Premchand Roychand
| Premchand Roychand | |
|---|---|
| Born |
March 1831 Surat |
| Died | March 1906 (aged 74–75) |
| Nationality | Indian |
| Occupation | Stockbroker and businessman |
Premchand Roychand was a 19th-century Indian businessman known as the "Cotton King" and "Bullion King".
Born in 1831 he was the son of Roychand Dipchand, a merchant from Surat. The Roychand family moved to Bombay when Premchand was a young boy. Recorded as the first Indian broker able to speak, read and write English, he entered the lists as a stock broker in 1849. Apart from the capital markets, Premchand Roychand had significant business interests in the cotton and bullion trades along with the stock market. He was a founding member of 'The Native Share & Stock Brokers Association', the original name for the Bombay Stock Exchange.[1] He earned significant profits from the cotton boom which was triggered by the start of the American Civil War in April 1861.[1][2]
He lost the majority of his fortune in the Backbay reclamation scheme, and other such ventures. He subsequently earned a portion of it back and turned to philanthropic ventures. The Rajabai Clock Tower in the University of Bombay was named for his mother and was built from a donation of ₹200,000.[1] He also invested in other schools, including many for girls such as J.B. Petit High School for Girls; he also established the "Premchand Roychand Award" for outstanding art students with the University of Calcutta.[1][3]
References
- 1 2 3 4 Mishra, Ashish K. "Premchand Roychand: Mumbai's original share king". Livemint. Retrieved 2016-07-27.
- ↑ Kaul, Vivek (2007-03-04). "Mumbai's first realty bust was in 1865 | Latest News & Updates at Daily News & Analysis". DNA India. Retrieved 2016-07-27.
- ↑ Sunavala, Nergish (2016-06-19). "Schools get architects to save a chapter of their own history - Times of India". Times of India. Retrieved 2016-07-27.