Roychand premchand biography
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Career
The Roychand family moved to Bombay when Premchand was a young boy. Still, he did not stop doing his philanthropy work though much scaled down.
Today, one can see what he left behind. Such single-day transactions by a lone broker are unheard of even in stock markets today.
Achievements
As founder of the Bank of Bombay, people flocked to his Mazgaon mansion when it was illuminated on festive occasions.
Membership
He was the founding member of The Bombay Stock Exchange.
Premchand Roychand
BusinessmanAs founder
Premchand Roychand was a 19th-century Indian businessman known as the "Cotton King" and "Bullion King". He was one of the more active trading leaders who supported the institutional trading of shares and commodities. He was the true pioneer in business and an important player in giving form to the financial architecture of Mumbai.
Such single-day transactions by a lone broker are unheard of even in stockmarkets today.
- Nationality
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on July 23, 2013
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Apart from the capital markets, Premchand Roychand had significant business interests in the cotton and bullion trades along with the stock market.He reaped enormous profits from the cotton boom that changed Bombay"s economy for all time.
The Rajabai Clock Tower in the University of Bombay, named after his mother, was built from a donation of Indian Rupees 2,00,000 by him, as was the library.
His strong stand for education and for society makes him a perennial in the annals of business and philanthropy of India.
Who is Premchand Roychand?
Premchand Roychand was a 19th-century Indianbusinessmanknown as the "Cotton King" and "Bullion King".
Born in 1831 he was the son of Roychand Dipchand, a merchant from Surat.
He lost all his money in the Backbay reclamation scheme, and other equally ill-advised ventures.
However, he managed to rebuild his fortune, though on a more modest scale. An initiative of such great stature has really helped Mumbai flourish as an important financial center.
Philanthropy and the "Premchand Roychand Scholarships
He was also famous for his interest in education and charity.
Background
Born in 1831 he was the son of Roychand Dipchand, a merchant from Surat. He was the foundingmember of The BombayStock Exchange
He reapedenormousprofits from the cotton boom that changed Bombay's economy for all time. He also started the "Premchand Roychand Scholarships" for the intelligent students of India so that many bright minds could accomplish their goals in life.
Obstacles and Legacy
The severe jolt he received in 1865 was with the crash of "Share Mania." He lost nearly everything.
The Roychandfamilymoved to Bombay when Premchand was a young boy. People would refer to him as both "Cotton King" and "Bullion King" for doing great work in that industry as well.
Foundation of the Bombay Stock Exchange
The greatest achievements of Roychand are his involvement in the establishment of Bombay Stock Exchange (BSE), India's oldest and the first stock exchange in the world.
Recorded as the firstIndianbroker able to speak, read and write English, he entered the lists as a stockbroker in 1849. He even built the famous Rajabai Clock Tower at the University of Mumbai, which still stands as a landmark today. However, he managed to rebuild his fortune, though on a more modest scale.
He once made a single pay-in of Rs 11.5 crore, whichwouldequal Rs 1,000 crore today!
He named the tower after his mother, Rajabai, which signifies deep respect for family and community. He once made a single pay-in of Rs 11.5 crore, which would equal Rs 1,000 crore today (as of 2008)! This cotton supply to Europe was severed on one account by the American Civil War (1861-1865). It was during this time Mumbai's economy soared to all-time highs, and he turned out to be one of Bombay's most successful merchants in India.