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INTRODUCTION:

A large or distributed, nor such distress followed so quickly on the heels 1The brokerage industry capital in India is one of the oldest in Asia. India has an active stock market for about 150 years has played an important role in the development of risk markets and the promotion and support business growth in the industry. The roots of stock markets in India started in the 1860s during the Civil War that led to a surge in demand for cotton in India follows the establishment of a number of companies anonymous-issued securities to raise funds. This trend is comparable to the rapid growth of securities markets in Europe and North America in the context of the expansion of railroads and natural resource exploration and planning.

Historical records show that in 1864 there were about 1,000 brokers in the stock market operating three locations in Mumbai and 9 am to 7 pm at the intersection of Meadows Street and Rampart Row, from daybreak until 9 am and 7 pm to the wee hours of morning to Bazargate. Stock prices rose sharply, even at this time. Much of Colaba Land Company during the boom of the 1860s has increased from Rs 10,000 to Rs 120,000 at par with that of Backbay shares rose from Rs 2000 to 54000 Rs. Bombay at that time was a major financial center for hosting the 31 banks, 20 insurance companies and 62 joint stock companies.

Reports on the stock market at that time usually indicates that a broker in 1864 earned about Rs 200 per day, an enormous sum at that time. The boom ended abruptly in 1865. In July 1865, which was then used to call from the mania ended with the bursting of the stock market bubble? "I had never seen anywhere a race s of such prosperity," wrote Richard Temple, who was governor of Bombay at the time. An interesting aspect is that, despite the collapse of the stock market, most brokers met their payment obligations. Following the accident, the banks, including the construction stages brokers met to ask for stock tips and share news, refused to collect there, thus forcing them to find a place that is clean, which later became the Dalal Street. A group of about 300 brokers on the stock exchange formed in July 1875, which led to the formation of a trust in 1887, known as "Native Share and Dealers Association. A unique feature of the development market in India has been that it is entirely supported by local businesses, unlike banks which, during the pre-independence have been owned and run by the British. After creating the first exchange in Mumbai, the other exchanges has emerged in major cities in India, namely Ahmedabad (1894), Calcutta (1908), Madras (1937), Uttar Pradesh and Nagpur (1940 ) and Hyderabad (1944). Stock markets gained surge and boom in many industries such as jute (1870), tea (1880s and 1890s), coal (1904 and 1908), etc., at different times.

From a culture of new shares

A new phase in Indian stock markets began in the 1970s with the introduction of the Foreign Exchange Regulation Act (FERA), which has led to the sale of shares by foreign multinational companies, which created a wave of investment detail. The early 1980s saw another surge in stock markets at major companies such as Reliance consulted the stock market resource mobilization, which showed a huge interest from retail investors. A new series of economic reforms and financial sector that began in the early 1990s gave new impetus to the growth of stock markets in India. In the process of reform, it became imperative to strengthen the role of capital markets could play an important role in effective.