"Founded on December 31, 1600, the British East India Company (EIC) held a pivotal role in the annals of global trade. Its joint stock shares were traded in London, consistently providing dividends until its dissolution in 1874. East India House, established in the 1720s, embodied the essence of EIC's operation. This unassuming yet bustling hub in London became the epicenter of early global commerce and finance for almost two centuries. Within its walls, momentous decisions were made. EIC, dealing in goods such as tea, spices, and textiles, charted treacherous seas and intricate trade networks, reaping profits and inviting controversy. The company's ships sailed to distant shores, impacting the course of history by shaping trade routes and influencing world events. East India House isn't adorned with the grandeur of palaces; instead, its halls resonate with tales of ambition, rivalry, and, occasionally, exploitation. This historic site embodies how business interests could profoundly shape the world. The museum plaque here commemorates a chapter where trade and finance converged, sometimes for the better, and at times, for the worse."

British East India Company, 1600-1874

"1861-64: Dalal Street Bombay - The Fort Area Where Brokers Carried Business. In the heart of Bombay, the bustling Dalal Street took shape in the 1860s, serving as a pivotal financial district where brokers conducted business. The 1880s: The Evolution of the BSE Logo from Inception to Present. The 1880s marked a transformative phase for the Bombay Stock Exchange's iconic logo, symbolizing its enduring presence in the financial landscape. The 1900s: Original Location of the 'Neem Tree' with Traders Doing Business. Throughout the 20th century, the 'Neem Tree' stood as a symbol of commerce, witnessing traders conducting business beneath its branches, capturing the essence of traditional Indian trade. The 1900s: BSE Building Reconstruction - Melding the Old with the New. In this century, the Bombay Stock Exchange's building underwent a significant transformation, seamlessly blending the old with the new, signifying continuity in a changing world. 1908: The Old Building of Calcutta Stock Exchange. In 1908, the Old Building of the Calcutta Stock Exchange served as a testament to India's enduring financial heritage.”

A Journey from Dutch Ventures to India's Commerce

Improvement in the prices of Jute Shares subsequent to the Budget Statement by Sir William Meyer during 1918.  The market had presumably come under the influence of the provisional statement of civil revenue.

Calcutta commerce - The budget statement

The committee was constituted by the Government of India Resolution No. 23(71)-Law (C.L.)/48 on 28th October 1950 under the chairmanship of Shri C. H. Bhabha. It was formed to revise the Indian Companies (Amendment) Act, 1936 based on various representation of views of the state governments and organized industrial and commercial bodies on the reports of Shri Tricumdas Dwarkadas and Shri V.K. Thiruvenkatachari.  The committee proposed a major amendment in the definition of “Debenture”.

Company law to be revisied - Expert Committee Appointed 

The 12 man committee, which began its work under the Chairmanship of Mr. C H Bhabha in January 1951, suggested the constitution of an autonomous, four man corporate investment and administration commission with the statutory status and wide powers to regulate, control, inspect and guide the administration of the joint stock companies under the reformed laws. 

Strengthening control over joint stock firms

The share values experienced a landslide on the stock exchanges in Calcutta and Delhi. Equities slumped heavily, with hardly any worthwhile breaks. The causes of the downtrend were manifold. The immediate concern was in regard to the Indo-Pakistan relations following the Security Council debate over Kashmir.  Fears of fresh taxation in the budget added uncertainties.

Equities easy in Calcutta & Delhi stocks slump

Government of India have set up Securities and Exchange Board of India that is SEBI
The aim of SEBI was to deal with all the matters relating to development and regulation of securities market and investors protection and advised government on these matters
Dr. S A Dave was then the Executive Director of IDBI 
He had been appointed as the first Chairman of SEBI

Dr. S A Dave appointed as First Chairman of SEBI

At the launch of 'BSE Times', Dr S.A Dave, chairman, Securities and Exchange Board of India, stressed the importance of investor education as most investors who came to the stock market for investment of their funds are 'unarmed'. It is therefore, necessary to first 'arm' them with adequate and the right type of investment information and brokers have a greater responsibility in this area.

