{{Short description|Indian businessman (born 1963)}} {{Multiple issues| {{COI|date=June 2018}} {{Undisclosed paid|date=January 2019}} }} {{Infobox person | name = Rashesh Shah | image = Rashesh Shah - Edelweiss Group.jpg | caption = Chairman & CEO of the Edelweiss Group | education = Bachelor of Science degree in statistics, KC College<br />MBA, Indian Institute of Management Ahmedabad, 1989 | occupation = Finance | known_for = Financial Advisor | birth_date = {{Birth date and age|1963|09|30|df=yes}} | spouse = Vidya Shah | children = (2) Neel, born in 1995 and Avanti, born in 2000 }}
'''Rashesh Shah''' (born 30 September 1963) is an Indian businessman, chairman and CEO of the Edelweiss Group. Also, he is one of India's leading diversified financial services conglomerates.<ref name=":0">{{Cite web|url=http://www.livemint.com/Leisure/NvLD1Mro2zBZuifoVvHrcO/The-trickledown-effect.html|title=The trickle - down effect|website=Livemint}}</ref> He is also the co-founder of Edelweiss Financial Services Limited (EFSL).<ref name="forbes-article">{{Cite web|url=http://forbesindia.com/article/boardroom/how-edelweiss-built-a-business-for-the-long-run/39907/1|title=How Edelweiss built a business for the long run|last=Panchal|first=Salil|date=Apr 1, 2015|website=Forbes India|publisher=|access-date=}}</ref><ref name=":0" />
==Early life and education== Rashesh Shah was a student of Bharatiya Vidya Bhavan and Manav Mandir High School in Mumbai. He completed a Bachelor of Science degree in statistics from KC College, Mumbai, and spent a year studying exports at the Indian Institute of Foreign Trade (IIFT), Delhi.
After that, he completed his MBA from the Indian Institute of Management (IIM), Ahmedabad in 1989. Post graduation, he joined ICICI and later co-founded Edelweiss Group with Venkat Ramaswamy in November 1995.
==Family== Born in a Gujarati family, Rashesh Shah was the first in his family to attend an English-medium school.<ref>{{Cite news |last1=Antony |first1=Anto |last2=Shirodkar |first2=Ravil |date=2019-04-05 |title=From an analyst to a head of $1 billion financial conglomerate: Story of Edelweiss' Rashesh Shah |url=https://economictimes.indiatimes.com/markets/stocks/news/from-an-analyst-to-a-head-of-1-billion-financial-conglomerate-story-of-edelweiss-rashesh-shah/articleshow/68737788.cms?from=mdr |access-date=2024-09-21 |work=The Economic Times |issn=0013-0389}}</ref> He is married to Vidya Shah, CEO of EdelGive Foundation,<ref name="rediff">{{Cite web|url=http://www.rediff.com/money/2008/mar/11bspec.htm|title=Shah: The man who makes 'crorepatis'|last=Bhargava|first=Anjuli|date=Mar 11, 2008|website= Rediff.com}}</ref> and with whom he has two children: Neel, born in 1995, and Avanti, born in 2000.<ref>{{Cite web |last=Choudhary |first=Sonya |date=Nov 19, 2010 |title=The trickle-down effect |url=http://www.livemint.com/Leisure/NvLD1Mro2zBZuifoVvHrcO/The-trickledown-effect.html |archive-url=https://web.archive.org/web/20121103001821/http://www.livemint.com/Leisure/NvLD1Mro2zBZuifoVvHrcO/The-trickledown-effect.html |archive-date=2012-11-03 |website=Live Mint}}</ref><ref name="vidya-shah-message">{{Cite web|url= http://articles.economictimes.indiatimes.com/2014-03-03/news/47859388_1_rashesh-edelweiss-gender-diversity|archive-url= https://web.archive.org/web/20151017142057/http://articles.economictimes.indiatimes.com/2014-03-03/news/47859388_1_rashesh-edelweiss-gender-diversity|url-status= dead|archive-date= October 17, 2015|title='Fear sets in if you don't grab opportunities,' is Vidya Shah's message for women|last1= Zachariah|first1= Reeba|last2= V K|first2= Vipashana|date=Mar 3, 2014|website=The Economic Times}}</ref>
==Career== He left his position at Prime Securities to co-found Edelweiss with Venkat Ramaswamy.<ref name="anniversary special">{{Cite web |last=Shah |first=Rashesh |date=Jun 16, 2013 |title=Rashesh Shah: Every setback is an opportunity to recalibrate |url=http://forbesindia.com/article/fourth-anniversary-special/rashesh-shah-every-setback-is-an-opportunity-to-recalibrate/35347/1 |website=Forbes India}}</ref> The company was established in November 1995 and began operations in February 1996. <ref name=":1">{{Cite web |date=Jun 6, 2014 |title=Rashesh Shah's journey from a small office in Nariman Point to Edelweiss House |url=https://economictimes.indiatimes.com/magazines/corporate-dossier/rashesh-shahs-journey-from-a-small-office-in-nariman-point-to-edelweiss-house/articleshow/36122906.cms |website=The Economic Times}}</ref> 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.<ref name="rediff" />
