He was 88, CCMB sources said.
The scientist, popularly known as P M Bhargava, had been suffering from multiple health problems for some time now. He passed away around 6 PM, they said.
Bhargava, a reputed molecular biologist, is survived by a son and a daughter, they said.
Expressing deep sadness over Bhargava's demise, a release issued by the staff of the CCMB said it was his vision and pioneering efforts that led to the establishment of the CCMB in 1977 as an institution for research in basic biology.
Bhargava held various positions, including the vice- chairman of the national knowledge commission during 2005-07.
He is recipient of over 100 national and international honours and awards, including the Padma Bhushan in 1986 and the Legion d'Honneur in 1998 from then President of France, it said.
Born in Rajasthan's Ajmer, Bhargava studied at Theosophical College, Lucknow and Queen's College, Varanasi and completed his BSc in 1944 in Physics, Chemistry and Mathematics.
Bhargava went to the USA in 1953 and worked as a project associate at a laboratory for cancer research. He played an active part in the discovery of 5-fluorouracil, an anticancer drug, it said. He worked at different research institutions in United Kingdom and France.
He was instrumental in pioneering research in the field of Biology and published numerous papers.
In 2005, he initiated and played a major role in drafting the Indian Council for Medical Research's (ICMR) national guidelines for accreditation, supervision and regulation of Assisted Reproductive Technology (ART) clinics in India, according to the portal.
He had opposed the approval of GM in India and called for a moratorium of at least 15 years on genetically modified crops in the country, it said.
Bhargava had returned his Padma Bhushan award in 2015 in protest against the alleged intolerance in the country thus facing flak from various quarters.
"I have decided to return the award. The reason is that the present government is moving away from the path of democracy, moving towards the path of making the country Hindu religious autocracy just like Pakistan. This is not acceptable... Something I find unacceptable," he had said then.
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