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Premchand Roychand

Premchand Roychand (1831–1906) was a pioneering Indian stockbroker, businessman, and philanthropist who rose from humble origins to become one of 19th-century Bombay's most influential "merchant princes," alongside figures like Jamsetji Tata and David Sassoon.^[1] Known as the "Cotton King" and "Big Bull" of the Bombay stock market, he amassed a fortune through trading in cotton and bullion, particularly during the American Civil War boom of 1861–1865, and played a foundational role in establishing the Native Share and Stock Brokers' Association, the precursor to the Bombay Stock Exchange (BSE).^[2]^[3] A member of the Dasa Oswal Jain community, Roychand's legacy endures through his contributions to India's financial markets, ethical trading practices, and generous philanthropy in education and public infrastructure.^[1] Born in March 1831 in Surat to Roychand Dipchand, a modest timber merchant, and his wife Rajabai, Premchand moved with his family to Bombay as a child, where his father sought better opportunities.^[2] He received his education at the Elphinstone Institution (now Elphinstone College), becoming one of the first Indians fluent in English, which gave him a significant edge in the colonial-era business world.^[1] At the age of 18 in 1849, he entered the stockbroking trade, initially working as an assistant to broker Ratanchand Lala from 1852, and quickly distinguished himself with an exceptional memory for stock prices and innovative trading strategies.^[2]^[3] Roychand's career skyrocketed during the 1860s cotton boom, triggered by the American Civil War, which disrupted global supplies and positioned Bombay as a key exporter; he capitalized on this to become India's first stock market millionaire, reportedly earning Rs 1 lakh by 1858 and leading the city's first major bull run from 1863 to 1865.^[2]^[1] He founded key financial institutions, including the Asiatic Banking Corporation in 1864 and the Financial Association of India and China with Rs 1 crore in capital that same year, and served on the board of the Bank of Bombay.^[3] In 1875, he helped establish the Native Share and Stock Brokers' Association under a banyan tree on Dalal Street with a nominal capital of Rs 1 per broker, laying the groundwork for the BSE, which, as of November 2025, boasts a market capitalization exceeding Rs 470 lakh crore.^[1]^[4]^[5] Despite facing financial ruin in the 1865 market crash—owing Rs 42 lakhs to the Bank of Bombay—Roychand repaid all debts, preserving his reputation for integrity amid involvement in over 70 companies, including the Back Bay Reclamation Company.^[2]^[3] A devoted philanthropist, Roychand donated Rs 4 lakhs for the construction of the Rajabai Clock Tower and Library at the University of Mumbai, completed in 1878 and named after his mother, as well as Rs 3 lakhs for a perpetual scholarship award at the University of Calcutta.^[3] He championed girls' education by contributing Rs 50,000 to the Alexandra Girls' School and supporting the Fort Christian School, and his former Byculla bungalow was later converted into an orphanage and school.^[2]^[1] Roychand passed away in 1906, leaving a family legacy carried forward by descendants through firms like Premchand Roychand and Sons (PRS Group), while his emphasis on transparency and ethics continues to influence India's capital markets.^[3]^[1]^[4]

Early Life and Education

Birth and Family Background

Premchand Roychand was born in March 1831 in Surat, into a modest Śvetāmbara Jain family belonging to the Oswal community.^[2]^[6] His father, Roychand Deepchand (also spelled Dipchand), was a timber merchant operating on a small scale in the bustling port city of Surat.^[7]^[6] The Oswal Jains, originating from the Osia region in Rajasthan, had migrated to Gujarat for trade opportunities, forming a close-knit community centered on commerce and religious observance.^[8] Jain religious practices, including strict adherence to ahimsa (non-violence) and aparigraha (non-possessiveness), along with Oswal values emphasizing ethical business dealings and spiritual discipline, profoundly influenced Roychand's early environment.^[9] These principles promoted trade as a dharmic pursuit while underscoring the ideal of renunciation, balancing material success with moral restraint.^[10] Roychand's mother, Rajabai, played a pivotal role in instilling family piety; she was a devout Jain known for her unwavering commitment to religious rituals, despite being blind.^[11] Her devotion to Jain tenets, such as consuming meals before sunset in observance of fasting practices, exemplified the personal spiritual rigor that would later inspire Roychand's philanthropic inclinations.^[3]