BSE Times launched

The Securities and Exchange Board of India (SEBI), constituted on April 12, 1988, by the government of India to promote the orderly and healthy development of securities markets and to provide adequate investor protection, will to begin with, prepare a comprehensive legislation for the regulation and development of securities markets.

Legislation to develop securities market

The Government has decided to hold in abeyance the imposition of the turnover fee on share brokers and jobbers to partially finance the recently set-up Bombay based Securities and Exchange Board of India (SEBI)

Share turnover  tax held in abeyance

Strongly opposing the turnover tax proposal, the presidents of the major stock exchange in the country, who conducted their two-day meeting, proposed the payment of a lump sum amount by stock exchange and its members as well as contribution by companies as a percentage of listing fees on the security and exchange board of India (SEBI) 

Stock exchanges, brokers may fund SEBI

The capital market was never so healthy and the real issue is to make it healthier, and let it grow faster to meet the need of industry - view expressed by Dr S.A Dave, Chairman, SEBI 

Call for enlarging capital market

A working group constituted by the Securities and Exchange Board of India (SEBI) on recognition and regulation of sub-brokers has recommended a system of authorisation for all sub- brokers in the country estimated to be around 20,000.  The sub-broking community has remained completely outside the regulatory purview.

Authorisation for sub-brokers

Mr Eduardo Falerio, Union Minister of state for finance, stressed the need for protection of investors in the capital market, spread of equity culture in semi-urban and rural areas and more involvement of the household sector in shares investment.

Call to protect small investors

The Securities and Exchange Board of India has undertaken an exercise and prepared a format of the prospectus for the company making a public issue 

SEBI undertaken an exercise to prepare a format for public issue prospectus 

The Securities and Exchange Board of India has become a member of the Montreal-based International Organisation of Securities Commissions (IOSCO) with effect from September 18, 1989. This was the first time that India has been represented at this important international organisation.

SEBI becomes members of IOSCO w.e.f. September 18, 1989

Dalal Street which suffered a setback in kerb trading on Friday, March 30, 1990 evening, following the announcement that Mr. M J Pherwani has proceeded on leave and Dr. S.A Dave, chairman of the Securities and Exchange Board of India (SEBI) had taken over as chairman od UTI, exhibited , steady conditions in kerb deals on Saturday.

Stock market stable despite UTI change

Securities and Exchange Board of India has told all merchant bankers to observe the guidelines issued by the government on April 9, 1990 providing a broad framework for regulating merchant banking activities and parting a greater responsibility to merchant banking activities and imparting a grater responsibility to merchant bankers with effect from august 1, 1990.  

Guidelines for merchant bankers

Mr G.V Ramakrishnana has been appointed the new chairman of the Securities and Exchange Board of India (SEBI). A new Chairman for SEBI became necessary when Mr. S A Dave, the first SEBI Chairman also took up the stewardship of Unit Trust of India with the exit of Mr. M J Pherwani.

Appoitment of Mr. G V Ramakrishna as SEBI Chaiman

Leading financial institutions are promoting a new company called Over Counter Exchange of India (OTCEI). The promoters, Industrial Credit and Investment Corporation of India Ltd., Industrial Bank of India, Industrial Finance Corporation of India, Life Insurance of India, General Insurance of India, SBI Capital Markets and Canbank Financial Service Ltd., contributed Rs. five crore as aid-up capital. 

Establishment of OTCEI

The Governing Board of the Stock Exchange, Bombay, decided to suspend admission to dealing of the securities of the 90 companies for three days from November 20 to November 22, 1990, for their failure to publish unaudited financial result for the half-year ended on March 31, 1990. This is required by Clause 41 of the Listing Agreement.

BSE suspends activities in 93 companies

We must prepared for harsh discipline' said Mr. Ramakrishna at a seminar.  But a free market will automatically create a need for regulation. He also said, no Indian businessman who groans under the controls, has yet been penalised to the point where it sets an example for the community....

