Shri Om Prakash Bhasin was the youngest son of Shri Maharaj Kishan and Smt. Mirdai of Sialkot. He lost his parents when he was about 2 years. His uncle Shri Nanak Chand Bhasin, and his aunt Smt. Bibi Pali, the well–known social worker of Sialkot, brought him up. After his graduation from Sialkot, he proceeded to Iraq in 1934 to do business there and later, shifted to Kuwait in 1949. He was a greatly respected and very successful businessman. He made donations to several charitable organizations in different parts of India, and also regular donations to the Prime Minister's relief funds. These have been without any personal consideration, or ”discrimination” based on religion, caste, creed or colour etc. His motivation was entirely to do something for his country.

Although not a scientist or a science student Shri Om Prakash Bhasin visioned that India can only progress if Science and Technology advances in the country. Therefore the Scientist and Technologist working in India ought to be given recognition, encouragement and should be awarded for outstanding contributions to Science and to its applications for National Development. He therefore, decided to create a Trust in India with a corpus of Rs. 51 Lakhs with the income to be utilized in a manner in which Nobel Foundation has inspired confidence in its objectivity and selection on merit. He passed away before the scheme could materialize, but incorporated his intention in his Will. After his death, his wife - Smt. Vinod Bhasin and his two sons, Shri Shivy Bhasin and Shri Hemant Kumar Bhasin, who were very keen to fulfill his desire, established the foundation. Mrs. Vinod Bhasin who was Chairperson of the foundation from 1984 to 2008 continuously, expired on 22nd December, 2008. In the meeting of the Board of Trutees held on 30th January 2009, two minutes silence was observed. She was fondly remembered and greatly missed by all.

In the above meeting it was resolved as under:-

"Resolved that Mr. Shivy Bhasin s/o Late Shri Om Prakash Bhasin & Late Mrs. Vinod Bhasin is elected as new Chiarman of the Foundation unanimously for the 1st term for 2 years with effect from today, the 30th January, 2009 and thereafter Mr Hemant Kumar Bhasin for the next term of 2 years, by rotation"

The Board of Trustees, at present, is as under :