Move to Bombay and Education

In the early 1840s, when Premchand Roychand was a young boy, his family relocated from Surat to Bombay, drawn by the burgeoning trade opportunities in the rapidly expanding port city.^[2] Born in March 1831 into a modest Jain merchant family—his father, Roychand Dipchand, was a timber dealer—the move reflected the era's economic migrations toward Bombay's commercial hub.^[2]^[7] Upon arriving in Bombay, Roychand's father enrolled him at the Elphinstone Institution (later known as Elphinstone College), one of the earliest institutions for higher education in India, established in the 1830s to promote English-medium learning among Indians.^[2]^[12] At this institution, which functioned as both a high school and nascent college in the 1840s, Roychand pursued studies that emphasized English language proficiency and foundational knowledge suited to colonial administration and trade.^[13]^[14] Through his education at Elphinstone, Roychand achieved fluency in reading, writing, and speaking English, a rare accomplishment for Indians at the time that distinguished him in professional circles.^[2]^[15] This linguistic mastery, combined with exposure to the college's curriculum on Western subjects including elements of commerce and law, provided him with early insights into colonial economic systems and legal frameworks essential for navigating Bombay's mercantile environment.^[2]^[16] By the late 1840s, upon completing his studies around age 18, Roychand had become the first Indian broker equipped with these comprehensive English-language skills, setting the stage for his entry into the financial world.^[2]^[17]

Business Career

Entry into Stockbroking

Premchand Roychand entered the stockbroking profession in 1849 at the age of 18, becoming one of the earliest Indian participants in Bombay's emerging financial markets.^[17] His fluency in English, acquired during his education at Elphinstone College, enabled him to bridge communication gaps with European traders and brokers, setting him apart in a field dominated by British interests.^[6] In 1852, Roychand joined as an assistant to Ratanchand Lala, a prominent and wealthy broker specializing in European trades.^[2] His rapid ascent was marked by sharp business acumen and quick calculations, allowing him to effectively manage the firm and soon establish himself as an independent broker by the mid-1850s.^[17] Roychand played a pivotal role in formalizing Bombay's stock trading infrastructure, serving as a founding member of the Native Share and Stock Brokers' Association, established on July 9, 1875, under a banyan tree on Dalal Street—this entity later evolved into the Bombay Stock Exchange (BSE).^[18] Concurrently, in the 1850s, he was appointed a director of the Bank of Bombay, the largest financial institution in the Bombay Presidency, where he influenced key banking operations and lending policies.^[17]

Rise During the Cotton Boom

The American Civil War, which began in April 1861, severely disrupted cotton supplies from the United States, creating a surge in global demand for Indian cotton and propelling Bombay into a major export hub.^[2] Premchand Roychand, leveraging his established networks in the cotton-growing regions of Gujarat and Kathiawar, capitalized on this opportunity by engaging in speculative broking of cotton futures and facilitating exports through Bombay ports.^[3] Indian cotton exports to Britain escalated from approximately Rs 16 crore to Rs 40 crore between 1861 and 1865, with total exports reaching £80 million over the period, enabling Roychand to amass substantial profits from the price surge.^[2]^[3] Roychand's success in cotton trading earned him the moniker "Cotton King," reflecting his dominance in the commodity market during this boom.^[19] He expanded his operations into bullion trading, capitalizing on the influx of silver and gold imports to Bombay, which rose from Rs 11.36 crore in 1860 to Rs 68.99 crore by 1865, further solidifying his reputation as the "Bullion King."^[19]^[20] Through these ventures, Roychand's fortune grew to several millions of rupees, positioning him as one of India's earliest stock market millionaires by the mid-1860s.^[4] As a central figure in Bombay's financial landscape, Roychand drove the share market bull run of the 1860s, promoting joint-stock companies and influencing economic expansion in the city.^[3] His speculations funded infrastructure projects and contributed to Bombay's transformation into a key commercial center, with the Bank of Bombay advancing Rs 1.38 crore—half its capital—to his schemes during the peak years.^[2]^[20] This period marked the height of his influence, with 46 new companies incorporated in 1863 alone compared to just four the previous year.^[3]

