Madras Stock Exchange - Revision history

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 ==History==
-The Madras Stock Exchange was founded in 1920 on Second Line Beach street in George Town.<ref name="Muthiah_2014">{{cite book | last = Muthiah| first = S. | author-link = S. Muthiah | title = Madras Rediscovered| publisher = EastWest | date = 2014 | location = Chennai | pages = 309 | isbn = 978-93-84030-28-5}}</ref> Chandulal Motilal Kothari, the driving force behind the founding of the exchange, became its first president.<ref name="Muthiah_2014"/> He established a planting and industrial conglomerate and later became the first Indian to represent the planting interests in the Madras Legislature.<ref name="Muthiah_2014"/> In 1951, his son, D. C. Kothari, became the first Indian Chairman of the United Planters' Association of Southern India.<ref name="Muthiah_2014"/>
+The Madras Stock Exchange Association (Private) Ltd. was registered on August 12, 1937. The first five founding member companies were Paterson & Co, Kothari & Co, Dalal & Co, Maconochie & Co and India Brokers’.<ref>{{Cite web |title=75 years of stock broking |url=https://madrasmusings.com/Vol%2020%20No%2014/seventyfive-years-of-stock-broking.html}}</ref>
-In 1996, the MSE was fully computerised and online trading became operational, as the MSE was connected to 120 broking offices in and around Chennai through [[wide area network]]ing. On 14 May 2015, SEBI permitted Madras stock exchange to exit.<ref>{{cite news | url=https://www.business-standard.com/article/markets/sebi-permits-madras-stock-exchange-to-exit-business-115051500560_1.html | title= Sebi permits Madras Stock Exchange to exit business  | date=17 May 2015 | newspaper=Business Standard | first=T E | last=Narasimhan | access-date=29 October 2018 }}</ref>
+The Madras Stock Exchange Association (Private) Limited had been registered under the Indian Companies Act of 1913. After the coming into force of the Securities Contracts (Regulation) Act, 1956, which enactment was passed to prevent undesirable transactions in securities by regulating the business of dealing therein, by prohibiting auctions and for providing for certain other matters, the Company - Madras Stock Exchange Limited was incorporated on the 29th day of April, 1957.<ref>{{Cite web |title=The Madras High Court  - Court case |url=https://indiankanoon.org/doc/725208/}}</ref>
 ==Functions==
-The MSE had about 120 live members and 1,785 companies listed. The exchange followed the Rolling Settlement system, as per the January 2000 [[SEBI]] (Securities Exchange Board of India) guidelines and a proactive Grievance Cell is operational. By this system, investors could log in their complaints, for which a number was be given for further reference, through which investors could keep track of the action taken by the exchange as regards their complaint.
+The MSE had about 120 live members and 1,785 companies listed. The exchange followed the Rolling Settlement system, as per the January 2000 [[SEBI]] (Securities Exchange Board of India) guidelines and a proactive Grievance Cell is operational. By this system, investors could log in their complaints, for which a number was given for further reference, through which investors could keep track of the action taken by the exchange as regards their complaint.
 A subsidiary company - MSE Financial Services Ltd, had been established. A member of the Bombay Stock Exchange, MSE Financial Services did help to create greater broker and investor flexibility through multi-market access. The members were able to trade in both BSE and MSE. This was followed up with National Stock Exchange (NSE) membership.
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{{Use dmy dates|date=October 2018}}
{{Use Indian English|date=October 2018}}
{{Infobox exchange
|name = Madras Stock Exchange
|alt_name=
|logo =
|image =
|type = [[Stock Exchange]]
|city = [[Chennai]]
|country = [[India]]
|coor = {{coord|18.929681|N|72.833589|E|region:IN-TN_type:landmark}}
|foundation = 1937
|closed = July 2015
|owner = [[Government of India]] (100%)
|key_people =
|currency = [[Indian rupee]] ({{INR}})
|listings = 1,785
|mcap =
|volume =
|indexes =
|footnotes =
}}

The '''Madras Stock Exchange''' (MSE) was a [[stock exchange]] in [[Chennai]], [[India]]. The now defunct MSE was the fourth stock exchange to be established in the country and the first in [[South India]].<ref>[https://web.archive.org/web/20121005171815/http://www.mseindia.in/Aboutus.aspx Madras Stock Exchange Ltd - About Us]</ref> It had a turnover (2001) of {{INR}} 3,090 [[crore]] ($440 million), but was a fraction (below 3.5 per cent) of the turnover generated by the [[Bombay Stock Exchange]] and [[National Stock Exchange of India]]. The turnover of the stock exchange was 19,907 [[Crore]] as of the financial year 2012.<ref>[http://www.business-standard.com/article/markets/madras-stock-exchange-plans-to-raise-rs-100-crore-113091100897_1.html "Madras Stock Exchange plans to raise Rs 100 crore"]</ref><ref>[http://www.business-standard.com/article/sme/madras-stock-exchange-to-offer-platform-for-msmes-113091601031_1.html "Madras Stock Exchange to offer platform for MSMEs"]</ref><ref>[http://www.business-standard.com/article/companies/madras-stock-exchange-plans-to-raise-rs-100-crore-from-pes-ipo-113091200090_1.html "Madras Stock Exchange plans to raise Rs 100 crore from PEs, IPO"]</ref>

