Rashesh Shah

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Rashesh Shah
Rashesh Shah - Edelweiss Group.jpg
Chairman & CEO of the Edelweiss Group
Born (1963-09-30) 30 September 1963 (age 61)
EducationBachelor of Science degree in statistics, KC College
MBA, Indian Institute of Management Ahmedabad, 1989
Occupation Finance
Known forFinancial Advisor
Spouse Vidya Shah
Children2

Rashesh Shah (born 30 September 1963) is an Indian businessman and the chairman and CEO of the Edelweiss Group, one of India's leading diversified financial services conglomerates. [1] He is also the co-founder of Edelweiss Financial Services Limited (EFSL). [2] [1]

Contents

Early life and education

Rashesh Shah was a student of Bharatiya Vidya Bhavan and Manav Mandir High School of Mumbai. He completed a Bachelor of Science degree in statistics from KC College, Mumbai and spent a year studying exports at Indian Institute of Foreign Trade (IIFT).

After that, he completed his MBA from Indian Institute of Management (IIM), Ahmedabad in 1989, and, upon graduation he joined ICICI. [3]

Family

Born in a Gujarati family, Rashesh Shah was the first in his family to attend an English-medium school. [4] He is married to Vidya Shah, CEO of EdelGive Foundation, whom he met during their time at IIM. [5] The couple has two children: Neel, born in 1995, and Avanti, born in 2000. [6] [7]

Career

Rashesh Shah has over 28 years of experience in the financial markets sector. [1] He left his position at Prime Securities to co-found Edelweiss with Venkat Ramaswamy. [8] The company was established in November 1995 and began operations in February 1996. [3] Due to an inability to meet SEBI's capital requirement of ₹5 crore, Shah and Ramaswamy adjusted their business plan, focusing on private equity syndication, mergers and acquisitions (M&A), and advisory services. They started with a small office in Mumbai’s Fountain area, employing just three people. [5]

In 2000, the 10-employees company crossed a capital mark of ₹5 crores and became a Category-1 merchant bank. [8] Currently, Rashesh and Vidya Shah hold nearly 27% stake in Edelweiss. [7] The company has an asset base of ₹48,000 crore and net worth of ₹5,400 crore. [9] Besides, Rashesh Shah has worked as a member of the executive committee of the National Stock Exchange (NSE) and the Stock Exchange Board of India (SEBI). He reviewed Insider Trading Regulations at SEBI. [1] He has also held the chair of the National Council on Capital Markets formed by Associate Chambers of Commerce and Industry of India (ASSOCHAM) [10]

He has served as the President of Federation of Indian Chambers of Commerce and Industry (FICCI) [11] in 2017–18.

A regular commentator on macro-economic policies, development matters and financial markets in the mainstream and financial media, Rashesh is a part of the High Level Task Force on Public Credit Registry for India as well as the Insolvency Law Committees. [12]

Allegations

In January 2020, the Enforcement Directorate issued summons to Edelweiss Group and Shah to join a case involving an alleged Rs 2,000 crore violation of FEMA provisions. This pertains to Mumbai-based Capstone Forex Pvt Ltd. [13] Rashesh Shah has rejected allegations of FEMA violations. [14]

Philanthropy

He is also deeply involved in EdelGive Foundation, Edelweiss's philanthropy arm, which was set up in 2008 by his wife Vidya, with an aim to provide expertise of financial sector to the not-for-profit sector. [1]

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References

  1. 1 2 3 4 5 "The trickle - down effect". Livemint.
  2. ↑ Panchal, Salil (Apr 1, 2015). "How Edelweiss built a business for the long run". Forbes India.
  3. 1 2 "Rashesh Shah's journey from a small office in Nariman Point to Edelweiss House". The Economic Times. Jun 6, 2014.
  4. ↑ Antony, Anto; Shirodkar, Ravil (2019-04-05). "From an analyst to a head of $1 billion financial conglomerate: Story of Edelweiss' Rashesh Shah". The Economic Times. ISSN   0013-0389 . Retrieved 2024-09-21.
  5. 1 2 Bhargava, Anjuli (Mar 11, 2008). "Shah: The man who makes 'crorepatis'". Rediff.com.
  6. ↑ Choudhary, Sonya (Nov 19, 2010). "The trickle-down effect". Live Mint. Archived from the original on 2012-11-03.
  7. 1 2 Zachariah, Reeba; V K, Vipashana (Mar 3, 2014). "'Fear sets in if you don't grab opportunities,' is Vidya Shah's message for women". The Economic Times. Archived from the original on October 17, 2015.
  8. 1 2 Shah, Rashesh (Jun 16, 2013). "Rashesh Shah: Every setback is an opportunity to recalibrate". Forbes India.
  9. ↑ "Edelweiss Board of Directors". Edelweiss Financial Services.
  10. ↑ "About Rashesh Shah". Edelweiss Financial Services.
  11. ↑ "Rashesh Shah takes over as Ficci President". India Today.
  12. ↑ "RBI sets up task force on 'Public Credit Registry'". Hindu Business Line.
  13. ↑ Upadhyay, Jayshree (10 January 2020). "Edelweiss chief Rashesh Shah gets ED's summons". Livemint . Retrieved 21 September 2024.
  14. ↑ "Rashesh Shah rejects allegations of FEMA violations". Hindu Business Line.

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