Rakhi K. Kherwasiya
Mumbai
Summary
Chartered Accountant and experienced Trade Surveillance Analyst with a demonstrated track record in monitoring trading activity across equity, derivatives, and debt markets to detect and investigate market manipulation, front-running, and insider trading. Adept at implementing SEBI regulatory requirements, drafting policies, configuring surveillance systems, and conducting comprehensive reviews, combining trade data with e-communications. Skilled in UAT, back-testing, and reporting key insights to senior leadership, and regulatory bodies. Proficient with tools such as Bloomberg, Reuters, Alteryx, R-Studio, and Business Objects, with strong analytical, communication, and cross-functional collaboration skills.
Overview
9
9
years of professional experience
1
1
Certification
Work History
Senior Manager
Axis Asset Management Company Limited
Mumbai
11.2022 - Current
- Reviewed trades using exception reports to detect front-running and abnormal trading patterns in Equity , Equity derivatives and the Debt market.
- Investigated surveillance alerts by combining trading data with e-communications (emails, voice calls, chats, CCTV footage) for a 360-degree review of trades execution.
- Implemented SEBI market abuse circular requirements by aligning internal processes with regulatory norms, drafting and rolling out a comprehensive Market Abuse Policy, and providing training to compliance, investment, IT, HR, and other key stakeholders to ensure effective adoption.
- Led implementation of a trade surveillance tool—configured alert logic in Bloomberg, Alteryx, thresholds, and rule-based scenarios to capture suspicious trading behavior.
- Performed user acceptance testing (UAT) to validate alert accuracy, system performance, and tool functionality.
- Performed back-testing of surveillance alerts to validate rule effectiveness, and reduce false positives.
- Monitored dealing room controls, including surveillance of trader activities through voice logs, CCTV, and electronic communications etc.
- Analyzed trading data and conducted ad hoc reviews to support responses to inquiries from SEBI, AMFI, and internal audit teams.
- Collaborated closely with compliance, legal, and technology teams to ensure smooth surveillance operations and timely issue resolution.
- Prepared and presented reports to the Board and senior management, highlighting key surveillance findings, regulatory updates, and supported decision-making through ongoing monitoring and analysis.
- Leveraged Bloomberg, Reuters, and Alteryx to validate market data, automate data workflows, and support surveillance reporting.
Manager – Investigation Department
National Stock Exchange of India Limited
07.2016 - Current
- Company Overview: Leading Stock Exchange of India
- Monitoring suspicious transactions, market manipulations and unusual price variations in stock
- Identifying patterns and relationships using advanced Data Mining & Data Warehousing tools (SAS and Business Objects)
- Identifying and reporting transactions of fraudulent nature in Cash, Derivatives and Currency Derivatives segments of the Exchange
- Conducting detailed analysis of suspected manipulations based on alerts and pattern recognition models
- Participating in periodic review of alerts and UAT to ensure optimal quality is being achieved
- Behavioral Analysis of Algorithms, Identifying dysfunctional/Rouge Algo’s
- Preparing elaborate analysis reports on cases and furnishing them to market regulator, SEBI
- Analysing and preparing detailed investigation report on various market abuses, to be sent to SEBI
- Issue advice letter, observation letters, show cause notices to members; prepare the agenda for meetings, action letters and reporting suspicious transactions to FIU
- Analysing SEBI orders on various market abuses, application of implication of SEBI orders, issuing circulars and initiating action like debarment, revocation and exclusion
- Analysis and submission of market related data to SEBI and RBI
- Preparing weekly, monthly and quarterly MIS reports for internal purposes and for market regulator, SEBI
- Analysing complaints received from investors/ traders anonymously or referred by SEBI and taking appropriate action
- Coordination with Trading Member on various aspects such as Manipulation, Compliance, etc
- Leading Stock Exchange of India
Manager (Reassurance management)
ICICI Lombard General Insurance Company
Mumbai
04.2016 - 06.2016
- Assisted in assessing business risk and developed audit plan based on assessment results
- Identified control weakness, formulated recommendations for improvement and performed follow- up work to ensure timely implementation
- Preparation of Risk control matrix for various audit areas
- Performed internal audit functions in compliance with applicable regulation and COSO framework
- Prepared internal audit report with detailed findings and practical recommendations to strengthen the overall control of the company
Education
Chartered Accountant -
Institute Of Chartered Accountants Of India
11-2015
M.A. - Economics
University of Mumbai
01.2021
Bachelor of Commerce -
University of Amravati
01.2013
H.S.C. -
Maharashtra State Board
01.2010
S.S.C. -
Maharashtra State Board
01.2008
Skills
- Learning agility
- Team collaboration and leadership
- Effective verbal and written communication
- Logical reasoning and decision-making
- Adaptability and resilience
- Stress tolerance
System Proficiency
- Worked on Bloomberg, Reuters, Alteryx and Power BI.
- Used tools like Web Intelligence (part of SAP BusinessObjects), R Studio, and Prowess
- Well versed with Microsoft Office, using databases and spreadsheets.
- Worked on packages like Tally ERP 9 and other customized, industry-specific accounting and taxation software.
Certification
- Successfully completed training in Big data analytics (with emphasis on use of R) conducted by NSE.
- Successfully completed Tableau training conducted by NSE.
- Advance Excel Training in Macro & basic VBA Language.
- General Management and Communication Skills, 2016 conducted by ICAI.
Accomplishments
- Awarded with "Excellence Award" at Axis Asset Management Co Limited in 2024
Personal Information
- Date of Birth: 08/13/92
- Marital Status: Married
Languages
- English
- Hindi
- Marathi
Hobbies and Interests
Drawing and Painting
Timeline
Senior Manager
Axis Asset Management Company Limited
11.2022 - Current
Manager – Investigation Department
National Stock Exchange of India Limited
07.2016 - Current
Manager (Reassurance management)
ICICI Lombard General Insurance Company
04.2016 - 06.2016
Chartered Accountant -
Institute Of Chartered Accountants Of India
M.A. - Economics
University of Mumbai
Bachelor of Commerce -
University of Amravati
H.S.C. -
Maharashtra State Board
S.S.C. -
Maharashtra State Board
Similar Profiles
Raj SinghRaj Singh
Manager - Operational Risk Management at Axis Asset Management Company LimitedManager - Operational Risk Management at Axis Asset Management Company Limited
Paresh PatelParesh Patel
Deputy Manager - Group Corporate Finance at Adani Enterprises LimitedDeputy Manager - Group Corporate Finance at Adani Enterprises Limited
Pravin KamatPravin Kamat
SVP-Finance and Accounts at Axis Asset Management Company Ltd (Axis AMC)SVP-Finance and Accounts at Axis Asset Management Company Ltd (Axis AMC)