Ahmedabad Stock Exchange
Encyclopedia
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
located in the city of Ahmedabad
Ahmedabad
Ahmedabad also known as Karnavati is the largest city in Gujarat, India. It is the former capital of Gujarat and is also the judicial capital of Gujarat as the Gujarat High Court has its seat in Ahmedabad...
in the western part of the country. It is recognized by Securities Contract (Regulations) Act, 1956 as permanent stock exchange. It has adopted a Swastika
Swastika
The swastika is an equilateral cross with its arms bent at right angles, in either right-facing form in counter clock motion or its mirrored left-facing form in clock motion. Earliest archaeological evidence of swastika-shaped ornaments dates back to the Indus Valley Civilization of Ancient...
in its logo which is one of the most auspicious symbols of Hinduism
Hinduism
Hinduism is the predominant and indigenous religious tradition of the Indian Subcontinent. Hinduism is known to its followers as , amongst many other expressions...
depicting wealth and prosperity.
History
The stock exchange was established as a Public Charitable Trust in 1894 following the establishment of the Bombay Stock ExchangeBombay Stock Exchange
The Bombay Stock Exchange is a stock exchange located on Dalal Street, Mumbai and is the oldest stock exchange in Asia. The equity market capitalization of the companies listed on the BSE was 1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest...
in 1875. Earlier the stock exchange functioned under the framework of the Bombay Securities Contracts Act, 1925. Following the passage of The Securities Contract Regulations Act, 1956 the Gujarat Share & Stock Exchange, Indian Share and General Exchange Association and Bombay Share and Stock Exchange, Share and Stock Brokers Association merged with the Ahmedabad Share and Stock Brokers Association and gave rise to ASE as it stands today.
Automation
The stock exchange went live on December 12, 1996. Initially, ASE used a system provided by IBMIBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
. Since June 1999, ASE operates on Ahmedabad Stock Exchanges' Online Trading System (ASETS). This system was provided to ASE by Tata Consultancy Services Pvt. Ltd.
Tata Consultancy Services
Tata Consultancy Services Limited is a global IT services, business solutions and outsourcing company headquartered in Mumbai, India. It is the largest provider of information technology in Asia and second largest provider of business process outsourcing services in India...
Members of the ASE can also trade on the Bombay Stock Exchange
Bombay Stock Exchange
The Bombay Stock Exchange is a stock exchange located on Dalal Street, Mumbai and is the oldest stock exchange in Asia. The equity market capitalization of the companies listed on the BSE was 1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest...
though a system called IBOSS. Today the stock exchange has 333 trading members.
Current governing board
The governing board of ASE comprises elected directors as well as directors appointed by SEBISecurities and Exchange Board of India
The Securities and Exchange Board of India is the regulator for the securities market in India.-History:It was formed officially by the Government of India in 1992 with SEBI Act 1992 being passed by the Indian Parliament...
. The governing board meets every 15 days to review the working of the stock Exchange. The executive director is the administrative head of the ASE.
- P.K.Ghosh - Non-Member Director
- Babubhai P. Patel - Non-Member Director
- Yogesh Doshit - Non-Member Director
- Ashok Chhajed - Non-Member Director
- Vijay Ranchan - Non-Member Director
- Manish Bhatt - Non-Member Director
- N. K. Bhola - Sebi Nominee
- G. H. Dalal - Member Director
- Anil Shah - Member Director
- V. V. Rao - Executive Director