The Greatest Stockbrokers and Traders in India of All Time

India’s stock market has witnessed some legendary traders and stockbrokers who have shaped its history. Some of them have amassed fortunes through sharp investment strategies, while others have become infamous for their controversial roles in stock market scams. From the bullish approaches of investors like Rakesh Jhunjhunwala to the bearish dominance of Manu Manek, each of these individuals has left an indelible mark on Dalal Street.

This article explores the lives, achievements, and impact of the greatest stockbrokers and traders in India, focusing on their investment philosophies, key milestones, and market legacies.

1. Harshad Mehta (1954–2001) – The Big Bull of Dalal Street

Harshad Mehta was one of the most well-known stockbrokers in India, infamous for the 1992 securities scam. Often referred to as the “Big Bull”, Mehta revolutionized stock trading in the late 1980s and early 1990s.

Achievements:

  • Used banking loopholes to manipulate stocks like ACC, Sterlite, and Videocon, creating an unprecedented bull run.
  • Amassed immense wealth, making headlines for his lavish lifestyle, including a Rs. 30 crore penthouse.
  • His influence led to a market boom, where retail investors profited significantly before the scam unfolded.

Downfall:

  • The 1992 securities scam, in which he illegally obtained funds from banks and pumped them into the stock market.
  • Arrested and convicted, he spent years battling legal cases before his death in 2001.
  • His story inspired the famous web series Scam 1992.

2. Radhakishan Damani (Born 1955) – The Mentor of Market Gurus

Radhakishan Damani, the founder of DMart, is one of the most respected investors in India. Known for his low-profile personality, Damani made his fortune through stock trading before entering the retail industry.

Investment Strategy:

  • Focused on long-term investments, identifying undervalued stocks with strong fundamentals.
  • Held stocks like HDFC Bank, VST Industries, and India Cements for decades.
  • A strong advocate of value investing, preferring businesses with sustainable growth.

Legacy:

  • Mentored Rakesh Jhunjhunwala, helping shape the legendary investor’s career.
  • Built DMart into a billion-dollar retail empire, proving that patience and sound business acumen lead to long-term success.

3. Rakesh Jhunjhunwala (1960–2022) – The Warren Buffett of India

No discussion about Indian investors is complete without Rakesh Jhunjhunwala, often called the “Warren Buffett of India”. He started investing with just Rs. 5,000 and eventually built a portfolio worth Rs. 40,000+ crore.

Key Investments:

  • Made a fortune by investing in Titan, Lupin, CRISIL, and Escorts.
  • Believed in contrarian investing, buying undervalued stocks and holding them for years.
  • Advocated that India’s economy would always grow, maintaining a bullish stance throughout his career.

Influence:

  • Inspired millions of retail investors with his confidence and market insights.
  • Frequently shared his views on economic trends and stock market outlooks.
  • His death in 2022 left a void in the Indian financial world.

4. Manu Manek – The Black Cobra of Dalal Street

Manu Manek remains an enigmatic and feared figure in the history of the Indian stock market. Operating in the 1970s and 1980s, he was known as the “Black Cobra” for his ruthless short-selling strategies.

Market Influence:

  • Led a powerful bear cartel, manipulating stock prices through short-selling.
  • Targeted companies with weak financials, bringing stock prices down for massive profits.
  • Engaged in market battles with Harshad Mehta, which shaped Dalal Street’s history.

Legacy:

  • While feared by many, his influence forced companies to improve corporate governance to avoid being shorted.
  • His strategies still inspire traders who use technical analysis and short-selling techniques.

5. Nemish Shah – The Silent Market Genius

Nemish Shah is one of India’s most successful yet low-profile investors. Co-founder of ENAM Holdings, he is a master of value investing and fundamental analysis.

Investment Philosophy:

  • Prefers to stay away from the media, focusing solely on research-driven investing.
  • Follows a long-term strategy, investing in companies with strong management and growth potential.
  • Has invested heavily in financial services, FMCG, and technology stocks.

Impact:

  • Helped ENAM Holdings become a leading investment firm.
  • Inspired countless investors to focus on research over speculation.

6. Ramesh Damani – The Veteran of Dalal Street

Ramesh Damani, a well-known investor and trader, is one of the few individuals who correctly identified Infosys as a multibagger stock in the 1990s.

Investment Strategy:

  • Focuses on buying high-quality businesses and holding them for decades.
  • Invested in IT, banking, and FMCG stocks at a time when they were undervalued.
  • Strong believer in fundamental analysis and market trends.

Contributions:

  • Frequently shares his market knowledge, helping retail investors navigate stock market complexities.
  • A well-respected market commentator, often appearing on financial news platforms.

7. Porinju Veliyath – The Small-Cap King

Porinju Veliyath, founder of Equity Intelligence India, has earned a reputation for identifying multibagger small-cap stocks.

Key Investments:

  • Known for picking undervalued small and mid-cap stocks.
  • Made a fortune investing in companies like KRBL, Wockhardt, and TCI.
  • His approach often goes against market sentiment, but his conviction has paid off multiple times.

Market Impact:

  • Advocates for retail investors to focus on hidden gems instead of blue-chip stocks.
  • Challenges conventional investment wisdom, making him a unique figure in India’s stock market.

8. Vijay Kedia – The Master of Patience

Vijay Kedia, one of India’s most respected investors, built his wealth using a simple yet effective strategy: invest, wait, and grow.

Investment Philosophy:

  • Believes in the SMILE (Small in size, Medium in experience, Large in aspiration) strategy.
  • Focuses on business quality, management integrity, and long-term potential.
  • Invested in companies like Atul Auto, Sudarshan Chemicals, and Cera Sanitaryware.

Influence:

  • Frequently shares insights on investing, encouraging small investors to stay patient.
  • His journey from a humble background to a stock market millionaire inspires many traders.

Conclusion

India’s stock market has been shaped by the bold decisions, strategic investments, and, at times, controversial actions of these legendary traders and investors. While figures like Harshad Mehta showed how greed can lead to downfall, investors like Rakesh Jhunjhunwala and Radhakishan Damani proved that discipline and vision lead to long-term success.

Each of these individuals has left a unique legacy, influencing millions of retail investors and market enthusiasts. Their stories serve as a guide for future investors looking to navigate the ever-evolving landscape of Dalal Street.

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