The area is sandwiched between Mumbai Port's docklands to the east, Regal Cinema to the south, Hutatma Chowk and Flora Fountain to the north and Oval Maidan to the west.

The name Kala Ghoda is a reference to the presence of a black stone statue of King Edward VII (as the then Prince of Wales) mounted on a horse that was built by Jewish businessman and philanthropist Albert Abdullah David Sassoon, although this statue was removed from the precinct in 1965 and subsequently placed inside the Byculla Zoo.

A local legend stated that the statues of King Edward and the one of Shivaji on a horse at the Gateway of India came to life after midnight and battled it out on the streets.

The statue, titled 'Spirit of Kala Ghoda' was designed by architect Alfaz Miller and sculpted by Shreehari Bhosle.

[4][5] Prior to the founding of the Bombay Stock Exchange, merchants often traded shares at the junction of Rampart row and Meadow street.