Other Ventures and Financial Challenges

Beyond his dominant role in the cotton trade, Premchand Roychand diversified into the opium trade, partnering with Ritchie Steuart & Co. in the Malwa opium sector, and maintained interests in gold and real estate projects during the mid-19th century economic expansions.^[21] Roychand also founded financial institutions like the Asiatic Banking Corporation in 1864 and the Financial Association of India and China with Rs 1 crore capital that year. He was involved in over 70 companies, including banking and infrastructure projects.^[3] These ventures, while profitable initially, were secondary to his broking activities and exposed him to the volatilities of colonial commodity markets.^[21] In 1864, Roychand promoted the Back Bay Reclamation Company, an ambitious infrastructure project aimed at expanding Bombay's land through coastal reclamation, securing a government concession for the initiative.^[22] The scheme, fueled by speculative fervor following the cotton boom, involved heavy borrowing and share issuances, but technical challenges, including unstable sea walls and flooding, led to massive cost overruns.^[22] By 1865, as the broader stock market crash unfolded, the company's shares plummeted over 96%, from Rs 50,000 to under Rs 2,000, triggering widespread insolvencies including Roychand's near-bankruptcy and the liquidation of his assets under Act XXVIII of 1865.^[22]^[23] Despite these setbacks, Roychand settled all outstanding dues with creditors, demonstrating resilience amid the financial ruin that affected nearly 40% of loans extended to him by the Bank of Bombay.^[3] He achieved partial recovery of his fortune in the 1890s by resuming stockbroking, shifting focus to mill shares and industrial investments, and providing advisory services in Bombay's evolving capital markets.^[21]^[3] Even after his 1865 losses, Roychand honored pre-crash philanthropic commitments, notably fulfilling his pre-crash commitment of Rs 4 lakhs for the Rajabai Clock Tower and Library, offered in 1864.^[2]^[3] This act underscored his unwavering dedication to education and public welfare amid personal financial adversity.^[2]

Philanthropic Contributions

Support for Education

Premchand Roychand made significant contributions to educational infrastructure in colonial India, particularly through endowments that supported libraries, scholarships, and schools aimed at broadening access to learning. In 1864, he donated ₹200,000 to the University of Bombay (now University of Mumbai) specifically for the construction of a library, with an additional ₹200,000 allocated for the adjoining Rajabai Clock Tower, named in honor of his mother; the tower, designed in Venetian Gothic style, was completed in 1878 and stands as a landmark symbolizing academic progress.^[24]^[25] Earlier, in 1866, Roychand established the Premchand Roychand Studentship at the University of Calcutta with a corpus of ₹300,000, providing annual scholarships for postgraduate studies in arts, science, and law to encourage advanced research and merit-based education among Indian students.^[3] This initiative reflected his commitment to fostering intellectual development beyond undergraduate levels, drawing from his Jain values of knowledge dissemination and influenced by his mother's emphasis on learning despite her blindness.^[26] Roychand also advanced girls' education in Bombay by funding the Alexandra Girls' English Institution with a donation of ₹50,000 in the 1870s; he stipulated that the school admit Indian girls regardless of community, promoting inclusive access to quality education at a time when such opportunities were limited for females.^[27] Additionally, he contributed to the Asiatic Society of Bombay, enhancing its library and research facilities for scholarly work in Asian studies and preserving cultural knowledge.^[28]

