GV Ramakrishna, former chairman of the stock market regulator SEBI, died on Saturday at the age of 91. His contribution to transparency and regulation of the stock market will always be remembered. GV Krishna was an IAS officer of 1952 batch Andhra Pradesh cadre. He retired in 1988 but after that he contributed to the country and government in many important positions.
In 1990, the then VP Singh Sarkar appointed him as the chairman of SEBI. He remained in this post till 1994. When he was made the chairman of SEBI, till that time it did not get legal status. It was a very weak institution. The Harshad Mehta scam took place in 1992 at the same time. This scam rocked the financial market. This scam is also known as Securities scandal of 1992. The stock market had become a toy for a broker like Harshad Mehta and was known as Big Bull. He made the deficiencies of the system his weapon and with the help of ready forward deal, he carried out that scam. SEBI was given statutory status only on January 30, 1992, after the scam surfaced.
Played important responsibility after the job
GV Ramakrishna remained the chairman of SEBI till 1994. After that, the then Narasimha Rao government made him a member of the Planning Commission. In 1996, he became the first chairman of the Disinvestment Commission. He remained in this post till 1999. This commission was formed because the government wanted to disinvest PSU under Public Sector Undertakings. He was then made the chairman of the Construction Industry Development Council and remained in the post until June 2003. This was his last assignment with the government.
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