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).
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