[1] He is most well-known for the establishment of Bombay Stock Exchange and for his donation in the construction of the Rajabai Clock Tower.

Premchand Roychand was born in 1832 in a Dasa Oswal Bania or (Vani caste of Shravak Jains of Śvetāmbara sect) family.

[7] 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.

The Rajabai Clock Tower in the University of Bombay was named for his mother and was built from a donation of ₹200,000 in 1878.

His bungalow in Byculla that he named Premodayan became Regina Pacis Convent, an orphanage and school for destitute girls.