==History==
The Madras Stock Exchange was founded in 1920 on Second Line Beach street in George Town.<ref name="Muthiah_2014">{{cite book | last = Muthiah| first = S. | author-link = S. Muthiah | title = Madras Rediscovered| publisher = EastWest | date = 2014 | location = Chennai | pages = 309 | isbn = 978-93-84030-28-5}}</ref> Chandulal Motilal Kothari, the driving force behind the founding of the exchange, became its first president.<ref name="Muthiah_2014"/> He established a planting and industrial conglomerate and later became the first Indian to represent the planting interests in the Madras Legislature.<ref name="Muthiah_2014"/> In 1951, his son, D. C. Kothari, became the first Indian Chairman of the United Planters' Association of Southern India.<ref name="Muthiah_2014"/>

In 1996, the MSE was fully computerised and online trading became operational, as the MSE was connected to 120 broking offices in and around Chennai through [[wide area network]]ing. On 14 May 2015, SEBI permitted Madras stock exchange to exit.<ref>{{cite news | url=https://www.business-standard.com/article/markets/sebi-permits-madras-stock-exchange-to-exit-business-115051500560_1.html | title= Sebi permits Madras Stock Exchange to exit business | date=17 May 2015 | newspaper=Business Standard | first=T E | last=Narasimhan | access-date=29 October 2018 }}</ref>

==Functions==
The MSE had about 120 live members and 1,785 companies listed. The exchange followed the Rolling Settlement system, as per the January 2000 [[SEBI]] (Securities Exchange Board of India) guidelines and a proactive Grievance Cell is operational. By this system, investors could log in their complaints, for which a number was be given for further reference, through which investors could keep track of the action taken by the exchange as regards their complaint.

A subsidiary company - MSE Financial Services Ltd, had been established. A member of the Bombay Stock Exchange, MSE Financial Services did help to create greater broker and investor flexibility through multi-market access. The members were able to trade in both BSE and MSE. This was followed up with National Stock Exchange (NSE) membership.

Trading on the exchange took place from 10.00 am to 3.30 pm.

==Merging==
As per June 2012 notification from the Securities and Exchange Board of India (SEBI), whereby individual stock exchanges should maintain a minimum liquid net worth of {{INR}} 1,000 million and exchanges that do not comply with this requirement should close down their operations by June 2015, the Bangalore Stock Exchange (BgSE) decided to merge with the Madras Stock Exchange. The combined entity became the single largest regional exchange in the country with over 1,000 local companies listed exclusively on it. BgSE and MSE together had a liquid net worth of around {{INR}} 500 million while another {{INR}} 500 million will be raised by liquidating certain idle assets (situated in Bangalore and Chennai) of these exchanges.<ref>{{cite news
| last = Tejaswi
| first = Mini Joseph
| title = Bangalore, Madras stock exchanges to merge
| newspaper = The Times of India
| location = Chennai
| publisher = The Times Group
| date = 18 February 2013
| url = http://timesofindia.indiatimes.com/business/india-business/Bangalore-Madras-stock-exchanges-to-merge/articleshow/18561081.cms
| access-date = 24 Mar 2013}}</ref><ref>{{cite news
| last = Acharya
| first = Namrata
| title = Bhubaneswar, Calcutta stock exchanges may merge
| newspaper = Business Standard
| location = Kolkata
| date = 19 February 2013
| url = http://www.business-standard.com/article/markets/bhubaneswar-calcutta-stock-exchanges-may-merge-113021800847_1.html
| access-date = 24 Mar 2013}}</ref><ref>{{cite news
| last = Piramal
| first = Anjali
| title = Asia The Next Frontier For Stock Exchange Consolidation
| newspaper = Forbes
| date = 4 March 2013
| url = https://www.forbes.com/sites/mergermarket/2013/03/04/asia-the-next-frontier-for-stock-exchange-consolidation/
| access-date = 24 Mar 2013}}</ref>

== See also ==
* [[List of stock exchanges in the Commonwealth of Nations]]
* [[List of South Asian stock exchanges]]
* [[Economy of Chennai]]

==References==
{{Reflist}}

{{Portal bar|India|Business and economics}}

{{Financial services in India}}
{{Stock exchanges in India}}
{{Chennai Topics}}
{{Authority control}}

[[Category:Economy of Chennai]]
[[Category:Former stock exchanges in India]]
[[Category:1937 establishments in India]]
[[Category:Financial services companies established in 1937]]