When freedom means regulation

Stock Exchange in the country expected to open for trading with their president having decided to write to the government for exemption from registration under Section 28 of the Securities and Exchange Board of India (SEBI) Act. 1992. Brokers have radically altered their stance, and now say that the quantum of fees is not the primary issue but the fact of dual registration with SEBI.

Trading set to resume - Stock exchange chiefs seek Government interventions

The Bombay Stock Exchange (BSE) re-opened for trading after a lapse of five days to a barrage of selling which pushed the BSE index down by a whopping 570 points.

BSE Index drops 570 points

The Securities and Exchange Board of India (SEBI) has released the guidelines for issue of capital issues control Act. The SEBI rules while allowing the promoter a lot of freedom in making issues has attempted to plug a host of loopholes in the existing system through stringent disclosure requirements. However, the SEBI demands for a safety net of six months does not find a place in the new guidelines.

SEBI released the guidelines for issue of capital to replace the provisions of the Capital Issues Control Act

Mr. G V Ramakrishna, Chairman, SEBI speaks with Times of India on closure of stock exchanges.  The stock markets were not operating regularly for over a week and there were protests from investors that not enough action has been taken against those guilty. 

G V Ramakrishna, SEBI Chief,  on the the incident of Investors Protest -

The Securities and Exchange Board of India (SEBI) dispatched about 2,000 broker registration certificate to stock exchange changes around the country.  SEBI decided to go ahead with registration on the basis of applications received, while the question of registration fee will be decided by an expert committee of four appointed under the stewardship of Mr. R S Bhatt, former Chairman of UTI.

SEBI begins registration of brokers

Mr. Kantikumar R. Podar, President Chambers of Commerce and Industry (FICCI) has said pricing of shares should  be left to market forces and any intervention in this regard would prove counter productive.

Market must decide issue pricing

In a bid to reduce the risk of development owing to under subscription of new share issues, broker - underwriters have decided to appeal to the Securities and Exchange Board of India to monitor the new issues market closely and also introduce detailed guidelines for underwriters.

Broker-underwriters seek SEBI help to monitor the new issues and request for detailed guidelines for underwriters. 

Rigorous enforcement of the rules and guidelines governing the financial sector - rather than extensive and excessive control, form the key to market -oriented financial sector reform, according to Mr. M Narasimham, former governor of the Reserve Bank of India (RBI) and chairman of the Administrative Staff College of India.

Rule enforcement key to financial reform

The Bombay Stock Exchange (BSE) sensitive index dipped 86.99 points following reports in Times of India newspaper that the Securities and Exchange Board of India was considering the abolition of forward trading on all markets. 

Mixed reaction to badla ban proposal. BSE Index dipped, 1993

The Securities and Exchange Board of India tightened the norms for disclosure and investors protection in the new issues market, specifically with regard to promotors contribution.  As a part of the changes, SEBI had reduced the promoters' contribution for large projects with long gestation. 

Promoter's Contribution - Revised disclosure norms from SEBI

The Association of Merchant Bankers of India (AMBI) which has been in the making for over five years now has finally been registered as a official body.

AMBI registered

Severe cracks have developed in the united front presented by four major stock exchange when they dashed of an angry letter refusing to meet the Securities and Exchange Board of India.

Ahmedabad, Bombay teams meet SEBI

The sheriff of Bombay, Mr. S S Nadkarni resigned from his post after having been appointed as Chairman of SEBI. The Decision follow a directive from the Union law ministry which felt that Mr Nadkarni's continuance as sheriff would conflict with his role as SEBI chairman. The latter office is a government of Indian posting. No serving government bureaucrat has ever been sheriff in the 322-year history of what is largely an honorary, ceremonial post.

