Rare Enterprises' chief executive Utpal Sheth on Tuesday said the proprietary asset management firm started by Rakesh Jhunjunwala will continue partnering companies and creating value.

Speaking at a prayer meeting for the ace investor and trader at the BSE this evening, Sheth called Jhunjunwala as a friend, philosopher and guide with whom he had the privilege of working for over two decades.

Jhunjunwala passed away in the early hours on Sunday due to kidney ailments. He was 62.

"We have learnt so much about investing, judging people, making mistakes and correcting mistakes dispassionately from him (Jhunjunwala)," Sheth said at the meet arranged at the Asia's oldest stock bourse attended by dozens of friends and family members.

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Jhunjunwala was unmatched in betting on his vision and sizing his bets to match his conviction, Sheth said, adding that crediting the trader for helping him understand the power of compounding.

"We will continue the journey of partnership and value creation that he started with all his blessings and teachings always in our hearts and minds," Sheth said.

Amit Goela, a partner at Rare Enterprises—which derives its name from the first two letters in the name of Jhunjunwala and his wife Rekha—said he is unable to go to sleep since the death.

Rajesh Jhunjunwala, the elder brother, also spoke briefly at the meeting and said that he feels like having lost half of his own self with the demise.