Leadership Team

Leadership Team

Our Leadership Team is well adept to the systems that prevail in the business environment and financial markets of India with a clear conviction that they are participating in a global village. They have well established relationships within major source markets.

TRUSTCAP believes in managing its business on strategic vision and responsive maturity. The governing board comprises senior members with exceptional track record and long experience in Banking, Economics, Industry and Government in India and overseas.

Board of Directors

Mr. Rai possessed wide international banking experience and handled the largest foreign loan portfolio for State Bank of India in the Middle East and Gulf. He was associated with the Banking industry throughout his career and his assignments include of working as “Officer on Special Duty” in the Banking Division of the Ministry of Finance, Government of India. He also served on the Board of Governors of IIT - Delhi.

Important Assignments and Experience

  • Faculty Member in a Constituent College of the University of Delhi for a year.
  • Resident Representative, SBI, Tehran for over two and a half years.
  • General Manager of SBI’s Offshore Banking Unit at Bahrain for about three years. The OBU had at that time, SBI’s most active Dealing Room, both for foreign currencies and money markets. Also managed the largest foreign loan book of the Bank.
  • Chief General Manager of the State Bank of India’s Lucknow and Calcutta Circles Also, Member and Secretary of the Boards for these two Local Head Offices.
  • Managing Director of SBI Funds Management Limited, Bombay, the first Asset Management Company registered in India which manages the SBI Mutual Fund. Was concurrently Member of Supervisory Board of Directors of India Magnum Fund launched jointly by Morgan Stanley and State Bank of India.
  • Chairman & Managing Director of Allahabad Bank. Concurrently held the post of Chairman, AllBank Finance Limited - the Bank’s wholly owned subsidiary Company, engaged in Merchant Banking, leasing and other financial services.

As Advisor to Governor of UP he has held the portfolios of Power, PWD, Forests and T Department. As Advisor to Governor of Jammu & Kashmir he held the portfolios of Industries, Power, PWD, Agriculture and Horticulture.

Mr. Goswami was also Director General, Tourism Government of India. He has also been at the helm of affairs at the Indian Tourism Development Corporation, which is the hospitality and hotel arm of the Government of India.

He has co - authored two books on tourism entitled "Textbook of Tourism" and “Textbook of Indian Tourism". He is associated with a number of educational and social organisations. He is on the governing board of Amity Business School and Sringeri Sankaracharya Institute of Management. He is Chairman of Vinod Gupta Charitable Foundation.

He has continued his passion for the hospitality segment and continues to be on the board of several hotel owning and managing companies.

Members Boards of Directors

  • Jaiprakash Power Ventures Ltd.
  • Taj Kerala Hotels and Restaurants Ltd.;
  • Choice Hotels
  • Jaypee Greens
  • Quest Venture Co - Ordinators (P) Ltd
  • Mata Securities (P) Ltd
  • Great India Aviation Ltd.
  • New Kennilworth Hotels Ltd.
  • Unisons Hotels Ltd.
  • Jagson Airlines
  • American Hotels & Restaurants (P) Ltd.
  • Blue Coast Hotels Ltd.
  • L.H. Sugar Factories Ltd.
  • Trustcap Private Limited.

Past positions held include

  • Deputy Commissioner / District Magistrate Garhwal, Nainital, Allahabad and Delhi
  • Director, Tea Promotion Sydney (Australia) for 31 / 2 years
  • Chairman, Tea Board of India for over five years.
  • Commissioner Meerut Division (UP) for about three years
  • Chief Secretary, Government of Jammu & Kashmir (1986 - 87)
  • Director General Tourism, Government of India
  • Secretary Tourism Government of India
  • Advisor to the Governor of UP (1993) held portfolio of “Power” besides some other departments
  • Advisor to the Governor of Jammu & Kashmir (1994 - 96) - was incharge of Power portfolio as Advisor.
  • Received the “Hall of Fame Award” instituted by the Indian Association of tour Operators.
  • Was key note Speaker at WTO – sponsored International Seminar held at Islamabad in December, 1990.
  • Lectured on tourism at Luftansa Training Academy, Seaheim (Germany in year 1989.
  • Chairman Task Force on tourism constituted by the Government of Kerala in 1994 - 95
  • Member National Committee on Eco - tourism and Mountains Constituted by the Government of India in April 2002 under the Chairmanship of Union Tourism Minister.
  • Was Advisor P.W.C (Price Water Cooper) on a project “Vision 2020 sponsored by the Government of Rajasthan (India)
  • Was Chief Co - ordinator of SDR (Special Development Report) in respect of the State of Jammu & Kashmir commissioned by Planning Commission (2002-03)
  • Was key note Speaker at WTO - sponsored International Seminar held at Islamabad in December, 1990.

