association formed
  • 2nd Feb 1921 Clearing House started by Bank of India
  • 31st Aug 1957 BSE granted permanent recognition under Securities Contracts (Regulation) Act (SCRA)
  • 2nd Jan 1986 SENSEX, country's first equity index launched (Base Year: 1978-79 =100)
  • 10th Jul 1987 Investor's Protection Fund (IPF) introduced
  • 3rd Jan 1989 BSE Training Institute (BTI) inaugurated
  • 25th Jul 1990 SENSEX closes above 1000
  • 15th Jan 1992 SENSEX closes above 2000
  • 30th Mar 1992 SENSEX closes above 4000
  • 1 May 1992 SEBI Act established (An Act to protect, develop and regulate the securities market)
  • 29 May 1992 Capital Issues (Control) Act repealed
  • 1992 Securities Appellate Tribunal (SAT) established
  • 14th Mar 1995 BSE On-Line Trading (BOLT) system introduced

1996 To 2000Edit

  • 19th Aug 1996 First major SENSEX revamp
  • 12 May 1997 Trade Guarantee Fund (TGF) introduced
  • 21st Jul 1997 Brokers Contingency Fund (BCF) introduced
  • 1997 BSE On-Line Trading (BOLT) system expanded nation-wide
  • 22nd Mar 1999 Central Depository Services Limited (CDSL) set up with other financial institutions
  • 1st Jun 1999 Interest Rate Swaps (IRS) / Forward Rate Agreements (FRA) allowed
  • 15th Jul 1999 CDSL commences work
  • 11th Oct 1999 SENSEX closed above 5000
  • 11th Feb 2000 SENSEX crosses 6000 intra-day
  • 9th Jun 2000 Equity Derivatives introduced

2001 To 2005Edit

  • 1st Mar 2001 Corporatisation of Exchanges proposed by the Union Govt.
  • 1st Feb 2001 BSE Webx Launched
  • 1st Jun 2001 Index Options launched
  • 4th Jun 2001 BSE PSU index introduced
  • 15th Jun 2001 WDM operations at commenced
  • 2nd Jul 2001 VaR model introduced for margin requirement calculation
  • 9th Jul 2001 Stock options launched
  • 11th Jul 2001 BSE Teck launched, India’s First free float index
  • 25th Jul 2001 Dollex 30 launched
  • 1st Nov 2001 Stock futures launched
  • 29th Nov 2001 100% book building allowed
  • 31st Dec 2001 All securities clearing move to T+5 (trade date + 5 days)
  • 1st Feb 2002 Two way fungibility for ADR/GDR
  • 15th Feb 2002 Negotiated Dealing System (NDS) established
  • 1st Apr 2002 T+3 settlement Introduced
  • 1st Jan 2003 India’s first ETF on SENSEX - ‘SPICE' introduced
  • 16th Jan 2003 Retail trading in G Sec
  • 1st Apr 2003 T+2 settlement Introduced
  • 1st June 2003 Bankex launched
  • 1st Sep 2003 SENSEX shifted to free-float methodology
  • 1st Dec 2003 T group launched
  • 2nd Jun 2004 SENSEX closes over 6000 for the first time (564.71 points, 11.14%)
  • 17th May 2004 Second biggest fall of all time, Circuit filters used twice in a day (the Scheme) announced by SEBI
  • 20th May 2005 The BSE (Corporatisation and Demutualisation) Scheme, 2005
  • 8th Aug 2005 Incorporation of Bombay Stock Exchange Limited
  • 12th Aug 2005 Certificate of Commencement of Business
  • 19th Aug 2005 BSE becomes a Corporate Entity

2006 To 2010Edit

  • 7th Feb 2006 SENSEX closed above 10000
  • 7th Jul 2006 BSE Gujarati website launched
  • 21st Oct 2006 BSE Hindi website launched
  • 2nd Nov 2006 iShares BSE SENSEX India Tracker listed at Hong Kong Stock Exchange
  • 2nd Jan 2007 Launch of Unified Corporate Bond Reporting platform: Indian Corporate Debt Market (ICDM)
  • 7th Mar 2007 Singapore Exchange Limited entered into an agreement to invest in a 5% stake in BSE
  • 16th May 2007 Appointed Date” under the Scheme i.e. Date on which Corporatisaton and Demutualisation was achieved. Notified by SEBI in the Official Gazette on 29.06.2007
  • 10th Jan 2008 SENSEX All-time high 21206.77
  • 1st Oct 2008 Currency Derivatives Introduced
  • 18 May 2009 The SENSEX raised 2110.70 points (17.34%) and Index-wide upper circuit breaker applied
  • 7th Aug 2009 BSE - USE Form Alliance to Develop Currency & Interest Rate
  • 24th Aug 2009 BSE IPO Index launched
  • 1st Oct 2009 Bombay Stock Exchange introduces trade details facility for the Investors
  • 5th Oct 2009 BSE Introduces New Transaction Fee Structure for Cash Equity Segment
  • 25th Nov 2009 BSE launches FASTRADE™ - a new market access platform
  • 4th Dec 2009 BSE Launches BSE StAR MF – Mutual Fund trading platform
  • 7th Dec 2009 Launch of clearing and settlement of Corporate Bonds through Indian Clearing Corporation Ltd.
  • 14th Dec 2009 Marathi website launched
  • 18th Dec 2009 BSE's new derivatives rates to lower transaction costs for all
  • 4th Jan 2010 Market time changed to 9.0 a.m. - 3.30 p.m.
  • 20th Jan 2010 BSE PSU website launched
  • 22nd Apr 2010 New DBM framework @ Rs.10 lakhs - 90% reduction in Membership Deposit
  • 12 May 2010 Dissemination of Corporate Action information via SWIFT platform
  • 23 July 2010 Options on BOLT
  • 21st Sep 2010 First to introduce Mobile-based Trading
  • 29th Sep 2010 Introduction of Smart Order Routing (SOR)
  • 4th Oct 2010 EUREX - SENSEX Futures launch
  • 11th Oct 2010 Launch of Fastrade on Web (FoW) - Exchange hosted platform
  • 5th Nov 2010 SENSEX closes above 21,000 for the first time
  • 12th Nov 2010 Commencement of Volatility Index
  • 22nd Nov 2010 Launch of SLB
  • 10th Dec 2010 Launch of SIP
  • 27th Dec 2010 Commencement of Shariah Index

