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A blend of experience and knowledge, our leaders help Emkay attain excellence in the world of finance. Be it research, markets, technology or even day-to-day operations, the captains that sheer the Emkay ship are pioneers in their own right. Meet our team of Business Leaders, who infuse speed and flexibility in decision-making and implementation, empowering our business in the financial markets.

Board Of Directors

  • Mr. Krishna Kumar Karwa

    Managing Director & CFO

  • Mr. Prakash Kacholia

    Managing Director

Mr. Prakash Kacholia

Designation Managing Director

Education Chartered Accountant

A qualified Chartered Accountant of the 1987 batch, Mr. Prakash Kacholia has served at Central Depository Services (India) Limited in the capacity of a Director on the Board. He was on the Board of Bombay Stock Exchange Limited. Mr. Kacholia has a rich experience of more than 26 years in the capital markets with a focus on the derivatives segment.

Mr. Krishna Kumar Karwa

Designation Managing Director & CFO

Education ICAI

A rank holder from Institute of Chartered Accountants of India (ICAI), Krishna Kumar Karwa is the Promoter, Managing Director & CFO of the Company. Mr. Karwa has rich and varied experience of over 26 years in all aspects of the Equity Capital Markets and leads the research, dealing, execution and corporate advisory at Emkay. He is also the director at West Coast Paper Mills Limited

Leadership Team

  • Mr. Dhananjay Sinha

    Mr. Dhananjay Sinha

    Head of Research, Economist & Strategist

  • Mr. Kenin Jain

    Mr. Kenin Jain

    Head - Institutional Equity Sales

  • Mr. S Hariharan

    Mr. S Hariharan

    Head - Sales Trading

  • Mr. Sachin Shah

    Mr. Sachin Shah

    Fund Manager

  • Mr. Sachin Shah

    Mr. Manish Verma

    Head of Distribution, PMS & TPP

  • Mr. Rahul Rege

    Mr. Rahul Rege

    Business Head - Retail

  • Mr. Sandeep Sharma

    Mr. Sandeep Sharma

    Head - Investment Banking

  • Mr. Ajay Parmar

    Mr. Ajay Parmar

    Co-Head - Investment Banking

  • Ms. Divya Gandhi

    Ms. Divya Gandhi

    Head General Insurance & Principal Officer

  • Mr. Rajesh Sharma

    Mr. Rajesh Sharma

    Chief Operating Officer

  • Mr. Saket Agarwal

    Mr. Saket Agarwal

    VP - Accounts & Finance

  • Bhalchandra M.Raul

    Bhalchandra M.Raul

    Company Secretary

  • Mr. Shishir Dhulla

    Mr. Shishir Dhulla

    Chief Technology Officer

  • Ms. Ruth Singh

    Ms. Ruth Singh

    Head - HR

Mr. Dhananjay Sinha

Designation Head of Research and Strategist

Education Post-graduate in Economics from Delhi School of Economics

Roles and responsibilities at Emkay Experience is considered the best teacher, and that extends to the financial markets too. With a well-rounded research experience of over two decades in the field of macroeconomics, as well as the fixed income, commodities and equity markets, Mr Sinha has brought a whole breadth of knowledge to Emkay’s Institutional Research division. While personally focusing on top-down equity strategies, Mr Sinha also works with sector analysts on industry themes and structural macro-economic themes and leads them on several market-recognised research projects. He has successfully extended his macro research work towards application-oriented themes covering Automotive, Rural sector, Cement, Real estate, Agriculture, Food, Banking, Consumers, Capital goods to name a few. In addition, as part of Emkay’s senior management, Mr Sinha also contributes to strategic business initiatives.