Public Positions

  • Trustee of Mata Vaishno Devi Shrine Board for over 10 years
  • Visiting Professor, Department of Management Studies Devi Ahilyabai University, Indore
  • On the Governing Board of Amity Business School, Noida
  • On the governing Board of Sringeri Shankaracharya institute of Management, New Delhi
  • Chairman of Vinod Gupta Charitable Foundation, New Delhi
  • On the Governing Board of Khaitan Public School, New Delhi
  • On the governing board of MAI (Modi Apollo International Institute) New Delhi
  • Co - Author of
    - Textbook of Tourism
    - Textbook of Indian Tourism
  • Chairman, “Ajivaka”, an NGO which works among slum dwellers, rag pickers and street vendors of Delhi.

He was Director - General of NCAER (National Council of Applied Economic Research). As the first Chairman of the Central Electricity Regulatory Commission he established it as an expert and independent agency. He has written or edited fourteen books, many papers and hundreds of articles. Among his earlier books are Successful Negotiation (1994), Indian Market Demographics - the consuming classes (1996), and Elephants Can’t Dance - Managing in a Reforming Economy (2001), Governing Power (2004). He is on the Boards of companies (like Reliance Energy, Honeywell Automation India Limited), Institutes for research and management (like IIM Lucknow, National Institute for Health and Family Welfare, Research and Information Systems for developing economies), and not - fo - profit organizations (like Aga Khan Foundation of India, Madras Craft Foundation, Sanskriti Foundation).

Present Positions

  • Distinguished Fellow, The Energy And Resources Institute (TERI)
  • Columnist: Telegraph, Deccan Herald

On the Board of Directors at

  • Honeywell Automation India Limited, Pune.
  • Kanoria Chemicals & Industries Ltd
  • RAIN CII Carbon Limited
  • Reliance Infrastructure Limited
  • Reliance Power Limited
  • Trustcap Private Limited., Bombay
  • Insight Alpha Private limited
  • RPower Trustee Company Private Limited

Institutional Boards/Trusts

  • Institute for Social and Economic Change
  • Aga Khan Foundation, India Committee.
  • Indian Institute of Management, Lucknow.
  • Bangalore Chamber of Commerce and Industry: Member, Energy Committee.
  • Chairman of the Academic Council and Member of Board of Governors, Institute for Integrated Learning in Management
  • Member, State Advisory Committee, Karnataka Electricity Regulatory Commission
  • Member, State Advisory Committee, Joint Electricity Regulatory Commission
  • Member, Council of Management, All India Management Association


  • Madras Crafts Foundation
  • CIRC-CUTS Institute of Regulation and Competition, Jaipur.
  • Bangalore International Centre.
    Editorial Advisory Board
    1) International Journal of Regulation and governance, TERI
    2) Journal of Management and Entrepreneurship, Xavier Institute of Management and Entrepreneurship

Past Membership

Institutional Boards

Bhartidasan Institute of Management, Tiruchy; Executive Committee, FICCI (Federation of Indian Chambers of Commerce & Industry); Indian Institute of Management, Bangalore; Advisory Board, Centre for Policy Studies, IIM Bangalore; Management Development Institute, Gurgaon; Founder-Chairman, Forum of Indian Regulators from 1998-2002; Advisory Board, TERI, Delhi; Founder Trustee, Citizen Consumer and Civic Action Group, Chennai; Trustee, Consumer Education & Research Centre, Ahmedabad; Indian Institute of Foreign Trade, Delhi; Chairman, Board of Studies, Centre for Management Education, All India Management Association, Delhi; RIS- Research and Information Systems for Non-Aligned and Developing Countries, Delhi; FAIR, Foundation to Aid Industrial Recovery; National Institute of Health & Family Welfare, Delhi; Association of Leasing and Financial Services Companies, Bombay; Sanskriti Foundation, Delhi; Chairman, Academic Advisory Council, IMI, Delhi, Chairman, Board of Governors, Institute for Social and Economic Change.

