23°01′33″N 72°32′39″E / 23.02583°N 72.54417°E / 23.02583; 72.54417

Emblem of the Ahmedabad Stock Exchange

The Ahmedabad Stock Exchange (ASE) is the second oldest exchange of India located in the city of Ahmedabad in the Western part of the country and is fully owned by Government of India. It is recognised by Securities Contract (Regulations) Act, 1956 as permanent stock exchange. Its logo consists of the Swastika, which is one of the most auspicious symbols of Hinduism 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.[1]

History

The stock exchange was established as a Public Charitable Trust in 1894 following the establishment of the Bombay Stock Exchange in 1875.[2] 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 in India. ASE functioned in a 93 years old heritage building up to 1996 after which it shifted to a more modern building.[3][4][5][6] 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 through a system called IBOSS. Today the stock exchange has 333 trading members.

Market regulator Securities and Exchange Board of India (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.[7] The old stock exchange building listed as a heritage building was put up for sale.[8][9][10][11]

See also

References

  1. ^ "SEBI permits Ahmedabad stock exchange to exit bourse biz". Economic Times. 24 April 2018. Retrieved 24 April 2018.
  2. ^ "Know Your City: Ahmedabad Stock Exchange building tells a story of a bygone era". 9 July 2023.
  3. ^ "Old stock exchange building at Manek Chowk to be sold". The Times of India. Ahmedabad. TNN. 6 June 2012. Archived from the original on 11 April 2013. Retrieved 21 February 2013.
  4. ^ Dhomse, Himansh (7 July 2012). "Veterans rue loss of Ahmedabad's Manekchowk building". Daily News and Analysis. DNA. Retrieved 21 February 2013.
  5. ^ Soni, Nikunj (20 February 2011). "Heritage lovers root for Ahmedabad Stock Exchange's Manekchowk building". Daily News and Analysis. DNA. Retrieved 21 February 2013.
  6. ^ Ruturaj Jadav and Mehul Jani (5 February 2010). "Amdavad's First Pol". Ahmedabad Mirror. AM. Archived from the original on 7 December 2009. Retrieved 21 February 2013.
  7. ^ "Ahmedabad Stock Exchange shareholders to drag Sebi to court". Business Standard. 12 September 2012. Retrieved 26 November 2017.
  8. ^ "Ahmedabad Stock Exchange: Will Amdavad lose its living heritage to apathy?". Daily News and Analysis. 28 November 2013. Retrieved 26 November 2017.
  9. ^ "Old stock exchange building at Manek Chowk to be sold". Times of India. 6 June 2012. Retrieved 26 November 2017.
  10. ^ "Is it end of road for Ahmedabad Stock Exchange?". Daily News and Analysis. 31 May 2012. Retrieved 26 November 2017.
  11. ^ Mishra, Piyush (23 May 2014). "Closing bell for Ahmedabad bourse?". Times of India. Retrieved 12 August 2018.

External links

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Financial services in India
Stock exchanges in India
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