Rakesh Jhunjhunwala died on Sunday morning in Mumbai due to cardiac arrest.
He turned 62 in July.
Rakesh Jhunjhunwala built a $5 billion net worth.
He started dabbling in stocks while still in college, even after his father refused to offer him money for trading.
He is often referred to as India's Warren Buffett.
Jhunjhunwala began investing with $100 in 1985 when the Bombay Stock Exchange Index was at 150.
Jhunjhunwala was said to be an investor with a Midas touch.
His most valuable listed holding was watch and jewellery maker Titan.
Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.
The trading firm derives its name from the first two initials of his name and his wife Rekha's.
On the philanthropic side, Jhunjhunwala contributes to St Jude, a shelter for cancer-affected children.
He was building an eye hospital in Navi Mumbai, which will perform 15,000 eye surgeries free of cost.