India Inx-India International Exchange IFSC Ltd, GIFT City, SEZ

Mr. V. Balasubramaniam (Bala) is the founding Managing Director and Chief Executive Officer of India International Exchange IFSC Ltd. (India INX) the first International Exchange from India in GIFT City International Financial Services Centre Special Economic Zone which started its operations from January, 2017 and a subsidiary of BSE (Asia's first stock exchange). He also holds board position in the following organizations –
- BSE Institute Limited
- India INX Global Access IFSC Limited
- India International Bullion Holding IFSC limited
- India International Bullion Exchange IFSC Limited
- India International Depository IFSC Limited
In addition to the above, he is also a member of following committees of IFSCA:
- Committee of Experts on Sustainable Finance
- Committee of Experts on Investment Funds
- Committee of Experts on positioning IFSC as a hub for offshore trading in INR
Prior to this, he was the Chief Business Officer of BSE heading the business development encompassing all business segments viz. Equities, Equity Derivatives, Debt, Interest Rate Futures, Currency Derivatives, Mutual Fund Distribution platform and SME platform. In addition to the markets business, he was also responsible for the listings and data business of BSE and managing the entire trading operations and membership operations.
He has over 31 years of experience in the Capital Markets industry and has previously worked with Reliance Group as Vice President and was also as co-founder of BSE Technologies Private Limited which was acquired by BSE.
He was also part of the core team involved in setting up the National Stock Exchange of India. He was instrumental in creating the Capital Market segment, Nifty Index creation, setup of NSCCL as the first clearing corporation in India, NCFM certification creation and the Futures and Options segment inter-alia.
He has served in the board of Central Depository Services (India) Limited, Futures Industry Association – Asia, Co-Chair of FICCI Capital Market Committee etc.
He has Masters in Commerce from the University of Mumbai, Rank holder from the Institute of Cost Accountants of India, Diploma from Institute of Chartered Financial Analysts of India and is a Certified Information Systems Auditor.

Shri Sudarsanam Srinivasan was born in January 1956 at Coimbatore, Tamilnadu, India. He graduated in Electronics Engineering from Indian Institute of Technology, Madras, (1979). Completed his Masters in Business Administration from Swinburne University, Melbourne, Australia (1998).
He joined the Indian Administrative Service (IAS) in 1980 and allotted to Odisha Cadre. He has served in diverse field and department assignments dealing with administration, finance, policy formulation, revenue, disaster management, industries, food management, vigilance, IT, education, technology, etc with considerable laurels. He has worked in interior tribal, naxal-affected areas, in Odisha. He held several decisive positions in the State Government and Government of India before joining Department of Space. He is widely travelled and read. His service spans over three decades, from 1979 to 2016.
He functioned in Department of Space from 2012 as Additional Secretary and Internal Financial Adviser and since then he has actively taken part in the overall development of space research particularly for societal applications. He has administered and monitored budget formulation, control and evaluation of contracts, projects, procurements and construction activities related to Space organizations. He has also been part of several review committees and has lent his wide experience and exposure in system improvements.
Before retirement, he was Secretary to GOI & Member (Finance) of Space Commission, Atomic Energy Commission and Earth Commissions. Council member of TIFR, INO (international Neutrino Observatory), Space Commission, Atomic Energy Commission, which are top policy making bodies in the respective sectors. He has expertise in appraisal of diverse project proposals of the Department of Space, Department of Atomic Energy and Ministry of Earth Sciences from the financial angle, in exercise of delegated powers and also recommending cases to the Finance Ministry as well as Prime Minister and for Cabinet Approval. Deeply involved in scrutiny of financial procedures, system improvements, and generating synergy between project formulation, implementation and monitoring.
He has a deep understanding of nuclear policy matters, atomic energy, space and societal applications. After retirement, he has functioned in several committees to lend his experience and guidance in resolution of various issues. He is keenly interested in chess, mathematical puzzles, literature, management issues, motivation roles, and strives to be a helpful asset in any assignment he is entrusted to handle.