Advisory Boards/Committees

Chairman, Editorial Advisory Board, “Indian Management”, AIMA; . Advisory Committee on Market Studies/Research Projects -Competition Commission of India; Executive Committee, Energy, National Commodities & Derivatives Exchange Limited; Research Advisory Council, University of Pennsylvania Institute for the Advanced Study of India, Delhi.; Chairman, Task Force on Infrastructure and Mega Projects, Commission on Centre State Relations, Government of India.

On the Board of Directors at


Excel Glasses Ltd, Alleppey; Trac Industries and Components Ltd, Madras; Rane Engine Valves Limited, Madras; Reed Relays and Electronics Limited. Madras; Vera Laboratories Ltd, Hyderabad; Koshika Telecom Ltd, Delhi; Jindal Strips Ltd, Delhi, HEG Ltd. Noida-Delhi; Uttaranchal Jal Vidyut Nigam Ltd; Rain Calcining Limited, Hyderabad; Senergy (Global) India Private Limited; Reliance Natural Resources Ltd.

Financial Services

Industrial Finance Corporation of India, Ltd; SBI Asset Management Company, Ltd; Advisory Board, ANZ Grindlays Bank. (Chairman), Axis Private Equity Limited

Academic Qualifications

  • Bachelor of Commerce, Bombay University, 1954.
  • Master of Arts (Economics), Delhi School of Economics, Delhi University (1956).

Employment Record

  • 1956: Research Assistant, Second Finance Commission.
  • 1956-57: Lecturer, Delhi College, Delhi University.
  • 1957: Case Method Research Investigator, Faculty of Business Administration, Delhi School of Economics.
  • 1957-68: Hindustan Lever Limited and Lever Brothers & Associates, U.K., in Sales and Marketing Management; Last position-Export Manager, Hindustan Lever Ltd.
  • 1968-74: Warner Hindustan Ltd-last position, Corporate Marketing Director for Consumer, Ethical and Chemical Products, Exports and Medical Services.
  • 1974-85: Mettur Beardsell Ltd., Director and, Chairman of two subsidiary companies.
  • 1985-88: Chairman, Management and Marketing Services, (Management Consultancy)
  • 1988-90: Executive Chairman, National Management Programme, Gurgaon, for mid-career government and industry officers and managers, offered by MDI, four IIM’s and XLRI.
  • 1990-96: Director-General, National Council of Applied Economic Research, Delhi.
  • 1998-2001: (First) Chairman, Central Electricity Regulatory Commission.

Part-Time Positions

  • Advisor, Business India Group.
  • Columnist in ‘Economic Times’ from 1992 to 2005; Financial Express in 2004; in ‘PowerLine’, ‘Tehelka’, ‘The Week’; in 1970’s in ‘Himmat’;
  • Honorary Professor, Centre for Policy Research, Delhi.
  • Visiting Fellow, Indian Ocean Centre, Perth, Australia. (1998 to 2001)
  • First Ford Public affairs Fellow, Public Affairs Centre, Bangalore, March to September 2003
  • Consultant, R & Pm Ltd., (leading public relations company), Bombay, 1996 to 1998 and 2001 to 2006).
  • Anchor, in “Cross-Fire”, a DoorDarshan national television programme-1997-98.
  • Teaching: Between 1970 and 1988 at different times-Visiting Professor of Marketing at Jamnalal Bajaj Institute of Management, Bombay, IIM Ahmedabad, IIM Bangalore. Between 1988 and 1990, Professor at MDI, Gurgaon; Course
  • Director, Advanced Management Programme, All India Management Association 1998-2001
    Distinguished Visiting Fellow, The Energy Resources Institute, (TERI), Delhi (1996 to 1998 and 2001 to 2009).
  • Economic Reforms and Indian Markets, A.H. Wheeler and Company Ltd., Delhi-1992.
  • Successful Negotiation, A.H. Wheeler and Company Ltd., Delhi-1994.
  • Consumer Market Demographics in India-NCAER-1993.
  • Markets for Consumer Products in India, Global Business Press, Delhi-1994.
  • Economy and Business in India under Reforms, Konark Publishers, Delhi-1996.
  • Indian Market Demographics-The Consumer Classes, Global Business Press, Delhi-1996, co-authored with I. Natarajan.
  • Reforming State-Owned Enterprises (edited), NCAER-1996.
  • Elephants Can't Dance-Managing in a Reforming Economy, Global Business Press, Delhi-2001.
  • (Editor) Partial Memoirs of VKRV Rao, Oxford University Press, Delhi.(December 2001).
  • "Governing Power", TERI Press, April 2004
  • Negotiation made simple, Excel Books, 2005.
  • Management Education in India (Edited). All India Management Association, Excel Books, 2005.
  • "From Servants to Masters? The evolution of Professional Management in India", Global Business Press, February 2007.
  • (Editor, with others) “A Passionate Humanitarian; V K R V Rao, 2009

