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The 74-year-old founder and first Managing Director of the NSE, Dr R H Patil, died on Thursday after battling lung cancer. At the time of his death, Dr Patil was the Chairman of the National Securities and Depositories Ltd (NSDL) and the Clearing Corporation of India Ltd (CCIL).
He was known for his out-of-the-box thinking and as a man of few words.
Although Dr Ramchandra H. Patil is remembered as the architect of the NSE, his contribution to the other market institutions cannot be ignored. Even though NSE was launched long after the BSE came into being, its trading volumes are higher than the BSE.
Multi-faceted
The man who revolutionised the face of the stock markets, Dr Patil was responsible in setting up the NSDL and National Securities Clearing Corporation Ltd. With a career spanning nearly half a century, Dr Patil was also chairman of various committees of the RBI and a director on the board of many institutions. He was associated with Stock Holding Corporation of India Ltd (SHCIL) and Credit Analysis and Research Ltd (CARE).
His friends remember him as a person with “no hang-ups.” “His death is a loss to the country. He was always so soft spoken and put his points across lucidly. He had a system-driven approach for everything,” said a friend and former colleague.
Dr Patil was born in Nandgad village, in Belgaum dist. He studied at the Mahatma Gandhi High School in Nandgad, the Karnataka College in Dharwad and Pune's Ferguson College. He held a Master's degree in arts and a Ph.D in Economics.
In 1975, Dr Patil joined IDBI where he held various positions and became its Executive Director. His far-sightedness and systematic approach helped him found the NSE in 1993. Between 2001 and 2004, he was the chairman of the Disinvestment Commission of Government of India.
Then, he served as Chairman of UTI Asset Management Company till 2006. He was also a member of the advisory panel on the History of Indian Securities Market.
Mentor
Not many know that Dr Patil was responsible for introducing paperless trading and killing the problem of fake share certificates. Commemorating Dr Patil, Mr Ravi Narain, MD & CEO of NSE, said, “He was a true institution builder, a warm and gracious human being. A person from whom I have learnt the most. I will miss him. NSE will miss him. The financial sector will miss him.”
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