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Management Team

Devika Shah has assumed office as the MD & CEO with effect from January 1, 2018.

Devika comes with over 30 years of rich experience with BSE & has deep understanding of the exchange and clearing corporation related operations and regulations. During her tenure at BSE, she has headed various functions, in the areas of regulatory & business, including surveillance, investigation & inspection, trading operations, clearing & settlement, listing membership, Investor Protection Fund, business development, accounts, legal & regulatory communications.

She holds a Bachelors in Commerce degree from the University of Mumbai & is a Fellow member of the Institute of Chartered Accountants of India.


Tushar S. Ambani, Chief Risk and Regulatory Officer, Indian Clearing Corporation Ltd. (ICCL)

Tushar S. Ambani is Chief Risk and Regulatory Officer, Indian Clearing Corporation Ltd. (a wholly owned subsidiary of BSE). He is associated with BSE group for more than 38 years. He has exhaustive knowledge of Stock Exchange and Clearing Corporation functions. He handles Risk Management and Regulatory functions at Indian Clearing Corporation Ltd.

In his previous assignment at ICCL as Chief Operating Officer, he handled operational functions pertaining to Clearing and Settlement for various segments of ICCL and various development projects pertaining to Clearing and Settlement for existing segments and new segments of ICCL.
Nimeshkumar Mistry has assumed office as the Chief Financial Officer with effect from November 07, 2019.

Nimeshkumar heads all finance, accounting, treasury and taxation functions at the Clearing Corporation. Nimeshkumar has experience over 15 years with BSE and other corporate entities. During his tenure at BSE, he was looking at finance functions and taxation, designated as Additional General Manager at BSE.

He holds a Bachelors in Commerce degree from Mumbai University, He is a qualified Chartered Accountant
Vaisshali Babu joins ICCL team as COO with effect from 1st Dec ’22.

Vaisshali is a capital market veteran with overall experience of 30 years spread across securities services. Her experience spread across custodian business, product, relationship management, operations management, project management including compliance and audit. Vaisshali is very active in various industry groups and has worked closely with Indian regulators on the topics related to development of Indian capital market.

Vaisshali holds master’s degree in commerce from Mumbai University with business administration qualification from Symbiosis. She has credentials of executive programmes from IIM Bangalore, IIM Rohtak and IIM Calcutta and is member of Institute of Directors. She was recognised as “India’s top 100 women in finance” by AIWMI in 2019 and awarded “ Best in Custody” at the Women in Finance Asia Awards in 2022.