Manohar J. Pherwani
Manohar J. Pherwani was a Chairman of the Unit Trust of India for almost a decade until November 1989. He was also the Chairman of the National Housing Bank (NHB). He was also known for his involvement in the 1992 Indian stock market scam. Under his tenure the asset base of the UTI grew from ₹1 billion to almost ₹176.5 billion. He headed the 1991 "Expert Study Group into establishment of new stock exchange" (also known as the M J Pherwani Committee) into stock exchange reform which resulted in the formation of the National Stock  Exchange of India (NSE). He quit as chairman of the NSE and Infrastructure Leasing & Financial Services Ltd (IL&FS) in 1992, in the wake of the 1992 securities scam. Controversies. While serving as Chairman & Managing Director of the National Housing Bank, Pherwani had exposed the bank to high volumes of re-purchase option (repo) based security trades through Harshad Mehta, a broker who was charged with 72 criminal offenses, in 1992. Death. On May 21, less than 12 days after resigning as NHB chairperson Pherwani was found dead by his family members at his Bombay home. The cause of death was  found to be cardiac arrest In popular culture. Actor K. K. Raina portrayed Pherwani in the Sony LIV hit series "Scam 1992".