Sheriff quits to join SEBI

The chairman of Securities and Exchange Board of India (SEBI), Mr S.S Nadkarni, dispelled all doubts that his entry would lead to a mellowing in stands taken by the board. Continuing the tone of the his predecessor, Mr Nadkarni asserted: "Let there be no questing or ambiguity about the fact that we will pursue the regulatory duties of SEBI with full vigour and visibility."

No change in SEBI stance - Chairman

The Chairman of Securities and Exchange Board of India (SEBI), Mr S.S Nadkarni, said that while scree-based trading is an important gateway to transparency, it was not an assurance of fairness. While automation was a necessary condition for effective regulation, it was not sufficient condition.

Transparency not enough- Modernise trading SEBI chief

The Securities and Exchange Board of India (SEBI) under its new Chairman Mr. S. S.Nadkarni, reversed its stand on the ban on badla and gave up plans of a twin track system to permit forward trading.  

Forward trading ban to go

The Securities and Exchange Board of India to join hands with consumer fora all over the country to tackle the issue of companies violating the rights of the shareholders.

SEBI plans steps to proctect shareholders

The Securities and Exchange Board of India Mr. S.S Nadkarni has recommended to the finance ministry that Industrial Credit and Investment Corporation of India and Unit Trust of India should be asked adhere to their own norms regarding preferential allotment.

Observe own norms: SEBI chief

The Securities and Exchange Board of India Chairman Shri S. S. Nadkarni categorically ruled out recognition to stock trading houses mushrooming in various parts of the country.  Stating that they lacked necessary infrastructure facilities, he said there was no way of SEBI recognising them.

Recognition for stock trading houses ruled out

Stock prices have flared up in kerb deal on the announcement that the Securities Contracts Regulations Act has been amended through an ordinance promulgated by the President of India deleting the prohibition on "options".

SEBI gets more regulatory powers

The Securities and Exchange Board of India has constituted an expert committee to review the adequacy of disclosure requirements in offer documents.

Panel set up to review disclosure norms

The proposal to set up a depository  for speedy transfer of shares in the country and reduce the risk of investors reached to Ministry of Finance for consideration.

Finance ministry studying setting up of depository

Last minute touches were given to the custodial and depository services bill, which is certain to be introduced during the monsoon session of Parliament, an official source said.

Central Depository be a reality soon

The National Stock Exchange (NSE) has decided to establish a National Securities Clearing Corporation (NSCC). The announcement was made at the NSE annual general meeting. This will be the first clearing agency of its kind in India, with the exchange guaranteeing all the transactions carried out through the market.

NSE to set up securities clearing corporation

The promulgation of the ordinance to bring in a depository system in the Indian Securities market is expected to change the face of the market. It was year 1986 when the Stock Holding Corporation of India was set up with a mandate to develop the first depository India.

The Promulgation of the Ordinance to bring in a depository system

The Securities and Exchange Board of India is inclined to designate on depository as a central depository, but also committed to have multiplicity of depositories without letting them mushroom. It has also proposed a minimum net worth requirement of 100 crores to set up a depository.

SEBI suggests norms for depositories

All stock exchange in the country will require to link their members' trading limits to their base capital besides accepting the margin mechanism imposed by the Securities and Exchange Board of India on the computerised exchanges.

SEBI sets uniform norms for all bourses

Bombay Stock Exchange (BSE) president M.G Damani has launched a renewed attack on former Securities and Exchange Board of India (SEBI) chairman G.V Ramakrishna criticising him for setting up a "casino" to counter the BSE. Reacting to questions on an internet chat show organised by electronic magazine Rediff on the Net, Mr Damani lobbied hard for the expansion of the BSE ON line Trading (BOLT) network outside Mumbai.

1996 BSE chief takes anouther pot-shot at GVR

The index committee of the National Stock Exchange has decided to replace six companies in the NSE-50 index. 

NSE-50 revamped

The Securities and Exchange Board of India superseded the governing board of the Pune Stock Exchange for six months and appointed an administrator in its place. This is the first time the regulator has taken such stringent action on any stock exchange in the country.