Mr. Kenin Jain

DesignationHead – Institutional Equity Sales

EducationChartered Accountant / MBA from University of Energy Studies

Roles and responsibilities at EmkayWith over 11 years of experience in the financial services industry, Mr Jain leads the Institutional Sales team. He actively drives the firm’s core Institutional accounts as well as design its related strategy. This involves finding ideas and strategizing top themes to be pitched to the Chief Investment Officers and Heads of Equities at our client firms. He is also responsible for revenue accountability of the team. When he is not drafting the sales notes and bottoms up ideas, you may find him busy identifying and brainstorming on investment ideas that have resilient and durable earnings which are backed by capable, sensible managements.

Mr. S Hariharan

DesignationHead Sales Trading

EducationCFA; PGDM (IIM-Bangalore); B.Tech – Civil Engineering (IIT-BHU, Varanasi)

Roles and responsibilities at EmkayLeading our Trading and Dealing desk for Emkay’s Institutional Equities division is Mr. Hariharan. His proficiency and guidance aided Emkay increase its market share in the domestic institutions’ cash volumes (4% of all mutual funds’ cash volumes and 3.15% of all DII cash volumes as of March 2016) as well as record turnover volumes. This has been possible because of a coordinated work on process flow improvements, technology upgradation and wider client reach.

Mr. Sachin Shah

DesignationFund Manager

EducationCFA (ICFAI), B.COM

Roles and responsibilities at EmkayMr. Shah has extended his 18 years of experience in the Portfolio Management space with Emkay. His 5-year journey at Emkay has involved managing the portfolios. Most importantly, though, he’s provided valuable inputs in the establishment of a well-documented investment process—a key reason behind our splendid performance. He’s also played a pivotal part in the development of Emkay Portfolio Management Service’s proprietary module - E-QUAL RISK, which helps evaluate and compare listed companies objectively on major factors like management integrity and capability, wealth distribution to minority shareholders, information to shareholders, and liquidity.

Mr. Rahul Rege

DesignationBusiness Head – Retail

EducationB.Com; Accountancy & Economics

Roles and responsibilities at EmkayHe started his career as an Equity Research Analyst over two decades ago. Today, though, he heads Emkay’s Retail business and puts to good use his acumen in institutional and non-institutional retail broking. He has been with Emkay for nearly a decade now, adding to our basket of valuable expertise his key competencies—sharp business acumen, sound understanding of retail segment, excellent leadership skills & people management.

Mr. Sandeep Sharma

DesignationHead – Investment Banking

EducationMBA from the University of Michigan

Roles and responsibilities at EmkayWith more than 20 years of industry experience, Mr. Sharma shares his expertise as the Co-Head of Emkay’s Investment Banking team. He also oversees assignments and client requirements related to corporate finance and business strategies.

Mr. Ajay Parmar

DesignationCo-Head, Investment Banking

EducationB.Com; CA

Roles and responsibilities at EmkayIt helps to have two decades’ worth experience in the fields of Chartered Accountancy, Equity research and Consultancy when you are at the helm of Emkay’s investment banking division. As the co-head, Mr Parmar oversees the origination of deals in the Equity Capital Markets and Private Equity space. He brings to the table his excellent understanding of revenue models of corporate, financial numbers and earnings models as well as his specialized knowledge of industries like consumer goods, banking, infrastructure, pharma, IT, financial services and agriculture. He also offers his deft hand in deal structuring, financial modeling and valuations of deals.

Ms. Divya Gandhi

DesignationHead – General Insurance Broking and Principal Officer

EducationB.Com; CA; Associate of Insurance Institute of India; Certified Arbitrator by ICAI

Roles and responsibilities at EmkayWith over 25 years of experience in the General Insurance industry, Mrs Gandhi efficiently heads Emkay’s Insurance business through the optimal mix of strong interpersonal and leadership skills as well as sound knowledge of the industry. She personally overlooks the marketing of insurance products through innovative ideas and motivating marketing channels. Her hands-on experience in all aspects of insurance – right from product development, financial and channel management to marketing insurance products – has helped Emkay form new relationships with underwriters and get the best risk coverage possible from the market.

