Home/ News / India/  Rakesh Jhunjhunwala to get posthumous Padma Shri

Rakesh Jhunjhunwala, a renowned stock market investor who passed away last year at the age of 62, is set to receive the Padma Shri award posthumously on March 22. 

The award is being conferred in recognition of Jhunjhunwala's significant contributions to the field of trade and industry. The ceremony will take place in the evening and the family of the late investor is expected to be in attendance to receive the award on his behalf.

The Padma Awards, one of the highest civilian honours in India, are presented by the President of India at a ceremonial event held at Rashtrapati Bhavan. 

The Ministry of Home Affairs made the announcement on the occasion of the 74th Republic Day. Jhunjhunwala, often referred to as India's Warren Buffet, passed away on August 14, 2022, at the age of 62. 

Born on July 5, 1960, he grew up in Mumbai and graduated from Sydenham College in 1985 before enrolling at the Institute of Chartered Accountants of India. Jhunjhunwala was also a successful stock market investor and was married to Rekha Jhunjhunwala, who shared his passion for investing. 

Rakesh Jhunjhunwala was the founder of RARE Enterprises, a privately-owned stock trading firm. He was a strong proponent of India's stock market and his investments often resulted in substantial returns. Jhunjhunwala was also the owner of Akasa Air, India's newest airline, which began operations earlier this month. 

In addition to Jhunjhunwala, Areez Khambatta, the founder of the popular soft drink brand Rasna, will also be posthumously awarded the Padma Shri in the trade and industry category. 

Kumar Mangalam Birla, the chairman of Aditya Birla Group, will be awarded the Padma Bhushan for his outstanding contributions to the fields of business and industry. 

These awards, which include the Padma Shri, Padma Bhushan, and Padma Vibhushan, recognize exceptional contributions in various fields such as art, literature, science, social work, and public service. 

(With inputs from ANI)

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Updated: 22 Mar 2023, 12:16 PM IST
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