Dr. Vinita S Sahay is an Academic Leader and administrator, educator, researcher with global outlook and national focus. Currently she is Director & Professor of Marketing at Indian Institute of Management (IIM) Bodh Gaya

Dr. Sahay has 26 years of rich and varied experience in academics, research, training and consulting both in India and abroad. She secured first class with high ranks throughout her academic career. She did her PGDM with Marketing as a major concentration area. She secured first class first with Gold Medal in M.A. in Economics and has done Ph.D. on Customer Value. She was also a Visiting Professor at Aarhus University, Denmark for ten years (2009-2018). Dr. Sahay participated in ‘Global Colloquium on Participant- Centered Learning (GloColl)’ at the Harvard Business School, Boston, U.S. & Harvard Centre, Shanghai, China. She also participated in “Developing Leadership, Governance & Management in Higher Education” programme conducted by Leadership Foundation for Higher Education & UKIERI in Birmingham, UK.

As a Founder Director since 2018, Dr. Sahay is executing carefully prepared Strategic Plan of setting up a world class, state-of-the-art campus at IIM Bodh Gaya as a “research-based business school”. IIM Bodh Gaya has made remarkable progress under her leadership. She started two new programs, Ph.D. and Five-Year Integrated Programme in Management (BBA+MBA) and established ‘Samatvam: The Centre for Mindfulness’. She is also starting Off-Campus of IIM Bodh Gaya in Patna.

Prior to IIM Bodh Gaya, she was Professor of Marketing at IIM Raipur since 2012 holding several academic leadership positions including Chairperson (International Relations) and Chairperson (Doctoral Programmes) and membership of many committees. She was Professor & Chairperson, PGDM at IMT Ghaziabad from 2007. Her teaching, research and training interests include Marketing of Services/ Financial Services, Product and Brand Management, Retailing Management, Customer Value & CRM. She has conducted many Management Development Programmes for senior executives.

Dr. Sahay has published and presented over 70 research papers in International/National Journals/ Conferences and book chapters. She has organized three large international conferences and edited five books. As token of excellence of her work, she has received many academic awards including best paper award. Was an Editor of a Journal Special Issue. Other professional achievements include:

Member of All India Board of Management Studies, AICTE since 2018 till date
Member of the Committee to grant Graded Autonomy to Standalone Institutions under AICTE for 2019-20, 2020-21 & 2021-22, Member of Departmental Promotion Committee (DPC) of AICTE • Chairperson for Lilavati Award 2021-22 by AICTE for Women Empowerment
Member Internal Quality Assurance Cell (IQAC) of Central University of South Bihar in Oct 2020
Chairperson & Member Expert Committee of UGC for visit to different Universities for
Thesis Examiner for Ph.D. for several Central/Public Universities
Member Board of Recruitment for IIIT Raipur

Dr. Sahay has made significant contributions on the social welfare and community development front. She is also working in the areas of school and higher education leadership and quality management. She has worked towards health care and upliftment of the weaker sections of society including scheduled caste and scheduled tribes. She is closely working with Dr. Ambedkar International Centre under Ministry of Social Justice and Empowerment.

Ashok Jhunjhunwala, Institute Professor at IIT Madras, president, IITM Research park, IITM Incubation cell and RTBI, did his B. Tech degree from IIT Kanpur and MS and PhD from University of Maine, USA and was a faculty at Washington State University, USA for a year and half before joining as a faculty at IIT Madras in 1981. In 2017-18, he was on sabbatical from IITM and was Principal Advisor to Minister of Power, MNRE and Railways, Government of India, New Delhi.
Dr.Jhunjhunwala is considered a pioneer in nurturing Industry-Academia interaction in India towards R&D, Innovation and Product Development. He conceived and built India’s first university affiliated business park (IIT Madras Research Park) to promote Industry- Academia R&D collaboration and IITM Incubation Cell and Rural Technology and Business Incubator (RTBI) to drive innovation. TIE conferred him the title of Dronacharya for his contributions to the cause of entrepreneurship, as he incubated and nurtured more than 275 companies at IIT Madras with a current value of over ₹32,000 Crores.
Dr.Jhunjhunwala has been Chairman and member of various government committees and has been on boards of several education institutions in the country. At the same time, he has been on the boards of a number of public and private companies and has driven comprehensive changes, especially in the areas of technology, in these companies. He was on the board of State Bank of India, Bharat Electronics Ltd, HTL, NRDC, IDRBT, VSNL and BSNL as well as in Tata Communications, Mahindra Electric, Sasken, Tejas Networks, TTML, Intellect and Exicom. He was on the board of BIRAC and the Chairman of Technology Advisory Group of SEBI. Also, he is currently part of RBI Innovation Hub and Chairperson of College of Engineering, Trivandrum, Kerala and Board Member of National Rail and Transportation Institute (NRTI).
Dr.Jhunjhunwala was conferred Padmashri, Shanti-Swarup Bhatnagar Award, Vikram Sarabhai Research Award, H. K. Firodia Award, Silicon India Leadership award, Millenium Medal at Indian Science Congress, UGC Hari Om Ashram Award, IETE’s Ram Lala Wadhwa Gold Medal, JC Bose fellowship, Bernard Low Humanitarian award “Dronacharya” and Lifetime Achievement Award by TIE, Chennai among many others. He is fellow of IEEE, INSA, NAS, IAS, INAE and WWRF and member of National Academy of Engineering (NAE), USA. He has also been conferred honorary Doctorate by University of Maine and Blekinge Institute of Technology, Sweden.

