Old ASE bldg to shed light on past glory

The magestic colonial structure in the heart of the bustling walled city,where the fate of businesses once lay,will soon come alive again.

The 90-year-old Ahmedabad Stock Exchange (ASE) building in Manekchowk is proposed to be converted into a museum and gallery highlighting the rich tradition of share market trading,after a gap of 21 years. It was here that share market operations were started in May 1894 under a banyan tree,much before this building was completed and bought in 1921.

Ironically,the share market operations were discontinued in its centenary year of 1994 when the operations were shifted to a new premises at Kamdhenu Complex next to Panjrapole near Government Polytechnic. Since then,the stock exchange authorities had been in two minds about what to do with this building,centrally located but difficult to access because of crowded surroundings. The building is surrounded by a popular jewellery bazaar which converts into a food street by night.

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There were times when several parties,at least 18,were approached for disposing of the building,which is a fine example of the urban architectural heritage of the British era. Saner counsel prevailed and they decided against selling it off,leaving the building’s fate hanging in the balance.

“There is now a thinking,which is still to be approved by the Board of Directors,that the place be converted into a museum or gallery of sorts,with traditional operations of share trading being displayed in the form of a permanent exhibition,” said Hemantsingh Jhala,chairman of ASE. He said this would be a unique feature of the city which was otherwise identified with a fine tradition of a rich investment culture with being a major contributor to primary market capital investments for decades.

Also on display would be old records,posters etc showing glimpses of old methods of share trading like outcry method,trading ring and jobbers and main brokers playing their part in the market operations,especially on exciting days of budget or Diwali muhurt.

Jhala said a sellout would be ruled out in the forthcoming meeting of the board,where the committee might come up with its final recommendations.

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P K Ghosh,former chairman of ASE and the incumbent chairman of the heritage conservation committee for Ahmedabad and areas under Ahmedabad Urban Development Authority,said the move would be in right direction but everything would depend on what way the board of directors looked at the matter.

The stock exchange building was constructed by its member brokers and it was completed in 1919,says city-based historian Dr Rizwan Qadri.

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