Both Laxman and IM P Karthikeyan were fighting for the championship and won their respective last rounds but the former sealed the top spot by 0.5 points.
Having upset by a lower-seeded player in the initial round, the top seed kept his cool and emerged as champion after winning nerve-wracking fights against experts of Blitz format of chess.
Bengal's National Under-25 runner-up FM Mitrabha Guha finished third.
IM Anwesh Upadhyay claimed the Rapid Championship yesterday.