Meet Premchand Roychand, India’s 1st Big Bull Way Before Harshad Mehta And Rakesh Jhunjhunwala – News18

Whenever we talk about the market and stocks, the names of Harshad Mehta and Rakesh Jhunjhunwala strike our minds. These two individuals, who are no more with us, were widely known as the Big Bull. However, even before their time, there was another influential figure who could truly be called the “first Big Bull” of the Indian stock market. This man was responsible for initiating the stock market in Bombay (now Mumbai), around 150 years ago.

Premchand Roychand Jain, one of the earliest business magnates of India’s financial capital, was known by his many names such as the Big Bull, Bullion King and Cotton King. Alongside Jamsetji Tata, David Sassoon and Jamshedji Jejeebhoy, he was regarded as one of the four prominent businessmen of Bombay.

Born in Surat in 1832 and hailing from a family of timber merchants, Roychand’s most notable achievement was establishing the Native Share and Stock Brokers Association, which eventually evolved into the Bombay Stock Exchange. So yes, Premchand Roychand Jain was the founder of the Bombay Stock Exchange (BSE) and it was founded on July 9, 1875, 148 years ago. BSE was the first stock exchange in Asia. As of July 2023, the market capitalisation of companies listed on BSE is over Rs 300 lakh crore.

When the Native Share and Stock Brokers Association (later BSE) was founded, around 22 stock brokers initiated their trading activities under a banyan tree in South Bombay, in the office of Roychand. As per reports, he was known for his unique approach of not keeping any accounts or books, but rather storing every stock deal in his mind. It is said that he never resorted to pen and paper, opting instead to jot down all his trades from memory.

Within a few years, he achieved tremendous success in the stock market. By 1858, Roychand had amassed property worth around Rs 1 lakh. Following the American Civil War in 1861, India experienced a boom in the cotton trade, and Roychand and his associates greatly benefited from this development.

Roychand relocated to Bombay along with his family and pursued his studies at Elphinstone College. In 1852, Roychand embarked on his career as a prosperous stockbroker. He resided in a bungalow in Byculla, Mumbai, which was later transformed into an orphanage and school. Roychand passed away in 1906, and today, the fourth generation of his family oversees Premchand Roychand & Sons (PRS), a small enterprise in terms of business but one with a rich history.