2011 To 2013Edit

  • 17th Nov 2011 Maharashtra and United Kingdom Environment Ministers launched Concept Note for BSE Carbon Index
  • 7th Jan 2011 BSE Training Institute Ltd. with IGNOU launched India's first 2 year full-time MBA programme specialising in Financial Market
  • 15th Jan 2011 Co-location facility at BSE - tie up with Netmagic
  • 22nd Feb 2012 Launch of BSE-GREENEX to promote investments in Green India
  • 13th Mar 2012 Launch of BSE - SME Exchange Platform
  • 30th Mar 2012 BSE launched trading in BRICSMART indices derivatives
  • 19 February 2013 - SENSEX becomes S&P SENSEX as BSE ties up with Standard and Poor's to use the S&P brand for Sensex and other indices.[4]

Hours of operationEdit

Session Timing
Pre-open Trading Session 09:00 - 09:15
Trading Session 09:15 - 15:30
Position Transfer Session 15:30 - 15:55
Closing Session 15:50 - 16:05
Option Exercise Session 16:07

The hours of operation for the BSE quoted above are stated in terms the local time (GMT + 5:30). BSE's normal trading sessions are on all days of the week except Saturday, Sundays and holidays declared by the Exchange in advance.[5]

IndicesEdit

File:S&P BSE SENSEX chart.svg

The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of BSE National Index (Base: 1983-84 = 100). It comprised 100 stocks listed at five major stock exchanges in India - Mumbai, Calcutta, Delhi, Ahmedabad and Madras. The BSE National Index was renamed BSE-100 Index from 14 October 1996 and since then, it is being calculated taking into consideration only the prices of stocks listed at BSE. BSE launched the dollar-linked version of BSE-100 index on 22 May 2006. BSE launched two new index series on 27 May 1994: The 'BSE-200' and the 'DOLLEX-200'. BSE-500 Index and 5 sectoral indices were launched in 1999. In 2001, BSE launched BSE-PSU Index, DOLLEX-30 and the country's first free-float based index - the BSE TECk Index. Over the years, BSE shifted all its indices to the free-float methodology (except BSE-PSU index). BSE disseminates information on the Price-Earnings Ratio, the Price to Book Value Ratio and the Dividend Yield Percentage on day-to-day basis of all its major indices. The values of all BSE indices are updated on real time basis during market hours and displayed through the BOLT system, BSE website and news wire agencies. All BSE Indices are reviewed periodically by the BSE Index Committee. This Committee which comprises eminent independent finance professionals frames the broad policy guidelines for the development and maintenance of all BSE indices. The BSE Index Cell carries out the day-to-day maintenance of all indices and conducts research on development of new indices.[6]

SENSEX is significantly correlated with the stock indices of other emerging markets[7][8]

AwardsEdit

  • The World Council of Corporate Governance has awarded the Golden Peacock Global CSR Award for BSE's initiatives in Corporate Social Responsibility (CSR).
  • The Annual Reports and Accounts of BSE for the year ended 31 March 2006 and 31 March 2007 have been awarded the ICAI awards for excellence in financial reporting.
  • It has been cited as one of the world's best performing stock market by Reuters.
  • The Human Resource Management at BSE has won the Asia - Pacific HRM awards for its efforts in employer branding through talent management at work, health management at work and excellence in HR through technology.Bombay Stock Exchange - Finance Learners

1993 Bombay bombings at BSEEdit

On Friday, 12 March 1993 at 1:30 p.m. a powerful car bomb exploded in the basement of the Bombay Stock Exchange building. The 28-story office building housing the exchange was severely damaged, and many nearby office buildings also suffered some damage. About 50 were killed by this explosion.[9]

See alsoEdit

ReferencesEdit

  1. World-exchanges.org
  2. Script error
  3. Script error
  4. Script error
  5. Market Hours, Bombay Stock Exchange via Wikinvest
  6. Script error
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  8. http://www.reutersindia.net/ Asia Technical Analysis with Phil Smith
  9. Bombay Seeks Link to Stolen Car In Fatal Blast at Stock Exchange – 15 March 1993, The New York times

External linksEdit

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