Transition from an ordinary broker to ‘Big Bull’

  • India Infoline News Service |
  • 28 Apr, 2011 |
  • 10:14 AM
Harshad Shantilal Mehta (1954-2002) was an Indian stockbroker who grabbed headlines for the notorious BSE security scam of 1992. Born in a lower middle-class Gujarati Jain family, Mehta spent his early childhood in Mumbai where his father was a small-time businessman. The family relocated to Raipur in Chhattisgarh after doctors advised Mehta’s father to shift to a drier place on account of his health.

Mehta studied in Holy Cross Higher Secondary School, Byron Bazar, Raipur. He quit his job at The New India Assurance Company in 1980 and sought a new one with BSE-affiliated stockbroker P. Ambalal before going on to become a jobber on the BSE for stockbroker P.D. Shukla. In 1981, Mehta became a sub-broker for stockbrokers J.L. Shah and Nandalal Sheth. Having gained considerable experience as a sub-broker, he teamed up with his brother Sudhir to float a new venture called Grow More Research and Asset Management Company Limited. When the BSE auctioned a broker’s card, the Mehta duo’s company bid for it with the financial support of J.L. Shah and Nandalal Sheth. Another name that is rumored to have a crucial hand in the scam was Nimesh Shah. However, Shah could keep a safe distance from the accusations and is currently known to be a heavy player in the Indian stock market.

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