Pune bourse board superseded

Union finance minister P. Chidambaram, who visited the office of the Securities and Exchange Board of India to discuss various issues pertaining to the capital market, said the finance ministry would soon regulate short selling in the stock market and also introduce norms to govern the concept of stock lending.

SEBI will regulate stock lending, short selling

The launch of the National Securities Depository Limited has set in motion the most significant piece of reform in the country’s capital market. The depository will bring in paperless trading in shares and other securities, a feature now central to any mature securities market.

NSDL introduction finally ushers in paperless trading 

The National Stock Exchange to launch the "Junior Nifty" mid-cap index, comprising 50 stocks with a base period of November 4, 1996. The Index having representation of companies with medium-sized capital in the Indian capital market, is expected to have high hedging effectiveness for portfolios with midcap companies and appropriate for index based derivatives. 

NSE launches new mid-cap index

The electronic settlement of scrips in the National Securities Depository Ltd. which went live recently to commence this week (December 26, 1996)

Commencement of settlement at NSDL 

Stock brokers should not execute transactions for clients they do not know; especially because of rising incidence of fake an forged shares - stated by deputy commissioner of police (economic offence) while addressing members of the National stock Exchange.

Deal with clients you know, brokers told

Industrialists feared of their companies being taken over being foreign players is not justified, according to the Securities and Exchange Board of India (SEBI) Chairman D.R. Mehta at a seminar on the takeover codes.  He make ti clear that the primary focus of the code was to protect the interest of the small investors, but sought to allay industrialists fear ....

Take-over fears are unjustified: Mehta

The National Stock Exchange (NSE) plans to go overseas and set up trading terminal in the West Asian nations with an attempt to target non-resident Indians. 

NSE plans to go overseas and set up trading terminals in West Asian nations. 

The Securities and Exchange Board of India has allowed companies tapping the primary market to adopt the book building process for the entire size of their public offerings 

SEBI allows book-building for entire public issue 

The Securities and Exchange Board of India not compromise on its earlier decision to make scrip less trading mandatory for financial institutions, mutual fund, banks and foreign institutional investment (FIIs) from January 15,1998. The process of compulsory dematerialisation to began in the phased manner with a list five to ten scrips to begin with.

Sebi to insist on January 15 deadline for complusory dematerialisation

On February 5, 1998, NSE created capital market history with a turnover of Rs. 1507.13 crore. 

NSE creates history in trading volumes 

In a major move towards complete scrip less trading, the Securities and Exchange Board of India decided to allow delivery of dematerialised shares in the physical trading segment of the capital market.  Stock Exchanges have been given time till April 6, 1998 to develop their internal systems and software to deal with this feature.

SEBI allows demat delivery in physcial segment

The SEBI signed a memoandum of understanding (MOU) with the Securities and Exchange Commission of the United States (US-SEC) on enforcement, co-operation, consultation and the provision of technical assistance.

SEBI and SEC sign MoU

In a significant decision, the Securities and Exchange Board of India (SEBI) decided that all debt instruments would have to be rated by a cred rating agency.

SEBI directs issuers to get all debt instruments rated

The secondary market advisory committee of the Securities and Exchange Board of India, in its meeting here on Monday, April 20, 1998 discussed the Dr. L. C. Gupta committee recommendations on derivatives trading and agreed that derivatives should be introduced in a phase manner, beginning with index future.

Flag off derivatives with index futures: SEBI panel

The Securities Exchange Board of India has ordered compulsory settlement of traders in ten specified scrips in dematerialised form for institutional as well as other investor from January 4, 1999.

SEBI orders compulsory demat trading in 10 scrips

The Securities Exchange board of India (SEBI)'s  report on share price manipulation and the resultant payments crisis, has shown that securities scamester has managed a repeat performance in the stock market.

SEBI takes erstwhile Big Bull by the horns

Disposing of the petition filed by three brokers accused in the market aberration case, the Bombay high court has rejected their plea for striking down the Securities and Exchange Board of India ban on their operations.

