The correct answer is option 1, K. P. Krishnan. K. P. Krishnan was the Head of the Expert Committee on Variable Capital Company (VCC) in India, which recently submitted its report.

Option 2, Ketan Dalal, is not the correct answer. There is no information provided that suggests Ketan Dalal was the Head of the Expert Committee on VCC in India.

Option 3, J. Ranganayakulu, is not the correct answer. There is no information provided that suggests J. Ranganayakulu was the Head of the Expert Committee on VCC in India.

Option 4, Bobby Parikh, is not the correct answer. There is no information provided that suggests Bobby Parikh was the Head of the Expert Committee on VCC in India.

Therefore, the correct answer is K. P. Krishnan.