Premchand Roychand: The Rise, Fall, and Enduring Legacy of an Iconic Indian Stockbroker

During the 19th century, Shri Premchand Roychand was a prominent personality in financial market in Mumbai (earlier known as Bombay). Born in 1831, he rose from a modest background to become a key player in the stock market, ultimately founding the ‘The Native Share and Stock Brokers Association (later known as Bombay Stock Exchange and now BSE). His career coincided with a period of economic growth in Mumbai, driven by factors like the American Civil War's impact on the cotton trade. Premchand's influence extended to banking and land reclamation projects, marking stages of prosperity. However, the end of the Civil War led to a financial downturn, and he faced criticism and financial ruin. Despite this, Premchand Roychand's legacy endures through his philanthropic contributions and the recognition of his impact on Mumbai’s development. A dedicated gallery in Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, Mumbai, has been established in his honor. The University of Calcutta gives out an award in his name i.e. Premchand Roychand Award to an outstanding student in Master of Arts every year. The Rajabai clock tower in Mumbai is named after his beloved mother, Rajabai Roychand.