Leadership
Viraj Kulkarni
Founder & CEO
Viraj Kulkarni is the Honorary Consul of Cyprus in Mumbai, for the Maharashtra Jurisdiction.
He is the founder of PIVOT Management Consulting Pvt Ltd., Asia’s largest Consulting Company in custody space(India, Singapore, Cyprus). PIVOT in 2023 was recognised globally as a “Rising Star” Consulting Firm of the year in the Market and Infrastructure segment by Regulation Asia. In May 2024 & 2025, PIVOT was recognised by Global Custodian for “Innovation in Securities Services Consulting” and “Innovation in Securities Services Advisory”.
He is a Fellow member of the Institute of Company Secretaries of India and has over 34 years of in-depth and diverse exposure to emerging and advanced capital markets.
Viraj’s extensive work experience spans over 12 years across three of the top five Global Custodians as Country Head of Securities Services with Citibank (India and Switzerland), JPMorgan Chase, and BNP Paribas. He also established operations at Morgan Stanley Securities Services in India and was part of the management team of the Investor Services Division at the Bombay Stock Exchange (BSE). He is a Certified Independent Director from the Indian Institute of Corporate Affairs.
In 2013, he was recognised by Global Custodian for leadership in India through the APAC industry nomination. In 2019, Global Custodian named him one of the Global 30 Securities Services Experts.
India’s GC Legend: In 2022, Viraj was inducted as a GC Legend in the GC Hall of Fame. He is the first India-based Legend among the 351 worldwide, across 108 countries in the 317 Trillion Custody Industry.
During 2022–23, Asian Development Bank appointed Viraj to mentor entrepreneurs in India, Vietnam, Cambodia, and Thailand for its PROFIT Project. In 2024, he was recognised as a Change Maker by Making India Employable. He is also part of the international Jury for a prominent Global Industry event based in UK.
Viraj is a Director at PIVOT Consultants (Cyprus) Ltd. (www.pivotcyprus.com), an independent Director at Motilal Oswal Trust Company, and at Bharat Forge Investments Limited. He is the Chairman of the International Trade & Commerce Committee of the Bombay Chamber of Commerce and Industry. Viraj has participated in industry committees in India and Switzerland.
He is a member of the Private Equity, Venture Capital, and Capital Markets Committee of the Bombay Chamber of Commerce and Industry. He was on the IMC’s Alternative Funding (PE + Capital Market) committee. He is also part of the Equity Markets working group of CII. Additionally, he serves on the Board of Studies (CM) at Guru Nanak College of Arts, Science & Commerce. This, besides being a Rotarian.
His over 40 papers on capital markets have been published worldwide and locally by leading publications, a few rank as the most read globally.
Dilip Kakwani
Consulting Director
Dilip Kakwani is at the helm of PIVOT’s Broking and Capital Market Infrastructure vertical, bringing with him an impressive 30 years of specialized expertise. Throughout his career, he has cultivated a deep understanding of capital markets, with particular strengths in listed derivatives clearing and settlement, agency lending, and PCM operations.
With a solid background in product development and innovation, Dilip excels at strategic business planning, automation, and enhancing operational efficiency. His skills also extend to risk management and compliance, as well as banking and custody services, making him a well-rounded leader in the industry.
Dilip’s journey includes key positions at prestigious institutions such as Axis Bank Limited, Indian Clearing Corporation Limited, IL&FS Securities Services Limited, and the Dalal Street Journal Group. His strategic insights and hands-on operational knowledge are invaluable as PIVOT strives to deliver transformative solutions that impact the capital market ecosystem. With Dilip’s leadership, the team is well-equipped to navigate the complexities of the financial landscape and drive meaningful change.
Gautam Rudra
Consulting Director
Mr. Gautam Rudra brings in a rich and distinguished 34 years of Global and Local expertise and experience across Securities Services post trade in Custody, Clearing, Asset Services, General Counterparty, Depository, Banking, Risk, and best practices. He participated in MAS’s project guardian initiative to enhance financial markets through asset tokenization. He also worked on digital bond listing framework in Singapore. He previously served in Securities Services
product and operational management roles at Citigroup, and at Singapore Stock Exchange as Head of Post Trade.
Hemant Nagar
Consulting Director
Hemant M. Nagar is a highly experienced financial services executive with over 22 years dedicated to Asset Management, Fund Accounting, and Custody Services. He currently serves as the Consulting Director of the Fund Accounting division at PIVOT.
