From Humble Beginnings to Financial Trailblazer

My Journey in Finance:
Building a Legacy of Innovation and Trust

My professional journey began in 1983 when I joined M/s V.B. Desai, an RBI-accredited Government securities firm. Working on pure commissions until March 1987, I established the firm’s presence in financial markets by assisting scores of companies in raising short-term debt, with or without security. I later expanded their capabilities by setting up trade finance facilities like bills discounting and overdrafts, and established a Lease and Hire Purchase company within the firm. During this time, I also captured a significant market share in dealing in Units ’64—the only mutual fund at the time—favored by corporate and bank investors for its tax benefits and predictable pricing. In 1986, I took on the challenge of marketing IPOs internationally, successfully tapping markets in the Middle East and London.

That same year, I acquired membership of The Stock Exchange, Mumbai, and founded M/s Asit C. Mehta with my wife Deena Mehta operating the same. Naming the firm after myself reflected my confidence that clients would trust the professional services tied to my personal commitment. The stockbroking world then was opaque, with manual outcry trading and fortnightly settlements, largely conducted in Gujarati. In 1987, I branched out fully, joining my firm and diving into jobbing (market making), customer investment servicing, and arbitrage between Mumbai and Delhi exchanges. Leveraging my experience with companies, I initiated a Government Securities broking practice, earning empanelments from Indian and foreign banks for units 64, Government securities (for SLR compliance), Debt securities and share broking.

By 1992, my firm had risen to prominence, empaneled by all major institutional players, including the Reserve Bank of India. In 1993, when the RBI disbanded its broker panels and the National Stock Exchange launched the Wholesale Debt Market (WDM), I swiftly secured membership among the first few. In 1994, I transferred my broking services to Asit C Mehta Investment Intermediates Ltd. (ACMIIL), a limited liability company that grew nationwide, serving lacs of retail investors through sub-brokers and branches in second- and third-tier towns—a service that continues today in both online and offline modes.

Later, I diversified into commodity exchanges and forex services via Asit C Mehta Commodities Services Ltd. Between 1994 and 1996, I launched Nucleus Financial Services Pvt Ltd. for retail travel exchange dealing under an RBI license, followed by Asit C Mehta Forex Pvt. Ltd., which held an interbank foreign exchange dealing license from FEDAI, serving authorised dealer banks. I also acquired a BSE-listed company, renaming it Nucleus Securities Ltd., which became an NBFC and Category 1 Merchant Banker, lending to SMEs and aiding their capital market needs. Nucleus was also a prime agent for Western Union money transfer services and over 600 locations for handling inward remittances.

In 1993, I started Nucleus Share Custodian Services Ltd. as a Registrar and Transfer Agent for listed entities, later supporting OTC Exchange of India as a Global Custodian. By 1997, it pivoted to internet-based content conversion and digitization for international clients, winning prestigious U.S. contracts in art, libraries, and property title plants. Around 2005, it ventured into Geographical Information Services (GIS), developing real-time fleet tracking and GIS applications for industries and governments.

Since 2012, I have focused on mentoring and financial advisory, guiding enterprises in capital market strategies and management information systems, a passion I continue to pursue today.