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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 Ambani has been associated with BSE Ltd since 1984. He has exhaustive knowledge of Trading, Clearing & Settlement systems and processes of Stock Exchange and Clearing Corporation.

He has a rich experience of over 29 years. Tushar Ambani handles day to day operational functions pertaining to Clearing and Settlement activities of ICCL for various segments of BSE viz. Equity Cash Segment, Equity Derivatives Segment, Currency Derivatives Segment, Securities Lending and Borrowing (SLB), Indian Corporate Debt Market (ICDM) and Mutual Funds Segment. He also handles Clearing and Settlement activities of ICCL for Currency Derivatives Segment of United Stock Exchange of India Ltd. Additionally, he handles various development projects pertaining to Clearing and Settlement processes for existing segments and new segments of Indian Clearing Corporation Ltd.

Ms. Myna Venkatraman is the Chief Financial Officer of ICCL. She heads the Finance and Accounts functions at ICCL. She is a Chartered Accountant with an experience of over 24 years spanning industry segments like Capital Market, Non-Banking Finance and Information Technology.

She has a diverse experience in domains like Finance, Accounting, Compliance and Corporate tax. She is well versed with IGAAP, IFRS and Indirect Taxes. Prior to joining ICCL, she was with the Hewlett Packard Financial Services, Dawn Consulting, Cazenove India and National Stock Exchange of India Limited (NSE) in various capacities.

Myna is a member of the Institute of Chartered Accountants of India and has graduated from Mumbai University.

Piyush Chourasia is the Chief Risk Officer and heads the Strategy function at ICCL. He is responsible for setting up and implementing the risk management procedures in compliance with SEBI guidelines and testing the adequacy of risk management measures with Indian as well as international benchmarks including the CPMI, BIS, IOSCO, EMIR, Dodd-Frank, among others. He is also responsible for policy making and conceptualising new product innovations and risk management frameworks for the BSE Group. He is part of various Committee sub-groups and Working Groups at SEBI and RBI, and has contributed to various Government committees and reports on financial markets. He is a member of the Capital Markets committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He is also a member of the Post Trade Working Group of the World Federation of Exchanges and the IOSCO AMCC Working Committee on Distributed Ledger Technology.

In his previous assignments, he was instrumental in setting up and operationalising United Stock Exchange of India Ltd. (USE), a Pan-India Currency Derivatives exchange, where he also used to head the Compliance, Corporate Affairs & Strategy functions. Prior to joining USE, he has worked on introducing Exchange Traded Currency Derivatives in India at SEBI.

Piyush has a B. Tech from NIT Nagpur and a PGDM from IIM Ahmedabad.