Former Securities and Alternate Board of India (Sebi) Chairman G V Ramakrishna, credited with the cleansing up of the Indian capital market, handed away in Chennai on Saturday.
Ramakrishna, born in 1930, was the primary Chairman of Sebi — and the second Chairman since its inception — after it received statutory powers in 1992. Throughout his four-year stint until 1994, he cleaned up the Augean stables of the inventory exchanges which had been earlier managed by inventory brokers.
Ramakrishna, who joined the IAS cadre in 1952, was instrumental in banning the notorious ‘badla’ system of buying and selling and bringing integrity and transparency in the capital market.
He headed the regulator at a time when the monetary system was rocked by Harshad Mehta’s securities rip-off in 1992. The Nationwide Inventory Alternate (NSE), at present India’s largest trade, got here up in 1992-93 throughout his tenure because the Sebi Chairman.
After the Harshad Mehta rip-off surfaced, Sebi — led by Ramakrishna — launched a number of measures to safeguard the system. He confronted stiff opposition from the broking and service provider banking communities whereas cleansing up the capital market.
Sebi grew to become a strong regulator after the enactment of the Sebi Act in 1992 throughout his tenure.
Ramakrishna began his profession as a biochemist with the Rockefeller Basis doing analysis in haematology in the Bowring Hospital in Bangalore, his dwelling city. He opted for the civil service and joined the IAS in 1952. He did his quota of service in the state of Andhra Pradesh for almost 13 years, ending up as Chief Secretary in 1983.
Early in his profession, he went to Harvard College for his MPA (Grasp in Public Administration) and studied Economics below John Kenneth Galbraith, Ed Mason and different famed economists of the late ’50s. In his diversified profession of almost 50 years, he labored for ten years with the Finance Ministry.
Ramakrishna, who was referred to as ‘GVR’ by many, additionally labored in the Ministries of Business, Metal, Coal and Petroleum. Ramakrishna additionally served as Adviser in the erstwhile Planning Fee in 1981 and as a Member in 1994.
He was additionally the primary Chairman of the Disinvestment Fee in the course of the tenure of the United Entrance authorities in 1996. In his diplomatic assignments, he was minister of financial affairs on the Embassy in Washington in 1972 and was later India’s Ambassador to the European Financial Community (European Union) in 1989.