Major General H Dharmarajan, PVSM, AVSM, SM**, VSM (Retd) is an ex-Army Veteran with more than 37 years of service. An alumnus of the RIMC (Rashtriya Indian Military College) Dehradun, NDA Kharakwasla, IMA Dehradun, he has participated in active combat in Sri Lanka, and commanded operations along the disputed borders along the Northern and Western borders. He has been decorated with gallantry awards and distinguished service awards on thirteen different occasions while in service, during which he was wounded grievously while in operations against the LTTE. He has been a UN Peacekeeper in Angola during a critical phase in the 1990s. Having graduated from the DSSC, Wellington (TN), US National War College, Washington DC, National Defence College, New Delhi, he is a double MSc, MPhil, MBA. He has done the Independent Director’s Course at IIM, Mumbai, besides another programme at IIM, Calcutta. He has also undergone training in crisis management at the Asia Pacific Centre for Security Studies at Hawaii, in addition to a course on international liaison in Israel. He commanded the RIMC Dehradun, and later went to command a Brigade in Arunachal Pradesh, and a frontline Division in Jammu and Kashmir during the abrogation of Article 370 in 2019. He has handled the entire Army’s Budget, in addition to dealing with numerous e-commerce initiatives under MoD and MoCI during Covid and contributing to numerous policy changes at the apex level. He has bagged numerous writing awards for his thesis and dissertations and continues to contribute to various journals. He retired as GOC Bengal in 2024, and was later recognised by the Capacity Building Commission of India for his efforts at innovatively uplifting the livelihood of the people in the border districts of Jammu and Kashmir. He is presently continuing to serve the society in the corporate sector.

Dr. Ruchi Chojer joined SEBI in 1995 with a Management degree with Major in Finance. She has handled various roles in different departments like Investment Management, Market Surveillance, Market Intermediaries Supervision, Corporation Finance and Restructuring.
She is indebted to SEBI for the range of exposure gained in securities market during the period of around 29 years she has spent at SEBI.
She acquired Doctorate in Management from the esteemed Indian Institute of Technology, Bombay in 2012 with a thesis on Governance in Mutual Funds.
She has represented SEBI on domestic and international fora including that in Shenzhen (in 2008 on fund management experience during financial crisis), in Botswana as a trainer in the capacity building program for officials of Botswana Stock Exchange. She has represented SEBI in the inter-ministerial dialogue between India and Japan (in 2019); India and Korea (in 2024).
She was designated Executive Director in 2023 and currently is assigned the department regulating and supervising Alternative Investment Funds (AIF) and Foreign Portfolio Investors (FPI).

Shri Sashi Krishnan brings nearly 40 years of experience in Pension Fund Management, Life Insurance, and Mutual Fund industries, with extensive expertise in equity and debt markets.

In his previous role, he served as the Chief Executive Officer of the National Pension System Trust from January 2021 to January 2024. Prior to this, he was the CEO at Aditya Birla Sun Life Pension Management Limited. He has also held leadership roles at Aditya Birla Sun Life Insurance Co. Ltd., Bajaj Allianz Life Insurance Company Ltd., DBS Bank (Singapore), DBS Cholamandalam Asset Management Ltd., and Unit Trust of India.

He has been an active member of the Index Policy Committee of India Index Services & Products Ltd., the Capital Markets Committee of the IMC Chamber of Commerce and Industry, and the Co-Chair of the Life Insurance Committee of the Bombay Chamber of Commerce & Industry.

Shri Krishnan holds a BE (Hons.) in Chemical Engineering and an MSc (Hons.) in Economics from BITS, Pilani. He also has a Diploma in Management with a specialization in Finance from IGNOU and is a Certified Associate of the Indian Institute of Bankers (CAIIB).

Partha Ray is currently Director, National Institute of Bank Management, Pune. He was a Professor of Economics at the Indian Institute of Management Calcutta, during December 2011 – April 2021. During 2007 – 2011 he was Adviser to the Executive Director (India) at the International Monetary Fund, Washington D.C. Earlier (during 1989 – 2006) he was working in the specialist cadre of Economists in the Reserve Bank of India (RBI); his last position was Director, Department of Economic and Policy Research, RBI. Educated in Kolkata, Mumbai and Oxford, he has written extensively on issues relating to various global economic issues, including (i) Law of One Price – A Chronicle of dually-listed Indian stocks (with Vinodh Madhavan); London: Routledge, 2023; (ii) Macroeconomic Policies for Emerging and Developing Economies (with A Vasudevan), London: Sage Publications, 2018; (iii) Financial and Fiscal Policies: Crises and New Realities (with Y V Reddy and Narayan Valluri); New Delhi: Oxford University Press, 2014; and (iv) Monetary Policy, New Delhi: Oxford University Press, 2013. He is in the Boards of Deposit Insurance and Credit Guarantee Corporation (DICGC) and National Credit Guarantee Trustee Company Ltd. (NCGTC), and a member of the Governing Council of CAFRAL, RBI, and a member of the Pension Advisory Committee of the Pension Fund Regulatory and Development Authority (PFRDA).