Other Charitable Works

Premchand Roychand, a devout Śvetāmbara Jain, directed significant philanthropy toward his community's religious and social institutions, particularly in Bombay and his native Surat. In Bombay, he donated five lakh rupees for the construction of a Jain Bhojashala, a communal dining facility serving pilgrims and the faithful at religious sites. He also contributed to projects associated with the Byculla Jain Temples, underscoring his commitment to preserving and enhancing Svetambara Jain heritage in the city. In Surat, Roychand funded the construction of a Jain temple alongside a dharamshala for travelers, fostering community welfare aligned with Jain principles of non-violence and support for the needy.^[29] Beyond religious endeavors, Roychand supported social welfare initiatives in Bombay during the late 19th century, including the conversion of his personal bungalow, Premodayan in Byculla, into an orphanage and girls' school after his lifetime, providing shelter and care for vulnerable children. This act exemplified his broader efforts in poverty relief and orphan care amid the economic fluctuations of the 1870s and 1890s, when urban growth strained social services. While specific hospital funding remains less documented, his overall charitable outlay exceeded 60 lakh rupees, enabling such community support drawn from his stockbroking fortunes.^[30]^[31] Roychand's giving extended to interfaith harmony in cosmopolitan Bombay, where he provided general aid to Parsi and Hindu communities through shared civic projects, leveraging his business ties with Parsi traders to support inclusive welfare efforts that bridged religious divides. His philanthropy, rooted in Jain ethics, thus reinforced communal solidarity across Bombay's diverse populations.^[3]

Personal Life and Death

Family and Residence

Premchand Roychand married within the Oswal Jain community, aligning with traditional practices of endogamy among Śvetāmbara Jains from the Dasa Oswal lineage. His wife, whose name is not widely documented in historical records, shared in his commitment to Jain values and supported his philanthropic endeavors, particularly those benefiting the community.^[3] The couple's partnership exemplified the role of Jain spouses in fostering family-based charitable initiatives, though specific details of their personal collaboration remain private. Details on Roychand's children are limited, reflecting the family's emphasis on privacy amid his financial setbacks. He had children who continued aspects of the family legacy through marriage and lineage.^[2] Following his business losses in the 1860s, inheritance challenges arose due to asset liquidations under colonial insolvency laws in 1866, complicating the transfer of wealth to descendants and contributing to the family's shift toward more modest enterprises.^[7] By the fourth generation, the Premchand Roychand & Sons firm persisted but on a smaller scale, underscoring the enduring yet constrained family heritage.^[2] The Roychand family resided primarily in a spacious bungalow named Premodayan, located off Love Lane in Byculla, Bombay, where Premchand and his household lived during his peak professional years.^[32] This residence served as a private retreat amid the bustling city, accommodating family life away from commercial districts. After his death, the property was repurposed as the Regina Pacis Convent, an orphanage and school for girls, aligning with the family's Jain ethos of compassion.^[32] As devout Oswal Jains, the family adhered strictly to Śvetāmbara traditions, including strict vegetarianism and observance of religious festivals. Pilgrimages to sacred tirthas influenced their lifestyle, reinforcing values of non-violence and austerity that permeated daily routines and family decisions.

Later Years and Death

In the later decades of his life, following the severe financial crisis of the mid-1860s, Premchand Roychand achieved partial recovery by settling substantial debts, including those owed to the Bank of Bombay amounting to Rs 42 lakhs, and rebuilding portions of his fortune through continued but more cautious business activities.^[3] By the 1890s, he retired from active stockbroking, redirecting his energies toward philanthropy and community welfare, reflecting on earlier losses such as those from ambitious real estate ventures like the Backbay reclamation scheme.^[2] Roychand passed away in 1906 in Bombay at the age of 75, succumbing to natural causes associated with advanced age.^[7] His funeral rites were conducted in accordance with Śvetāmbara Jain customs, including cremation, and elicited widespread mourning within the Jain community and broader Bombay society for his enduring philanthropic legacy.^[3] Following his death, the administration of his estate involved the posthumous settlement of any lingering minor debts, with assets distributed among family members and charitable causes; notably, his Byculla bungalow, Premodayan, was repurposed as an orphanage and school for destitute girls, later known as Regina Pacis.^[3]

