Also known as Vyasa Purnima, the day commemorates the birth anniversary of sage Ved Vyasa, who composed the Mahabharata and the Puranas. It is also believed that Lord Buddha delivered his first sermon on this day, which is why Buddhists observe it with reverence. In Jainism, Guru Purnima marks the sacred occasion when Lord Mahavira, the 24th Tirthankara, accepted Indrabhuti Gautam (Gautama Swami) as his first chief disciple, or Ganadhara.