About Us

Ms. Madhu Dubhashi is a graduate in Economics (Honours) from Miranda House, Delhi University and a post graduate in Business Management from the Indian Institute of Management, Ahmedabad. She has experience of more than four decades in the capital market and financial service sectors, which includes Project Appraisal, Financial Structuring, Financial Syndication, Share Valuation, Corporate Restructuring, Merchant Banking and Merger & Acquisition. She has worked for various organisations including ICICI Limited, Standard Chartered Bank, J M Financial and Investment Consultancy Services Limited, INNOVEN Business Consultancy and Global Data Services of India Limited (a wholly-owned subsidiary of CRISIL, now merged with CRISIL).

She has organized and also addressed several seminars and lectures. She has contributed a number of articles and papers on various issues which have been published in leading Business Magazines and News Papers. She also holds Directorships in many Companies.

Associated with CareEdge Ratings since 2000, Mehul Pandya is the Managing Director & Group CEO of CareEdge.Over the years, Mr Pandya has successfully incubated and nurtured the company’s business in India and abroad. He is a member of the Board of Directors for all subsidiaries of CareEdge Ratings while also being the Vice Chairman of the Association of Credit Rating Agencies in Asia (ACRAA). He also serves on the Board of Association of Indian Rating Agencies (AIRA) and contributes towards US India Trade promotion by virtue of his position on the Board of USIIC.

A technocrat with a management background, Mr Pandya is also a CFA charter holder from CFA Institute, USA. Over the years, he has attended various leadership programmes at IIMA and the High Potentials Leadership Programme at Harvard Business School as well. Prior to joining CareEdge Ratings, he worked with a state-level financial institution in Gujarat for about four years and was instrumental in setting up an in-house credit rating cell for the screening of lending proposals. He has worked as a Consultant for the Asian Development Bank and conducted various training programmes on credit risk analysis in India and abroad.

Mr. Saikat Roy brings with him over 24 years of distinguished management experience across diverse geographies, with a strong record of strategic leadership, business development, and client relationship management in the financial services sector. A Fellow Member of the Institute of Cost Accountants of India, Mr. Roy possesses a solid foundation in financial analysis and cost management, which complements his deep understanding of corporate and infrastructure finance.

He is currently serving as Senior Director and Business Head – Corporate & Infrastructure at CARE Ratings Ltd., where he leads the relationship management teams catering to large corporates and infrastructure clients across India. In this role, he is responsible not only for driving business growth through strategic client engagement but also for overseeing the sales and marketing of a diverse range of products tailored to meet the needs of corporates and financial institutions. His leadership has been instrumental in enhancing the market presence and credibility of CARE Ratings within key sectors.

Prior to his tenure at CARE Ratings, Mr. Roy held senior leadership positions at Barclays Bank, Standard Chartered Bank, and IndusInd Bank Ltd., where he played pivotal roles in expanding corporate banking operations, developing client portfolios, and spearheading innovative financial solutions.

With his comprehensive industry knowledge, strategic foresight, and proven leadership skills, Mr. Saikat Roy is exceptionally well-positioned to contribute meaningfully to CARE ESG Ratings Limited growth and vision. His appointment is expected to bring immense value, particularly in strengthening business relationships and driving sustainable revenue growth.

Nikunj Dube is a purpose-driven leader at the forefront of India’s evolving ESG landscape. As Chief Ratings Officer at CareEdge ESG Ratings, he spearheads the design and integrity of ESG assessment frameworks that are shaping how businesses are evaluated for sustainability, resilience, and long-term value. Backed by over 14 years of experience across ESG, credit ratings, finance, and sustainability consulting, Nikunj brings a unique perspective that combines technical rigour with contextual relevance.

At CareEdge ESG, Nikunj has played a pivotal role in building robust and credible ESG assessment models tailored to Indian markets, while staying aligned with global principles. His leadership has been central to expanding the firm’s ESG offerings across sectors, enabling meaningful engagement with issuers, investors, and policymakers seeking to understand and act on ESG risks and opportunities.

Under his stewardship, CareEdge ESG Ratings has positioned itself as a trusted partner in the ESG ecosystem—offering frameworks that go beyond compliance to provide material, forward-looking insights that drive sustainable outcomes. Nikunj is also actively engaged in advancing the ESG and sustainable finance agenda at a national level. Through CareEdge ESG’s ongoing collaborations with regulatory bodies, market participants, and industry platforms, he contributes to shaping India’s ESG disclosure norms, sustainability taxonomies, and frameworks for green and transition finance.

Prior to joining CareEdge, Nikunj held leadership roles across advisory and consulting firms, working closely with stakeholders across infrastructure, financial services, and industrial sectors to embed ESG principles in investment and operational strategies.

With a sharp focus on innovation, credibility, and stakeholder value, Nikunj remains committed to scaling CareEdge ESG Ratings into a leading force in India’s sustainable finance landscape—delivering insight-driven ESG solutions that empower markets to make better, responsible decisions.

Mr. Rajiv Bansal is a retired Indian Administrative Service (IAS) officer of the 1988 batch, he brings over three and a half decades of rich administrative and governance experience across key sectors including civil aviation, energy, petroleum, technology, and public sector management.

Mr. Bansal is a Civil Engineer from the Indian Institute of Technology (IIT), Delhi. He also holds a Diploma in Finance from ICFAI, Hyderabad, and an Executive Master’s in International Business from the Indian Institute of Foreign Trade (IIFT), New Delhi. He served as Secretary to the Government of India in the Ministry of Civil Aviation until August 2023. He held multiple leadership roles within the ministry, including two terms as Chairman and Managing Director (CMD) of Air India. He was instrumental in executing the landmark disinvestment of Air India to a prominent Indian business house.

Mr. Bansal has previously served in pivotal roles such as Additional Secretary in the Ministry of Petroleum and Natural Gas, Joint Secretary in the Ministry of Electronics and Information Technology (MeitY), Secretary at the Central Electricity Regulatory Commission (CERC), and Joint Secretary in the Ministry of Heavy Industries and Public Enterprises.

He was also the Chief Executive Officer of the National Institute for Smart Government, a not-for-profit institution spearheading digital transformation initiatives across government agencies. He served as CEO of the National Internet Exchange of India (NIXI) and the Investor Education and Protection Fund Authority (IEPFA) earlier.

Mr. Bansal has extensive experience in mergers and acquisitions, disinvestment, digital governance, and technology-led transformation. He is currently empaneled as a Mediator/Conciliator by several Public Sector Undertakings (PSUs) and chairs external expert committees on dispute resolution and mediation in the energy sector. He has served as a Government Nominee Director on the Boards of several PSUs, including ONGC, BPCL, GAIL, BHEL, CCI, EPI, and HMT. He serves as a Public Interest Director on the Board of BSE Limited and an Independent Director on the Board of Mahindra Agri Solutions Limited and CARE Ratings Limited.

Mr. Jinesh Shah is an accomplished professional with over 20 years of experience in financial management, corporate accounting, IFRS, compliance and tax operations, Jinesh Shah currently serves as the Chief Financial Officer at CareEdge Ratings. Previously, he was the head of finance and accounts at India Ratings and Research Private Limited (Fitch Ratings). He has also worked with organizations such as Bramha Group of Companies (US-based investment fund), Hypo Real Estate Capital India Private Limited (German-based NBFC - Part of Hypo Real Estate Holding AG), ICICI Bank Limited, and Cornelius and Davar. Mr. Jinesh Shah, a Chartered Accountant from the Institute of Chartered Accountants of India, holds a bachelor’s degree in commerce from Mumbai University and IFRS certification from ICAI.