HC upholds SEBI ban on scam-accused brokers

The Securities and Exchange Board of India (SEBI) has issued show-case notices to the top brass of the Bombay Stock Exchange (BSE) and the National Stock Exchange(NSE) for their failure to detect and check price manipulation in three scripts ,in its notice dated February 10, SEBI asked to explain lapses in detecting the abnormalities in price and volume in the scrips -Sterile Industries, BPL Ltd and Videocon Industries.

SEBI issues show-cause notices to top brass of NSE & BSE

The Securities and Exchange Board of India approved the regulations for credit rating agencies (CRAs) which bars them from rating securities issued by their promoters, moreover as per the new regulations, a CRA cannot rate securities issued by any borrower, subsidiary or associate of the promoters if any chairman or director.

SEBI approves new norms for rating agencies

The mild tension in the minds of key market participants, especially senior exchange official, disappeared as soon as news of the Union cabinet clearing derivatives trading reached the city.

Cabinet decision on derivatives trading cheers market

The securities and Exchange Board of India (SEBI) sets January 10, 2000 for commencement of rolling settlement in a phase manner. Initially, rolling settlement will be kicked off with 10 scrips.

Rolling settlement set to commence from January 10, 2000

The Securities and Exchange Board of India (SEBI) has issued show-case notices to the top brass of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for their failure to detect and check price manipulation in three scripts, in its notice dated February 10, SEBI asked to explain lapses in detecting the abnormalities in price and volume in the scrips-Sterile Industries, BPL Ltd and Videocon Industries.

SC upholds SEBI fee on stockbrokers

Newspaper article on the occasion of introduction of Options and Futures in Indian Securities Market.

Entering the world of options and futures

The Securities and Exchange Board of India (SEBI) has won the last legal battle over its decision to levy registration fees on stockbrokers on the basis of their turnover in the five-year period before the grant of registration. The Supreme Court dismissed the petition filed by the BSE Brokers' Forum challenging the fee and upheld SEBI's decision.

SEBI clears first ever exchange traded fund

In a bid to win back the beleaguered Unit Trust of India (UTI), the government made its flagship US-64 scheme open ended so that it is not necessary for unit holders to redeem all units  when they will fetch a price of Rs 12 per unit up to 5000 units.

Govt injects some trust back into UTI

The government decided that UTI would not sell its equity holdings to meet its redemption obligations arising out of assured return schemes. The decision was taken to send the right signal to investors.

Govt spells out sweeteners in UTI pill

The Securities and Exchange Board of India has standardised all forms of electronic transaction by introducing 'straight through processing' (STP) in the Indian Securities market. This is based on the recommendations made by a SEBI committee under the chairmanship of Shri R M Joshi, Executive Director, SEBI.

SEBI to Implement STP from December 2, 2002

The Government of India, decided to empower the stock market regulator, SEBI, by giving it more teeth for investigation, including power of search and seizure. The decision was made due the episodes of market misconduct which showed the limitations of SEBI Act.  

भारत सरकार ने शेयर बाजार के विनियामक सेबी को तहकीकात करने के साथ-साथ तलाशी और जब्ती करने की भी शक्ति प्रदान की ।  यह निर्णय इसलिए लिया गया क्योंकि सेबी अधिनियम के तहत सेबी को जो शक्तियाँ प्रदान की गई थीं वह काफी सीमित थीं जिसकी वजह से सेबी बाजार में बढ़ रहे धोखाधड़ी के मामलों पर रोक लगाने के संबंध में उचित कार्रवाई नहीं कर पा रहा था ।  

Govt gives SEBI an overhaul, more teeth

सरकार द्वारा सेबी को अधिक शक्तियाँ प्रदान करना

Starting July 2, 2001, all scripts that were being traded under the carry forward mechanism such as the automatic lending and borrowing mechanism (ALBM) of the National Stock Exchange and the borrowings and lending of securities system (BLESS) of the Bombay Stock Exchanges got replaced by Compulsory Rolling Settlement on all the bourses.

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