NSE founding member R H Patil passes away

Mumbai: The National Stock Exchange (NSE) founder and first Managing Director R H Patil died here after battling lung cancer. The end came on Thursday night at a city hospital.He was 74.

"Patil was a true institution builder, a warm and gracious human being. A person from whom I have learnt the most. NSE and the financial sector will miss him," Ravi Narain, MD & CEO said in a statement here.

Patil was a research officer and later became the deputy director of the Economic department of the Reserve Bank of India (RBI).

In 1975, he joined IDBI Limited and held various positions there including that of an executive director. In 1993, he founded the NSE and served as a chairman and managing director of the NSE.

He joined as a chairman of the Disinvestment Commission of Government of India in 2001 and served on the position till 2004. Later, he became the chairman of UTI Asset Management Company Private Limited in 2005 and continued till 2006.

Patil was also on the board of several prominent Indian corporate houses. He was instrumental in setting up the NSE, NSDL and National Securities Clearing Corporation Limited.

The veteran had been the Chairman of various committees of the RBI and was also a member of the advisory panel on the History of Indian Securities Market.