Mr. Rajesh Sharma

DesignationChief Operating Officer

EducationChartered Accountant

Roles and responsibilities at EmkayIt takes decades of experience to ensure your systems and processes are designed such that they run smoothly. And that’s why Mr. Sharma, with his 24 years of experience in the financial services industry, is responsible for the entire operations vertical at Emkay. This includes duties related to strategic planning, implementation, execution, the setting up of systems, procedures and internal controls, back office operations, accounts and finance, risk management and surveillance, depository and settlement, legal and compliance functions, KYC, and administration. In short: Mr. Sharma is the brains behind ensuring that all of Emkay’s operations run flawlessly. Most importantly, Mr. Sharma ensures Emkay has minimal reputations risks by establishing risk mitigation controls that are tested at the operations level. In fact, he personally overlooks assignments on Process Reengineering and Automation of Processes to ensure scalability of operations and reduce manual dependency.

Mr. Saket Agrawal

DesignationVice President - Accounts and Finance

EducationB.Com; FCA; DISA(ICAI) and MBF(ICAI)

Roles and responsibilities at EmkayWith decade years of association with Emkay, Mr. Agrawal is responsible for the entire accounting, finance, taxation and audits of all the Emkay group companies.

Bhalchandra M.Raul

DesignationCompany Secretary

EducationB.Com(Hon); LLB; FCS; CAIIB

Roles and responsibilities at EmkayThe financial and capital markets are thoroughly regulated. It’s imperative that a Financial Services company like Emkay meet all the rules and requirements set by the regulator. This is where Mr. Raul comes into the picture. His responsibility to ensure timely compliance with the Companies Act, the listing requirements as well as the SEBI guidelines is no simple duty, especially in the light of various new changes being made from time to time. And this, though, is easier said than done. Mr. Raul ensured that Emkay drafted correct provisions independently without help from regulator specimens in the various Acts and Rules.

Mr. Shishir Dhulla

DesignationChief Technology Officer

EducationCISA; Microsoft Certified Professional

Roles and responsibilities at EmkayWith 16 years of diverse IT experience, Mr. Dhulla heads Emkay’s IT strategy, operations, service management and technology finance services. In this capacity, he puts to good use his experience in setting up and managing mission-critical DMA; algorithmic trading; SOR & IOB trading platforms; middle office; back-office and equity research platforms.

At Emkay, Mr. Dhulla ensures we apply simplified solutions for complex requirements. By shifting into a strategic role at Emkay, he helps the company in its journey to become a process-driven organization and make optimum use of the extensive knowledge and expertise that resides within the organization.

Ms. Ruth Singh

DesignationHead - Human Resources

EducationPost Graduate in HR from TISS; Management development programmes and Certifications in HR.

Roles and responsibilities at EmkayNo organization can function without people, and ensuring the health of this system is Ms Singh, the person behind all the people in Emkay. As the head of Human Resources at Emkay, she has been instrumental in starting Employee Development programmes, redesigning the talent management systems, revamping all the Human Resource policies, restructuring the Employee Policy Manual to make it a comprehensive and informative tool for employees, and also facilitating exercises on leadership and skill development. Her key responsibilities include handling compensation and benefits, OD interventions, employee engagement, performance management and monitoring systems. She works closely with the Business Heads to chalk out the HR strategy, find the right talent, engage and motivate the team, create individual development plans to optimize the productivity and effectiveness of Emkay’s Human Resources. And this is why she’s been awarded as one of the 40 Most Talented HR Leaders in 2014 as well as the 100 Most Influential HR Professionals in Asia 2015 by Asia Pacific HRM Congress.

Mr. Manish Verma

DesignationHead of Distribution, PMS & TPP

EducationB.Com; LL.B and Masters of Management Studies

Roles and responsibilities at EmkayWith Emkay, you also get access to a whole array of third-party products and services that can improve your investments and weath. Mr Verma oversees this tie-up with third party investment houses. He is also responsible for the distribution of our Portfolio Management Services along with the third-party products. So if you ever want details of our PMS and third-party product bouquet, Mr. Verma may be your go-to person.