NOVELTY - Improved process for preparing saroglitazar compound (IB), comprises: (a) reacting ethyl (2S)-2-ethoxy-3-(4-hydroxyphenyl)propanoate (A) with methyl 2-(2-methyl-5-(4-methylsulfanylphenyl)pyrrol-1-yl)ethyl sulfite (A1) to obtain ethyl (2S)-2-ethoxy-3-(4-(2-(2-methyl-5-(4-methylsulfanylphenyl)pyrrol-1-yl)ethoxy)phenyl)propanoate (II); and (b) hydrolyzing (II) to obtain (IB).    USE - The crystalline (A1) is useful for the preparation of substantially amorphous saroglitazar magnesium (claimed), which is useful for lowering or modulating triglyceride levels and/or cholesterol levels and/or lower density lipoproteins (LDL) and increasing high-density lipoprotein (HDL) plasma levels and treating and/or preventing obesity, hyperlipidemia, hypercholesterolemia, hypertension, atherosclerosis, vascular restenosis and diabetes. No biological data given.    ADVANTAGE - The amorphous saroglitazar magnesium has good storage stability, solubility and compressibility, and can be efficiently and economically prepared with high purity in an eco-friendly manner.    DETAILED DESCRIPTION - Improved process for preparing saroglitazar compound of formula (IB) or its salt, comprises: (a) reacting ethyl (2S)-2-ethoxy-3-(4-hydroxyphenyl)propanoate (A) with methyl 2-(2-methyl-5-(4-methylsulfanylphenyl)pyrrol-1-yl)ethyl sulfite (A1) to obtain ethyl (2S)-2-ethoxy-3-(4-(2-(2-methyl-5-(4-methylsulfanylphenyl)pyrrol-1-yl)ethoxy)phenyl)propanoate (II); (b) hydrolyzing (II) to obtain (IB); (c) optionally neutralizing (IB) (in which M is H) to obtain (IB) (in which M is cation); and (d) optionally converting (IB) (in which M is H) to another compound of (IB) (in which M is cation).    M=H or a cation comprising Na, K, Li, Ca, Ba, Sr or Zn.    INDEPENDENT CLAIMS are included for:    (1) crystalline form-II of (A1) having X-ray powder diffraction having characteristic peaks as given in the specification and X-ray powder diffraction pattern as given in the figure 3 of the specification; and    (2) an improved process for the preparation of (A1) comprising (i) reacting 4-(methylthio)benzaldehyde and methylvinylketone in the presence of a base and a Stetter catalyst to obtain 1-(4-methylsulfanylphenyl)pentane-1,4-dione (C1), (ii) reacting (C1) with ethanolamine under Paal-Knoor conditions in the presence of an acid to obtain 2-(2-methyl-5-(4-methylsulfanylphenyl)pyrrol-1-yl)ethanol (B1), (iii) reacting (B1) with methane sulfonyl chloride in the presence of a base in one or more organic solvents to obtain (A1), and (iv) optionally purifying (A1).