Shri Sameer has more than 23 years of experience with a deep understanding of traded equity and debt assets classes, underlying physical commodity markets, and global Index /FX / interest rate / commodity derivatives in both exchange and OTC markets. In his present role as Chief Business Officer, he spearheads the entire BSE group’s Business Development and Marketing function which includes trading and distribution functions, as strategic ventures of the exchange. Under his leadership, BSE has seen a revival of market share in tradition business segments such as equity, equity derivatives, currency derivatives and fixed income segments. He is also instrumental in BSE’s business expansion and leadership in newer areas such as interest rate options, and commodity derivatives markets.

He was instrumental in conceptualization and setting up of India’s first International Exchange in GIFT CITY IFSC – “ INDIA International Exchange “– where he oversees the Business Development and Marketing function. In a very short time period, India INX has witnessed a single day turnover of over US$ 30 billion and a market share of over 90 percent. He is also credited to launch first of its kind outbound platform India INX GA in GIFT CITY IFSC for Indian Investors to access Global Exchanges like CME, LME, ICE etc.

Due to his rich experience and professional skillset, he is part of various committees and working groups of the Government of India, regulatory bodies like SEBI / IFSCA / Niti Aayog and Global bodies and associations. In this role he has played a key role in the conceptualizing of Gold Spot Exchange in both GIFT city and India Domestic Zone and launch of World’s first ‘Options in Goods’ in commodity segment.

In his previous assignment as Senior Vice President (PKMT & Business Development) at MCX, where he was one of the core founding team Member responsible for the setup of the commodity exchange in India. He is credited for successful launch of the flagship contracts on MCX the Gold, Silver, WTI Crude Oil and Copper contracts. The Gold Petal contract launched on April 18, 2011 was awarded as the Best Innovative contract of the year by FOW Singapore. During his tenure at MCX, he was also instrument in successfully launching and heading business functions at domestic exchanges like MCX and MCX-SX, and International Exchanges including:

Dubai Gold and Commodities Exchange (DGCX - Dubai)
Singapore Mercantile Exchange (SMX – Singapore)
Bahrain Financial Exchange (BFX – Bahrain)
Global Board of Trade (GBoT – Mauritius)
Bourse Africa (Botswana)

He began his career with K J Investors Services (I) Pvt. Ltd., an affiliate of Cargill Investors Services, Illinois, Chicago, USA as Senior Financial Analyst.

He currently serves as the member of the Board of Directors of:

India INX Global Access IFSC Limited
Indian Clearing Corporation Limited
BSE E-Agricultural Markets Limited
BSE Sammaan CSR Limited
CDSL Commodity Repository Limited
India International Clearing Corporation (IFSC) Limited

He is considered a credible and trusted domain expert in a diverse areas ranging from commodities trading, Index development, Hedging Strategies, Financial Product Design & launch, and physical market outreach. He is awarded the “India UAE business Ambassador of the year 2018” at Abu Dhabi for his achievements in financial markets globally. He is Science Graduate from Mumbai University and MBA in finance.