Ashish Jhaveri, Mahesh Nandurkar elevated as Jefferies India co-country heads

Ashish Jhaveri, managing director and head of investment banking at Jefferies India, and Mahesh Nandurkar, managing director and head of research, have been elevated as co-country heads of the firm with immediate effect, people familiar with the matter told Moneycontrol.

The move follows the exit of Aashish Agarwal, who had served as Jefferies India’s country head since April 2020. Agarwal has been appointed chief executive officer of 360 ONE WAM Limited and is set to take over the role in February 2027.

“An internal announcement has been made on the elevations of Jhaveri and Nandurkar,” one of the people cited above said.

A second person confirmed the development and said both Jhaveri and Nandurkar would continue in their existing roles until any further decisions or updates from the firm.

Both people spoke on the condition of anonymity.

Moneycontrol has sent an email query to Jefferies seeking comment. A response was awaited at the time of publication.

Jhaveri joined Jefferies as head of investment banking in October 2023 from Barclays, where he was head of mergers and acquisitions. Prior to Barclays, Jhaveri, a chartered accountant and lawyer, held roles at Credit Suisse, Citi, Yes Bank and Kotak Securities, according to his LinkedIn profile.

Nandurkar, an alumnus of IIM Calcutta, has been with Jefferies for more than six years. Before joining the firm, he spent more than 18 years at CLSA and, prior to that, worked at Morgan Stanley.

(This is a breaking news article and will be updated.)