In 2000, the 10-employee company crossed a capital mark of {{INR|5 crores}} and became a Category-1 merchant bank.<ref name="anniversary special" /> Currently, Rashesh and Vidya Shah hold nearly 27% stake in Edelweiss.<ref name="vidya-shah-message" /> The company has an asset base of {{INR|48,000 crore}} and a net worth of {{INR|5,400 crore}}.<ref name="rashesh-bod">{{Cite web |title=Edelweiss Board of Directors |url=http://www.edelweissfin.com/Home/AboutUs/BoardofDirectors.aspx |website=Edelweiss Financial Services}}</ref> 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.<ref name=":0" /> He has also held the chair of the National Council on Capital Markets formed by the Associate Chambers of Commerce and Industry of India (ASSOCHAM)<ref name="about-rashesh">{{Cite web |title=About Rashesh Shah |url=http://www.edelweissfin.com/Home/AboutUs/RasheshShah.aspx |website=Edelweiss Financial Services}}</ref>
He served as the President of the Federation of Indian Chambers of Commerce and Industry (FICCI)<ref>{{Cite news|url=https://www.indiatoday.in/pti-feed/story/rashesh-shah-takes-over-as-ficci-president-1107592-2017-12-14|title=Rashesh Shah takes over as Ficci President|work=India Today}}</ref> for 2017–18.
A regular commentator on macroeconomic 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 and the Insolvency Law Committees.<ref>{{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/rbi-sets-up-task-force-on-public-credit-registry/article9920197.ece|title=RBI sets up task force on 'Public Credit Registry'|work=Hindu Business Line}}</ref>
==Awards and recognition== Rashesh Shah, Co-founder and Chairman of the Edelweiss Group, has received several awards and recognitions throughout his career for his contributions to the financial services sector and his leadership in corporate social responsibilities.
===Awards and honors===
* Entrepreneur of the Year Award Finalist (2017):Shah was a finalist for the Entrepreneur of the Year Award in 2017, acknowledging his significant contributions to the financial services industry. * National CSR Award (2019): Under Shah's leadership Edelweiss Financial Services Limited received the National Corporate Social Responsibility (CSR) Award in 2019. The award, presented by the President of India, acknowledge the company's commitment to impactful social initiatives ([https://www.edelgive.org/wp-content/uploads/sites/3/2020/04/Edelweiss-Financial-Services-Limited-wins-National-CSR-Award-1.pdf Source]).
==Allegations==
In January 2020, the Enforcement Directorate issued summons to Edelweiss Group and Shah to join a case involving an alleged INR. 2,000 crore violation of FEMA provisions. This pertains to Mumbai-based Capstone Forex Pvt. Ltd.<ref>{{Cite news |last=Upadhyay |first=Jayshree |date=10 January 2020 |title=Edelweiss chief Rashesh Shah gets ED's summons |url=https://www.livemint.com/companies/news/edelweiss-chief-rashesh-shah-gets-ed-s-summons-11578674644838.html |access-date=21 September 2024 |work=Livemint}}</ref> Rashesh Shah has rejected allegations of FEMA violations.<ref>{{Cite news |title=Rashesh Shah rejects allegations of FEMA violations |url=https://www.thehindubusinessline.com/companies/rashesh-shah-rejects-allegations-of-fema-violations/article30550321.ece |work=Hindu Business Line}}</ref>
==Philanthropy== He is involved in the EdelGive Foundation, Edelweiss's philanthropy arm, which was set up in 2008 by his wife Vidya, to provide expertise in the financial sector to the not-for-profit sector.<ref name=":0" />
==References== {{Reflist}} ==External links== * [https://www.edelweissfin.com/ Edelweiss official website]
==Further reading== * {{Cite news |last=Adhikari |first=Anand |date=7 August 2023 |title=All about Edelweiss' Rashesh Shah, the man whose firm is under scanner for death of art director Nitin Desai |url=https://www.businesstoday.in/industry/banks/story/who-is-rashesh-shah-whose-firm-edelweiss-is-under-attack-for-death-of-art-director-nitin-desai-393165-2023-08-07 |access-date=21 September 2024 |work=Business Today (India)}} * {{Cite news |last1=Das |first1=Saikat |last2=Redmond |first2=Tom |date=1 February 2023 |title=Ex-Banker Who Built Financial Empire Warns of India's Complexity |url=https://www.bloomberg.com/news/articles/2023-02-01/ex-banker-who-built-financial-empire-warns-of-india-s-complexity |access-date=21 September 2024 |work=Bloomberg News}} {{DEFAULTSORT:Shah, Rashesh}} Category:Living people Category:1963 births Category:Indian chairpersons of corporations