The Ahmedabad Stock Exchange (ASE) is the second oldest exchange of
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...
located in the city of
Ahmedabad
Ahmedabad ( ; Gujarati: Amdavad ) is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 5,570,585 (per ...
in the Western part of the country and is fully owned by
Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
. It is recognised by Securities Contract (Regulations) Act, 1956 as permanent
stock exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for t ...
. Its logo consists of the
Swastika
The swastika (卐 or 卍) is an ancient religious and cultural symbol, predominantly in various Eurasian, as well as some African and American cultures, now also widely recognized for its appropriation by the Nazi Party and by neo-Nazis. I ...
which is one of the most auspicious symbols of
Hinduism
Hinduism () is an Indian religion or '' dharma'', a religious and universal order or way of life by which followers abide. As a religion, it is the world's third-largest, with over 1.2–1.35 billion followers, or 15–16% of the global p ...
depicting wealth and prosperity.
In April 2018, the SEBI permitted the Ahmedabad stock exchange to exit the stock exchange business. Under the agreement, ASE will cease its activities and change its name to remove the phrase "stock exchange" from it.
History
The stock exchange was established as a Public Charitable Trust in 1894 following the establishment of the
Bombay Stock Exchange
BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...
in 1875. Earlier the stock exchange functioned under the framework of the Bombay Securities Contracts Act, 1925. Following the passage of The Securities Contract Regulations Act, 1956 the Gujarat Share & Stock Exchange, Indian Share and General Exchange Association and Bombay Share and Stock Exchange, Share and Stock Brokers Association merged with the Ahmedabad Share and Stock Brokers Association and gave rise to ASE as it stands today.
ASE is the oldest stock exchange after
Bombay Stock Exchange
BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...
in India. ASE functioned in a 93 years old heritage building up to 1996 after which it shifted to a more modern building.
The stock exchange went live on 12 December 1996. Initially, ASE used a system provided by
IBM. Since June 1999, ASE operates on Ahmedabad Stock Exchanges' Online Trading System (ASETS). This system was provided to ASE by
Tata Consultancy Services Ltd. Members of the ASE can also trade on the
Bombay Stock Exchange
BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...
through a system called IBOSS. Today the stock exchange has 333 trading members.
Market regulator
Securities and Exchange Board of India
The Securities and Exchange Board of India (SEBI) is the Regulatory agency, regulatory body for securities and commodity market in India under the ownership of Ministry of Finance (India), Ministry of Finance within the Government of India. It w ...
(SEBI) has issued notice to the ASE for withdrawal of recognition stating that regional stock exchanges whose net worth was less than Rs 100 crore and turnover less than Rs 1,000 crore would be closed. The old stock exchange building listed as a heritage building was put up for sale.
See also
*
List of South Asian stock exchanges
This is a list of Asian stock exchanges.
In the Asian region, there are multiple stock exchanges. As per data from World Federation of Exchanges, below are top 10 selected in 2020:
* Shanghai Stock Exchange, China
* Tokyo Stock Exchange, Japan
...
*
List of stock exchanges in the Commonwealth of Nations
This is a list of active stock exchanges in the Commonwealth of Nations (Full Members). The Commonwealth of Nations features member-states located on all major continents and represents almost one-third of the Earth's population. Some states ha ...
References
External links
*
Economy of Ahmedabad
Stock exchanges in India
Indian companies established in 1894
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