A BRIEF PROFILE OF MACONOCHIE & CO :-
ONE OF THE FIVE FOUNDER MEMBERS OF THE MADRAS STOCK EXCHANGE LTD.
In the beginning of the year 1926, there were only two firms of Stock brokers functioning in Madras, one European,Huson, Tod & Co., and the other Indian, Kothari & Sons. Huson Tod and Co., was the outcome of a merger of two old firms, Scott and Tod, and Huson and Robinson. Early in 1927, an European firm of Bombay, opened a branch in Madras and carried on the business of Stock- broking under the name and style of Croft, Forbes and Chard. They were called the Trinity of firms. Happily these three firms of stock-brokers continued to flourish, because of their sustained efforts for the development of business in securities by issue of market reports with exhaustive corporate data and details.
Capt.A.E.F.Maconochie,a former ADC to the Madras Governor,joined Croft Forbes and Chard as partner. The name of the firm was changed to Maconochie &Co after Mr.Chard left and Capt.A.E.F.Maconcohie, became the senior partner. Capt.Maconochie, however died early at the age of about 34.
Croft Forbes and Chard, later Maconochie & Co., was the pioneering firm that gave professional training opportunities to more than five subsequent members of the Exchange. Mr.W.L.Knopp a produce broer from Ceylon, who had joined earlier became senior partner. Mr.T.N. Krishnaswami who started his career as an Assistant, in 1926 and became a partner with Mr.Knopp, left the firm in 1934. Mr.G.L. Rossiter and Mr.G.N.M. Bray were also partners at that time.
Mr.T.N.Krishnaswamy was the first South Indian to distinguish himself in the profession. Mr.B.N.Viswanathan, who joined the firm after Mr.T.N.Krishnaswami, left within a few years.
Maconochie & Co., is one of the five founder members of the Madras Stock Exchange Association, formed in the year 1937, along with M/S.Paterson &,Co., Dalal & Co., Kothari & Sons., and India Brokers.
Mr.W.L.Knopp retired in the year 1947 and Mr.V.Rangachari, who joined the firm as business assistant in about 1939 was taken into partnership. Mr.G.N.M.Bray retired in 1949 and Mr.L.M.Noronha, who was with the firm as an authorised assistant, joined the partnership with Mr. G.L. Rossiter and Mr.V.Rangachari. Mr.G.L. Rossiter retired in 1954 and the firm was reconstituted with the remaining partners Mr.V.Rangachari and Mr.L.M.Noronha.
Apart from secondary market activities, the firm was actively engaged in the primary market of capital formation and helped in the industrialisation of this part of the country before the advent of merchant bankers and financial institutions.
When the Securities Contracts Regulation Act came into force in October 1957,the Madras Stock Exchange Association was converted into a company limited by guarantee under the Companies Act 1956. Membership of the Stock Exchange was also changed from firms to individuals, and the partners of the firms functioning at that time became individual members of the Stock Exchange.
During the early part of 1964, Mr.V.Rangachari who went to the U.S. on an invitation by the New York Stock Exchange to him, as the then President of the Madras Stock Exchange, suddenly passed away there. Mr.L.M.Noronha became the sole proprietor of the firm for some time. Mr.M.S.Sivasubramanian who joined the firm in the early forties became a partner in November 1964.
The Partnership of the firm was expanded in 1986. Mr.L.M.Noronha retired from the firm in 1997 and the business of the firm is being carried on by the continuing partners, Mr.M.S.Sivasubramanian, who is the senior-most active member of the exchange and his sons, Mr.S.Venkateswaran and Mr. S.Sri Ram, who became partners in 1986.
The Madras Stock Exchange Ltd., was converted into a company limited by shares in the year 2005 and demutualised in 2007.
Mr. W.L. Knopp (1942-1943) Mr. V.Rangachari (1954-55 & 1963-64) and Mr. M.S.Sivasubramanian (1973-1975) have been Presidents of the Madras Stock Exchange. Mr.S.Venkateswaran has been a member of the Council of the Stock Exchange during 2000-2004 and after demutualisation, a Director of the Exchange during the period 2007-2010.
Above all, a significant feature is that Maconochie & Co., has to its credit about 97 years of dedicated service to the investing public.