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Leadership Team

Ajay Mahajan
Piyush Wadhwa
Jayen Shah

Ajay Mahajan


Mr. Ajay Mahajan is the Head of Financial Markets Group at IDFC Limited. He has over 23 years of experience in the banking industry.

Mr. Mahajan started his career with Bank of America in 1990, where he last served as Managing Director & Country Treasurer responsible for all financial markets, balance sheet management and capital markets businesses. After 14 years with Bank of America, he joined the founding team of YES BANK, a Greenfield bank, serving as Group President of Financial Markets, Institutions and Investment Management. This was a very entrepreneurial role as it involved setting up various functions in the Bank from scratch.

In 2008, Mr. Mahajan joined UBS to build their banking franchise in India when they got licensed by RBI to commence banking operations in India. This was an equally entrepreneurial role building a foreign bank's capabilities, processes and clients business in the country and leading the team as the Managing Director.

In the course of the last two years, Mr. Mahajan stepped away from formal employment to set up his entrepreneurial ventures. He was Managing Partner and Co-Founder of R-Square Advisors, an investment management and market risk advisory firm, where he provided quant-oriented risk management, fixed income and credit modeling solutions to clients. Earlier he also founded FICC Capital, with the objective of building a structured credit business.

Mr. Mahajan has served as a Director on the Board of Fixed Income, Money Markets and Derivatives Association of India (FIMMDA), promoted by banks and financial institutions to facilitate the development of securities and derivatives markets in India.

He has a Masters from Faculty of Management Studies and has B.E. (Hons) in Electrical and Electronics Engineering from BITS Pilani and CFA from the CFA institute, USA.