Legacy

Economic Impact

Premchand Roychand played a pivotal role in pioneering organized stock trading in India, laying the groundwork for the Bombay Stock Exchange (BSE) through his influence on the Native Share and Stock Brokers' Association, established in 1875, which formalized trading practices and evolved into Asia's oldest stock exchange.^[33] As a leading broker during the 1860s, he introduced forward contracts and helped structure the market, enabling capital mobilization that accelerated industrial growth and influenced modern Indian capital markets by providing a platform for over 5,500 listed companies by the early 21st century.^[21] His efforts transformed informal broking under banyan trees into a regulated system, boosting Bombay's financial infrastructure amid colonial trade expansion.^[3] In 2025, the BSE celebrated its 150th anniversary, recognizing Roychand's foundational contributions to the exchange's origins.^[34] Roychand's activities during the 1860s cotton boom significantly elevated Bombay's status as a global export hub, capitalizing on the American Civil War's disruption of U.S. supplies to drive Indian cotton exports to £80 million between 1861 and 1865.^[3] As a key trader and hedger in Gujarat and Kathiawar regions, he facilitated massive advances on cotton shipments, spurring a surge in company incorporations—from just four in 1862 to 46 in 1863—and integrating Bombay into international commerce networks.^[3] This influx of trade capital, estimated to have increased Bombay's shipping tonnage and export values substantially, positioned the city as the "Cotton King" of the East, often attributed to Roychand's market acumen.^[21] As a director of the Bank of Bombay, Roychand contributed to banking stability by leveraging his influence to extend loans that supported colonial economic integration, including advances on commodities and securities that fueled trade during the boom years.^[3] His role helped the bank navigate the era's volatility, providing liquidity to merchants and brokers, which in turn stabilized credit flows essential for India's integration into the British imperial economy.^[21] However, this also amplified systemic risks, as speculative lending under his sway exposed the vulnerabilities of nascent financial institutions.^[3] Roychand's own experiences exemplified the speculative risks inherent in boom-and-bust cycles, as his aggressive benami transactions and endorsements during the 1863-1865 bull run led to personal debts of Rs 42 lakhs to the Bank of Bombay following the 1865 crash, which wiped out £8-9 million in dues across the market.^[3] This collapse, triggered by falling cotton prices, bankrupted numerous traders and prompted special bankruptcy legislation, underscoring the dangers of unchecked speculation and informing future regulatory frameworks in Indian finance.^[21] Despite the fallout, the episode highlighted the resilience of Bombay's markets, which recovered by redirecting capital toward industrial ventures like textile mills.^[21]

Enduring Institutions and Honors

The Premchand Roychand Studentship, established in 1866 at the University of Calcutta through a donation of Rs 3 lakh, remains one of India's oldest and most prestigious academic awards, supporting postgraduate research in arts and sciences with stipends originally valued at Rs 2,000 annually for five years.^[26] This endowment continues to operate, recognizing exceptional scholars through competitive examinations and enabling advanced studies that have produced notable historians and academics, such as Jadunath Sarkar in 1912.^[35] Similarly, the Premchand Roychand Award, instituted for outstanding Master of Arts graduates, persists as a testament to his commitment to higher education, fostering excellence in humanities and social sciences at the university.^[36] In Mumbai, the Rajabai Clock Tower, funded by Roychand's Rs 2 lakh donation in 1870 to the University of Bombay (now Mumbai University), stands as an enduring architectural landmark and symbol of his educational philanthropy.^[2] Named after his visually impaired mother, Rajabai, the 85-meter Gothic Revival structure, completed in 1878, integrates a library and chimes inspired by the Big Ben, serving as a daily reminder of his vision for accessible learning in colonial India.^[11] Today, it remains a central feature of the Fort campus, drawing visitors and embodying the fusion of commerce and benevolence in 19th-century philanthropy.^[37] Roychand's legacy in Jain business history is marked by his embodiment of ethical trading principles, such as transparency and community welfare, which aligned with Śvetāmbara Jain values of non-violence and honest commerce amid the volatile cotton and bullion markets.^[4] As a prominent Jain merchant, he is celebrated in scholarly accounts for pioneering structured stockbroking that emphasized integrity, influencing subsequent generations of Jain entrepreneurs in India's financial sector.^[38] Modern commemorations of Roychand include Sharada Dwivedi's 2006 biography, Premchand Roychand (1831-1906): His Life and Times, which draws on archival records to highlight his role in shaping Bombay's economic landscape.^[39] He is also frequently referenced in histories of the Bombay Stock Exchange (BSE), where his foundational involvement in establishing the Native Share and Stock Brokers' Association in 1875 underscores his lasting impact on organized trading.^[3]

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