A career in Regulatory Governance with the Securities and Exchange Board of India for over 26 years. Have worked primarily in policy initiatives in areas of fund management, corporate restructuring, primary market, listing, governance, secondary market, debt and Hybrid securities. Also worked extensively in the enforcement areas of Surveillance and Investigation.

In her role as team leader in the funds department, to bring about balance in the fund industry that has grown exponentially, spearheaded a data driven phase-wise implementation of rationalization of costs, commissions and disclosures. Initiated developmental policy initiatives to increase investment avenues for the fund industry. Framed a comprehensive inspection framework on adopting enhanced ‘Risk based supervision’ for inspection of MFs which included inter alia, parameters for assessing Risk factors and Impact factor of MFs, methodology for computing supervisory risk rating scores, frequency of inspection – more risky, more frequent inspection.

In her earlier roles in SEBI, have been instrumental in bringing in the Regulations on listing obligation and disclosures; implemented various policy measures related to trading of securities on the Stock Exchange and administration of depositories; worked extensively on process, norms and governance of Delisting and its consequential impact on stakeholders; worked on various operational issues in takeovers, mergers and acquisitions including policy initiatives.

She is a graduate in commerce and Law with an MBA.

Shri Nehal Vora is the Managing Director & Chief Executive Officer of Central Depository Services (India) Limited (CDSL), India’s leading Depository. With over 25 years of extensive experience in the Indian Capital Markets, he has held significant roles at esteemed organizations such as BSE, DSP Merrill Lynch, and SEBI before joining CDSL in September 2019.
Acknowledged for his outstanding contributions, he has received numerous accolades, including the Global Custodian Legend Award, Asia, in May 2024, the prestigious CEO of the Year Asia 2024 award by the Asia Asset Management awards, along with prior recognitions such as the CEO of the Year at the 20th Global Edition Business Leader of the Year Awards in 2022. He is also a recipient of The Vocational Excellence Awards presented by the Rotary Club of Bombay Seaface.
Under Shri Vora’s leadership, CDSL has been recognised with distinguished global and regional awards such as the ‘Central Securities Depository of the Year’ Award at the Asset Servicing Times – Industry Excellence Award 2023 and the Highly Recommended Market Infrastructure Institution of the Year at the Regulation Asia Awards 2023. Additionally, CDSL won the Tech Circle Business Transformation Award for excellence in digital execution in October 2023. CDSL also won the Innovation award in ‘Digital & Market Leadership’ during Custodian Inaugural Leaders in Custody Asia awards held by Global Custodian in May 2023.
Shri Nehal Vora has actively contributes to shaping the regulatory landscape through his active participation in various SEBI policy committees and advisory groups. He chairs the Working Group on Market Data Advisory Committee (MDAC) for Secondary Markets. He is a member of other SEBI committees such as the FPI Advisory Committee, Market Data Advisory Committee, Corporate Bonds and Securitization Advisory Committee (CoBoSAC), Secondary Market Advisory Committee (SMAC), and the IFSCA Expert Committee on Secondary Markets.

Mr. Ankit Sharma has graduated in BSc (Physics) and completed his master’s in business administration from R.A. Poddar Institute of Management.
Mr. Sharma has over 25 years of experience in Regulatory sphere including policy making and enforcement and managing risk and compliances across market intermediaries. He started his career with Reserve Bank of India and later on moved to Securities and Exchange Board of India. He also has worked across institutions such as ICICI Securities, Deutsche Bank & UBS.
Mr. Sharma is currently associated with NSE as Chief Regulatory Officer, Listing & Investor Compliance.

Karthik Rangappa is the Chief of Education at Zerodha Broking Limited. He has over 16 years of experience in the Indian capital markets. He is the author and curator at Zerodha Varsity, India’s largest open-source stock market learning resource, with over 2 million users. He has also authored Rupee Tales and Varsity Junior, an initiative to educate younger audiences on concepts related to the basics of Finance.

Apart from leading Zerodha Varsity, Karthik Rangappa is the Associated Director at Zerodha Trustee Company and Zerodha Capital Private Limited.

Karthik Rangappa holds a Bachelor in Engineering from Bangalore University and MSc in Risk and Asset Management from EDHEC, France.

Dharmakirti Joshi is currently the Chief Economist at CRISIL-An S&P Global Company. With over 35 years of experience in economic research and consultancy, his career began in NCAER where he spent 11 years.

He then moved on to senior positions in Central Electricity Regulatory Commission, New Delhi and CRISIL- An S&P Global Company. He has extensive experience in macroeconomic analysis, medium term assessment of Indian economy and forecasting as well as in public finance issues at the central and state levels. He was member of the Working Group of Savings for the 12th Five Year Plan. He was member of Working Group on Revision of Wholesale Price Index set up Government of India.

He is Chairman of Economic Affairs Group of Federation of Indian Chambers of Commerce & Industry (FICCI) and member of Economic Affairs council of Confederation of Indian Industry (CII). He regularly writes for leading newspapers and expresses his views on the economy in the electronic media.

Joshi holds a Masters degree in Economics and has attended program on Macroeconomic Policy and Management at Harvard University. He was also a visiting scholar to Economic Research Unit of University of Pennsylvania.