Take quarter cup of sugar in a thick bottomed pan. Add few drops of water and heat till the sugar caramelizes. Pour the caramel into a deep bowl or mould and let it settle by cooling.
In a large bowl beat the eggs, milk, vanilla and remaining sugar until combined but not foamy. Pour over caramelized sugar. Cover the dish with aluminum foil.
Pour water in pressure cooker or electric rice cooker, keep the pudding dish in that and cook for 15 minutes on low flame. (If you are using pressure cooker you need not put the weight. )
Once it is done open the lid and allow it to cool to room temperature. Keep in fridge preferably overnight.
To serve run a knife through the sides of the pan and put it bottom side up on the serving plate and slowly pull up the pan. Serve chilled.