History
In November 1941, some leading bankers and brokers formed the share and stock Brokers Association. In 1942, Mr. Gulab Mohammed, the Finance Minister, formed a committee for the purpose of constituting rules and regulations of the Stock Exchange. Sri Purushothamdas Thakurdas, president and founding member of the Hyderabad Stock Exchange performed the opening ceremony of the exchange on November 14, 1943 under Hyderabad Companies Act. Mr. Kamal Yar Jung Bahadur was the first president of the exchange. The HSE started functioning under Hyderabad Securities Contract Act of No. 21 of 1352 under H.E.H. Nizam’s government as a company limited by guarantee. It was the 6th Stock Exchange recognized under Securities Contract Act, after the Premier Stock Exchanges, Ahmedabad, Bombay, Calcutta, Madras, and Bangalore Stock Exchange. All deliveries were completed every Monday or the next working day.
The HSE was first recognized by the Government of India on 29 September, 1958 as Securities Regulation Act was made applicable to twin cities of Hyderabad and Secunderabad from that date. In view of substantial growth in trading activities, and for the yeoman services rendered by the exchange, the exchange was bestowed with permanent recognition with effect from 29 September, 1983.
Read more about this topic: Hyderabad Stock Exchange
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