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Ajay Shah, India
Former Advisor to Finance Ministry; Professor at NIPFP

Ajay Shah is one of India’s most influential policy advisors and economists. As the leading authority on the framework and functioning of the country’s financial markets, he has advised the government on crucial issues concerning the opening of the country’s capital and financial markets. He currently leads the research team for India’s Financial Sector Legislative Reforms Commission (FSLRC), responsible for drafting the new Indian Financial Code, which seeks to transform the country’s existing financial law.

Based in New Delhi, Dr. Shah is a professor at the National Institute for Public Finance and Policy, where he co-leads the NIPFP-DEA Research Program. He is also GlobalSource Partners’ local partner in India.

As head of the technical team of the Financial Sector Legislative Reforms Commission (FSLRC), Dr. Shah was responsible for formulating and strategizing the next stage of Indian financial reform. The Commission’s findings will have an impact on India’s international market competitiveness, in areas including taxation, capital controls and micro prudential legislation. Previously, Dr. Shah was an advisor to the Ministry of Finance on foreign investment and on domestic debt management. Prior to that, he advised India’s Central Bank (RBI) on issues such as repo, the money market and government securities markets, deposit insurance reform, and the Securities Clearing Corporation. At the Securities and Exchange Board of India (SEBI) he has served on committees such as the risk management group and the secondary markets advisory committee.

Dr. Shah currently serves on the board of the Center for Monitoring of the Indian Economy, the Clearing Corporation of India and the National Securities Clearing Corporation. He previously served on the board of the National Commodities Derivatives Exchange and the Deposit Insurance and Credit Guarantee Corporation, as well as on the boards of private sector firms in the physical commodities and financial sectors.

A prolific author and sought-after speaker, he has written extensively on topics such as India’s inflation, its exchange rate regime, theory and practice in the country’s export sector, pension reform and financial market theory and practice, including risk modeling and assessment. He is also co-author of the book India’s Financial Markets: An Insider’s Guide to How the Markets Work.

Dr. Shah holds a Ph.D. in economics from the University of Southern California, Los Angeles and a B.S. in eeronautical engineering from IIT in Bombay. He was listed among the Top 10 Economists in India in the Indian Express supplement, “The Most Powerful Indians in 2010.”