A process for synthesis of meso-aryl substituted 3-pyrrolyl BODIPYs of formula 1 comprising steps of : oxidizing meso-aryl dipyrromethane of formula 9 in a solvent with suitable oxidizing agent at room temperature to get compound of formula 10; treating the resulted meso-aryl dipyrromethene of formula 10, without isolating, with pyrrole at room temperature to form intermediate, 3-pyrrolyl meso-aryl dipyrromethene of formula 11 and without isolating the intermediate of formula 11, treating the reaction mixture with boron fluoride along with suitable bases to produce compound of formula 1. Also provided is a process for preparation of biocompatible conjugates using the meso-aryl substituted 3-pyrrolyl BODIPYs of formula 1 prepared by the present invention.