R.H. Patil

It is thanks to the efforts of R.H. Patil that Indian stock markets became accessible to all, and its exchanges evolved into institutions powered by professionals, rather than a closed club of brokers. By designing the National Stock Exchange, an electronically driven pan-India exchange, he expanded the network of intermediaries to far corners of the country and helped to take equity investment to remote locations. He is also responsible for freeing the markets from the scourge of fake share certificates by introducing paper-less trading.

G.V. Ramakrishna

G.V. Ramakrishna was given the reins of SEBI in its first stretch.

On him fell the onerous task of regulating the stock brokers who were till then operating in an environment of laissez faire .

He had to incur the wrath of companies as well as brokers as he set up the initial regulatory framework to give

SEBI enough teeth to bring discipline into stock trading.

His abolition of badla, the old form of leveraged trading, is one of his more talked-about achievements.

M. Damodaran

The career of Damodaran, the iron man, straddled various segments of financial markets. In each, he brought about momentous changes. While he headed IDBI, he helped transition it from a development financial institution to a bank. His feat at the Unit Trust of India is also exemplary as he helped turn around India’s oldest financial institution from the brink of collapse. As the Chairman of SEBI, he did not hesitate to clamp down on participatory notes that were pumping in hot money from abroad into Indian equity markets.

Vallabh Bhansali

Vallabh Bhansali is one of the Formidable Four of Dalal Street that included Manek Bhanshali, Nimesh Shah, and Jagdish Master, who founded the venerable Enam Securities (now controlled by Axis Bank) in 1984. He is better known for his strong slant towards core fundamental analysis in equity research. Over the last two decades Enam emerged as dealmaker par excellence and one of the few home-grown firms that made it big in the investment banking industry. It managed a sizeable chunk of the public offers in the country including the Infosys IPO in 1993.

Motilal Oswal and Ramdeo Agarwal

Motilal Oswal and Ramdeo Agarwal represent the changing face of the Indian broking industry.

The Indian broking industry has had a torrid time in recent years, with falling brokerages, tighter regulations, low cash volumes and a spate of technological changes that have changed the way business is done.

Motilal Oswal Securities, though, has coped with the whole lot while remaining true to retail investors, diversifying from equities into derivatives and commodities, foraying into investment banking and wealth management.

From a unit run by just two people in 1987, the company has now expanded to 1,500 employees spread over more than 500 cities.

It is through harnessing the strong sub-broker force within the country that the duo was able to expand the operations, taking their partners in the sub-broking fraternity along.