Premchand Roychand (1832–1906) was an Indian

Śvetāmbara The Śvetāmbara (; also spelled Shwetambara, Shvetambara, Svetambara or Swetambara) is one of the two main branches of Jainism, the other being the Digambara. ''Śvetāmbara'' in Sanskrit means "white-clad", and refers to its ascetics' practi ...

Jain businessman known as the "Cotton King" and "Bullion King" from

Bombay Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian States and union territories of India, state of Maharashtra. Mumbai is the financial centre, financial capital and the list of cities i ...

. He is most well-known for the establishment of

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange based in Mumbai. It is the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion in May 2024. Established with t ...

and for his donation in the construction of the Rajabai Clock Tower.

Life

Premchand Roychand was born in 1832 in a Dasa Oswal Bania or (Vani caste of Shravak Jains of Śvetāmbara sect) family. He was the son of Roychand Deepchand, a merchant from

Surat Surat (Gujarati Language, Gujarati: ) is a city in the western Indian States and territories of India, state of Gujarat. The word Surat directly translates to ''face'' in Urdu, Gujarati language, Gujarati and Hindi. Located on the banks of t ...

. Popular

Jain monk Mohanlalji Maharaja was his preceptor and teacher. The Roychand family moved to

when Premchand was a young boy. He was educated at Elphinstone College. 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, Jain 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'' which is now

, the second largest stock exchange of India. He earned significant profits from the cotton boom which was triggered by the start of the

American Civil War The American Civil War (April 12, 1861May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States between the Union (American Civil War), Union ("the North") and the Confederate States of A ...

in April 1861 which stayed till 1865. 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 University of Mumbai is a public university, public List of largest universities and university networks by enrollment, state university in Mumbai. It is one of the List of largest universities and university networks by enrollment, largest univ ...

was named for his mother and was built from a donation of in 1878. He was director of the Bank of Bombay, the largest in the Bombay Presidency. 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 The University of Calcutta, informally known as Calcutta University (), is a Public university, public State university (India), state university located in Kolkata, Calcutta (Kolkata), West Bengal, India. It has 151 affiliated undergraduate c ...

. He also donated to the

Asiatic Society The Asiatic Society is an organisation founded during the Company rule in India to enhance and further the cause of " Oriental research" (in this case, research into India and the surrounding regions). It was founded by the philologist Will ...

. He died in 1906. His bungalow in

Byculla Byculla (ISO: Bhāykhaḷā; pronunciation: ʱaːjkʰəɭaː is an area of South Mumbai. Location Byculla is neighboured by Nagpada and Mumbai Central and Mahalaxmi on the west; Agripada, Jacob Circle on the north-west: Chinchpokli to t ...

that he named Premodayan became Regina Pacis Convent, an orphanage and school for destitute girls.

Legacy

Premchand Roychand Scholarship award was started by Premchand Roychand in 1866. It is very old and prestigious scholarship award. Each year this competition and award is organized by

References

External links

Premchand Roychand & Sons (Business Group's Official Website)
{{DEFAULTSORT:Roychand, Premchand Marwari people People from Bombay Presidency Businesspeople from British India People from Surat 1832 births 1906 deaths 19th-century Indian Jains 19th-century Indian businesspeople

Life

Legacy

Further reading

References

External links