Guzerath Broker

A fine portrait by M.V. Dhurandhar of a Gujarati broker. Gujrati brokers played a pivotal role in Bombay's commercial development during the late 19th and early 20th centuries. By 1877, the Native Stock Brokers Association had nearly 300 members, with Gujarati Hindus and Parsees forming the majority. They conducted business worth lakhs of rupees based purely on verbal agreements, demonstrating the high level of trust within the community. Gujarati merchant groups dominated Indian Ocean trade at the time, maintaining extensive regional commercial networks and operating as brokers for European trading companies. At stock brokers, they traded primarily in textile mill shares and cotton-pressing company stocks.