Premchand Roychand

Premchand Roychand was born in 1832 in a Dasa Oswal Bania or (Vani caste of Shravak Jains of Śvetāmbara sect) family.{{Cite news |last=Mishra |first=Ashish |date=29 May 2015 |title=Premchand Roychand: Mumbai's original share king |url=https://www.livemint.com/Sundayapp/R5BUHntOmItyIJ2yE4G09M/Premchand-Roychand-Mumbais-original-share-king.html}}{{Cite web |last=gateway |date=2021-01-28 |title=Premchund Roychand, 1863's Big Bull |url=https://www.gatewayhouse.in/premchund-roychand-stock-market/#_ftn1 |access-date=2024-08-18 |website=Gateway House |language=en}}{{Cite web |title=Welcome to Premchand Group |url=http://www.prs-group.com/middleheritage_review.htm |access-date=2024-08-18 |website=www.prs-group.com}} He was the son of Roychand Deepchand, a merchant from Surat.{{Cite web |title=Welcome to Premchand Group |url=http://www.prs-group.com/familytree.htm |access-date=2024-08-18 |website=www.prs-group.com}} Popular Śvetāmbara Jain monk Mohanlalji Maharaja was his preceptor and teacher.{{Cite web |last=Shah |first=Ramanlal C |title=Prabhavaka Sthaviro |url=https://jainqq.org/explore/001962/198}} The Roychand family moved to Bombay 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 Bombay Stock Exchange, the second largest stock exchange of India.{{cite web|url=http://www.livemint.com/Sundayapp/R5BUHntOmItyIJ2yE4G09M/Premchand-Roychand-Mumbais-original-share-king.html |title=Premchand Roychand: Mumbai's original share king |work=Livemint |first=Ashish K. |last=Mishra |date=23 May 2015 |access-date=2016-07-27}} He earned significant profits from the cotton boom which was triggered by the start of the American Civil War in April 1861 which stayed till 1865.{{cite web|url=http://www.dnaindia.com/money/report-mumbai-s-first-realty-bust-was-in-1865-1082931 |title=Mumbai's first realty bust was in 1865 | Latest News & Updates at Daily News & Analysis |work=DNA India |date=2007-03-04 |access-date=2016-07-27 |first=Vivek |last=Kaul}}{{cite book|author=Lakshmi Subramanian|title=Three Merchants of Bombay: Business Pioneers of the Nineteenth Century|url=https://books.google.com/books?id=iUhvd13OoEwC&pg=PT122|date=15 January 2016|publisher=Penguin Books Limited|isbn=978-81-8475-721-7|pages=122–130}}{{Cite news|url=http://www.thehindubusinessline.com/todays-paper/tp-others/tp-variety/premchand-roychand-and-bombay-dreams/article983860.ece|title=Premchand Roychand and Bombay dreams|date=2010-02-14|work=The Hindu Business Line|access-date=2017-07-18|language=en}}

He lost the majority of his fortune in the Backbay reclamation scheme, and other such ventures.{{Cite web|url=http://www.rediff.com/money/2004/jan/03spec3.htm|title=An insane interlude in history|website=www.rediff.com|access-date=2017-07-18}} 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 {{INR|200,000}} in 1878.{{cite book|url=https://books.google.com/books?id=Jbmdowzuv0QC&pg=PA39|title=History and Development of Libraries in India|date=1 January 1995|publisher=Mittal Publications|isbn=978-81-7099-582-1|pages=39–40|author=Rakesh Kumar Bhatt}} 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. He also donated to the Asiatic Society.{{cite web|url=http://timesofindia.indiatimes.com/city/mumbai/Schools-get-architects-to-save-a-chapter-of-their-own-history/articleshow/52815917.cms |title=Schools get architects to save a chapter of their own history - Times of India |work=Times of India |first=Nergish |last=Sunavala |date=2016-06-19 |access-date=2016-07-27}}

He died in 1906. His bungalow in Byculla that he named Premodayan became Regina Pacis Convent, an orphanage and school for destitute girls.{{Cite news|url=http://indianexpress.com/article/cities/mumbai/this-home-stood-witness-to-the-hands-that-built-bombay/|title=This home stood witness to the hands that built Bombay|date=2014-01-21|work=The Indian Express|access-date=2017-07-18|language=en-US}}

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 University of Calcutta.{{cite web |title=Distinguished Alumni |url=https://www.caluniv.ac.in/about/Alumni.html |website=www.caluniv.ac.in}}{{cite web |last1=Mishra |first1=Ashish K. |title=Premchand Roychand: Mumbai's original share king |url=https://www.livemint.com/Sundayapp/R5BUHntOmItyIJ2yE4G09M/Premchand-Roychand-Mumbais-original-share-king.html |website=mint |language=en |date=23 May 2015}}

• {{cite book|author=Sharada Dwivedi|title=Premchand Roychand (1831-1906): His Life and Times|url=https://books.google.com/books?id=-oj1PgAACAAJ|year=2006|publisher=Eminence Designs|isbn=978-81-903821-1-3}}

{{Reflist}}

• [http://www.premchand-group.com/ Premchand Roychand & Sons (Business Group's Official Website)]

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Category:Marwari people

Category:People from Bombay Presidency

Category:Businesspeople from British India

Category:People from Surat

Category:1832 births

Category:1906 deaths

Category:19th-century Indian Jains

Category:19th-century Indian businesspeople