Nationality Indian Organization founded BSE | Died March 1906 | |
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Born March 1831 ( 1831-03 ) Surat Occupation Stockbroker and businessman Children Maneklal Premchand, Kikabhai Premchand | ||
Shri sushil k premchand senior partner premchand roychand speaking on 140 years of bse
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. He earned significant profits from the cotton boom which was triggered by the start of the American Civil War in April 1861.
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. 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.