Papers published by

Indian Ocean Centre, Perth
  • Political Economy of Reform in India -1996;
  • Private Sector and Consumer Products in India-1997
  • Industry and Economic Reforms (1991-94), Sep ’94;
  • Budget 1994-95 and 1995-96;
  • Investment in India since Liberalzation;
  • Industry and Economic Reforms, 1991-94;
  • with R Venkatesan-Restructuring of State Level Public Enterprises in Rajasthan;
  • with I Natarajan, Markets for Consumer Products in India, Sep 1994;
Forum of Free Enterprise
  • A D Shroff Memorial Lecture (1995) on “Population and Economic Liberalization”
  • “Law, Governance and Regulation” (2009)

United Writers’ Association & Frank Moraes Foundation (1994) on “Strategies for Economic Reform”

Rajiv Gandhi Institute for Contemporary Studies

  • Working with multinationals ( 1996, ed);
  • Corporate Governance (1997, ed)
  • The Political Economy of Power (2002)
  • Electricity Bill, 2001 (February 2003)

Institute for Social and Economic Change, Monograph 18, Regulating Competition (2009)

“Bazaar Chintan”-International Development Enterprises India
The Role of the Private Health Care Provider in Rural India (2004)

Centre for Budget and Policy Studies, Bangalore
Karnataka Finances-2000 to 2008; A Comment (May 2008)

In Collections
  • In “Intellectual Property Rights” Edited by KRG Nair and Ashok Kumar; Allied Publishers, 1994; Pages 165 to 174-“The Indian Health Care Industry: Role of Intellectual Property Rights” by S L Rao.
  • In “Energy Infrastructure-Priorities, Constraints and Strategies for India” Asian Development Bank; Oxford University Press-2009; Pages 90 to 152 “Energy Regulatory Mechanism and Coordination across Sectors” by S L Rao.

Elected Public Positions

  • President, Madras Management Association, 1981-82.
  • President Society for International Development, Madras, 1980-88.
  • Vice-President, Peoples’ Union for Civil Liberties, Tamil Nadu. (1981-1983)
  • President, All India Management Association, 1985-86.
  • Founder and First Chairman, Forum of Indian Regulators, (FOIR) 1998 to December 2001.
  • Founder-Member, Steering Committee, South Asian Forum of Infrastructure Regulators (SAFIR) 1998 to 2001.

AWARDED the Ravi J Mathai National Fellowship for 2000-2001 (for contribution to management and management education) by the Association of Indian Management Schools.


Mr. Rai resigned form ANZ Grindlays bank in 1993 to form Trustcap and has overseen its operations for the last 25 years to make it one of the premiere boutique investment banks of India. Under his leadership Trustcap has grown to be a full service investment bank.

Mr. Rai schooled at Modern School, New Delhi and graduated from Sydenham College, Mumbai. Mr. Rai is a passionate aviator and scuba diver.

He started his career with SBI Capital Markets Limited and served prominent financial services companies from Ashok Leyland Group, Khandwala Group, Anand Rathi, Bajaj Capital and Karvy Groups. Over the past 27 years, Mr. Rangari has played leadership roles and strengthened and managed Investment Banking Teams of these Groups.

He has been associated with over 250 capital markets transactions. He has worked with corporates like Bajaj Auto, ITC Bhadrachalam (later merged with ITC), Wockhardt, PVR Limited, The Karur Vysya Bank Limited, Muthoot Capital Services, Murudeshwar Ceramics, Bhoruka Group, Bombay Rayon Group etc.

Mr. Rangari carries with him in-depth regulatory knowledge and understanding of the capital markets apart from maintaining excellent relationship with market intermediaries.

Mr. Rangari has been prolific traveler and has passion for photography.


CIN: U99999MH1992PTC136660
SEBI Registration No.: INM000010783

602, Building "A", Shivsagar Estate, Dr. Annie Besant Rd., Worli,
Mumbai 400018
Tel: +91 22 2493 3636
Email: mail@trustcap.com

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