The Ahmedabad Stock Exchange (ASE) was the second-oldest exchange of

India India, officially the Republic of India, 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 by population (United Nations), most populous country since ...

located in the city of

Ahmedabad Ahmedabad ( ), also spelled 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 ...

in the Western part of the country and is fully owned by

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

. 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 ...

. Its logo consists of the ''

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'', which is one of the most auspicious symbols of

Hinduism Hinduism () is an Hypernymy and hyponymy, umbrella term for a range of Indian religions, Indian List of religions and spiritual traditions#Indian religions, religious and spiritual traditions (Sampradaya, ''sampradaya''s) that are unified ...

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 based in Mumbai. It is the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion in May 2024. Established with t ...

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

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 International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American Multinational corporation, multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is ...

. 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

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 administrative domain of Ministry of Finance (India), Ministry of Finance within the Government ...

(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.

References

External links

* Economy of Ahmedabad Stock exchanges in India Indian companies established in 1894 {{stockexchange-stub

History

See also

References

External links