Throughout his career, Hemant has honed his skills in leadership roles at prestigious financial institutions like Citibank, HSBC, JP Morgan, and Franklin Templeton. His deep expertise spans strategic product development, managing complex transitions, client onboarding, revenue optimization, and profitability enhancement. He is also well-versed in NAV calculation and oversight, technology solution architecture, and the intricacies of the UCITS regulatory framework. Colleagues and clients know him for his commitment to operational excellence, strong team leadership, and nurturing effective client relationships.
Beyond his professional accomplishments, Hemant is a qualified Chartered Accountant (with honors) and holds a Bachelor of Commerce degree from Mumbai University. His career is marked by a proven track record of crafting and executing strategic initiatives, spearheading technological innovation, and providing exceptional client service in diverse global markets. Hemant’s passion for his work and dedication to helping clients succeed set him apart in the industry.
Madan Kore
Consulting Director
Madan Kore leads the Global Consulting division at PIVOT, bringing an impressive 32 years of rich experience in areas like custody services, fund accounting, banking operations, risk management, and audit processes. Throughout his career, he has held senior management positions at prestigious financial institutions such as Citigroup, State Street, Syntel, E-serve, UCO Bank, and UTI Bank.
Madan’s leadership and expertise empower our clients to reach new heights and navigate the complexities of global business with confidence.
R. Anand
Consulting Director
R. Anand is the driving force behind the Operations Advisory vertical at PIVOT, bringing with him over thirty years of rich experience in the capital markets. His journey is marked by a significant achievement: he was instrumental in setting up India’s very first custodial operation, a landmark development that transformed the country’s financial landscape.
With a diverse skill set that includes strategic operations management, business development, risk analysis, and client relationship excellence, Anand thrives on optimizing processes and crafting effective service level agreements (SLAs). He also played a crucial role in launching the Foreign Portfolio Investor (FPI) division, showcasing his expertise in market analysis, trend evaluation, and revenue enhancement.
Throughout his career, Anand has held influential management roles in prominent custodian banks, stock exchanges, and banking institutions. He has a knack for devising comprehensive business strategies that enhance organizational performance and for establishing robust operational frameworks coupled with effective risk management solutions. Additionally, he has led innovative product development initiatives and meticulously planned network strategies.
Anand is not just a leader in his field; he actively contributes to various regulatory and advisory committees. He’s a sought-after speaker at industry forums, both internationally and domestically, and is recognized as a thought leader in capital markets operations and strategy. With his depth of knowledge and passion for the industry, Anand continues to shape the future of capital markets.
Dr. Rajeev Uberoi
Consulting Director
Dr. Rajeev Uberoi brings over 35 years of leadership experience in regulatory affairs, as well as international and domestic banking, to PIVOT’s Governance and Compliance division. Throughout his career, he has held prominent positions at India’s banking regulator and at prestigious institutions like Grindlays, Citibank, Standard Chartered, and IDFC Group.
Dr. Uberoi has played a pivotal role in establishing India’s first Infrastructure Debt Fund through the mutual fund route and has successfully set up broker-dealer operations in the USA. Furthermore, he collaborated with a leading Indian educational institution to develop an innovative curriculum in infrastructure law.
He has expertise in governance, risk, and compliance excellence and shows strategic leadership in mergers, demergers, and acquisitions. Dr. Uberoi is adept at developing comprehensive business strategies, designing robust regulatory frameworks, and creating effective risk management systems. His work promotes constructive engagement with government agencies and lawmakers, enabling him to provide valuable strategic counsel on complex regulatory issues.
Dedicated to advancing forward-thinking compliance solutions, Dr. Uberoi also helps shape industry best practices through his thought leadership. His analytical skills and strategic problem-solving approach significantly enhance PIVOT’s advisory capabilities in governance and regulatory compliance.
Sukhdeep Singh Pannu
Consulting Director
Sukhdeep Singh Pannu is the Founder of Quant Before Coffee, a venture focused on combining financial expertise with data-driven insights to create innovative solutions for investors and advisors. With a career spanning global banks and fintech, he brings deep knowledge of custody, wealth management, investment research, and client experience transformation.
Previously, Sukhdeep served as Senior Vice President, CX Strategy & Intelligence at BNY Mellon, where he led strategic initiatives to enhance client engagement across financial institutions, asset managers, and high-net-worth clients. He also founded WealthPhi by Bombay Fintech, a platform enabling financial advisors and family offices to manage portfolios through automated data and analytics. Earlier, at Morgan Stanley, he contributed to research and insights in investment banking.
An MBA graduate from Wigan & Leigh College, Mumbai, Sukhdeep combines entrepreneurial drive with global financial expertise, making him a valued advisor on strategy, innovation, and technology-led transformation.
