Ajay Thakur

Ajay Thakur’s story begins in the modest yet industrious township of Hindustan Fertilizer Corporation Limited (HFCL) in Barauni, Bihar. A good student and an enthusiastic athlete, Ajay thrived in academics and sports, but his father envisioned an even greater career path for him—a position in the Indian Administrative Service (IAS).

Around 1992, as he juggled studies and exam preparations, Ajay encountered the story of the Harshad Mehta scam, which had captivated the nation. This curiosity became a self-driven quest, as he devoured any literature he could find on the subject, setting the foundation for what would later become his career.

Not long after, an opening arose at the Stock Holding Corporation of India for a trainee position. The selection process was highly competitive, involving multiple rounds, yet Ajay’s disciplined preparation for competitive exams and his keen interest in finance worked in his favor. He secured the position, and in 1994, he moved to Mumbai to begin his journey.

Arriving in Mumbai, however, was not without its challenges. Ajay had to adjust to a new city and share modest accommodations with acquaintances, making daily life a lesson in compromise. But the professional exposure at Stock Holding Corporation proved invaluable. His thirst for deeper insights into the market led him to an opportunity at the Baroda Stock Exchange. Although the position in Baroda offered a lower salary, Ajay valued knowledge over monetary gain. At the Baroda Stock Exchange, he worked hands-on with brokers, assisting them in buying and selling shares and gaining a ground-level understanding of trading operations. Yet, around this time, the rise of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) led to the decline of regional exchanges. This shift ultimately affected Ajay’s position, and he found himself leaving Baroda and returning to Mumbai once again in search of new opportunities.

Back in Mumbai, Ajay anticipated securing a position in the capital markets sector quickly, but the reality was far more challenging. Day after day, he visited offices, checking for openings but encountering rejection repeatedly. Over time, his confidence waned, and he began to feel the weight of his limited finances, even skipping meals at times to make ends meet. Four months passed, filled with mounting anxiety for both him and his father. Desperate for work, Ajay was willing to consider any role, even as a peon.

Fortune finally turned when a former boss referred him to Dina Mehta, a prominent figure in broking and intermediary services. Though she had no immediate openings, she mentioned a Deputy Manager position at the Bombay Stock Exchange (BSE) and offered to connect him with the HR team there. Ajay seized the opportunity, preparing exhaustively over the next few days for a multi-round interview process. When the acceptance call finally came, Ajay was overwhelmed by relief and exhaustion.

Ajay’s journey at BSE began on December 13, 1996 he quickly became known for his relentless work ethic and problem-solving skills.

Ajay’s straightforward nature and assertive, no-nonsense personality earned him a reputation as a highly effective leader, though it sometimes put him at odds with colleagues and superiors in the quasi-government culture of BSE. Not one to compromise on his values or settle for easy solutions, he focused on adding value and driving meaningful change, regardless of the obstacles.

In 2010, Ajay was asked to take charge of a newly formed SME department at BSE. Initially, he saw this role as a "punishment post," feeling that the SME listing segment had little potential and was unlikely to offer much growth.

As he explained his thoughts to his senior colleague listened quietly and, after just a few minutes, looked at Ajay and advised, “You should take on this role. You’re the right person for it.” In that moment, Ajay felt a profound sense of purpose wash over him, as if a message from God was guiding him forward. The words seemed to reignite his drive, and he immediately decided to embrace the challenge, sensing it was where he was meant to make a difference. It was with renewed conviction that Ajay took charge of the SME department in October 2010, ready to build something meaningful.

Ajay then poured his energy into building the BSE SME Exchange from scratch, meeting with SEBI, merchant bankers, and other stakeholders to develop listing guidelines. Ajay threw himself into the work, tirelessly meeting with promoters and merchant bankers, convincing them of the potential benefits of SME listing. It was a challenging process; on more than one occasion, everything seemed set only to have either the promoter or the banker back out at the eleventh hour. Each setback could have been disheartening, but Ajay’s commitment was unwavering.

Finally, in March 2012, his efforts bore fruit. Thejo Engineering, based in Chennai, became the first company to list on the BSE SME Exchange Platform, with Aryaman Financial Services Limited as the merchant banker. For Ajay and his team, this was a monumental achievement, representing not only the culmination of their efforts but the start of a new era in capital markets for SMEs. The launch was met with a mix of relief and celebration, but Ajay knew this was just the beginning.

Ajay understood that building a successful exchange would require more than a single listing; it needed an entire ecosystem. He immediately set to work creating a new cadre of specialized merchant bankers who would champion SME listings. Over the next few years, he helped grow a network of active merchant bankers and conducted roadshows across the country, reaching more than 40,000 promoters. By 2017, he had overseen the listing of over 100 companies, establishing a strong foundation of confidence within the SME market.

Regulatory challenges and economic fluctuations, from the categorization changes in 2018 to the COVID-19 pandemic in 2020, tested the resilience of the SME platform. Yet, by 2024, Ajay’s steadfast leadership had grown the platform to over 530 listed companies, raising funds worth approximately Rs 7,500 crores and achieving a combined market value of around Rs 2 lakh crores.

With five years remaining until his retirement, Ajay faced a critical decision. Taking on a new role or department within BSE didn’t seem feasible, given that he would likely have to leave any substantial initiative midway. Ajay’s work ethic wouldn’t allow him to step into a new responsibility without seeing it through to completion, and the idea of coasting to retirement was simply not in his nature.

Moreover, Ajay’s deep commitment to India’s SME sector had become his true calling. He felt a strong urge to continue driving growth for SMEs, but he knew he could achieve this best by striking out independently, unconstrained by the limitations of a large organization. It was at this point that he decided to take a bold step forward and leave BSE to start TGIsmE—The Great Indian Small & Medium Enterprises fund.

His new vision was ambitious: a Rs 200 crore + Rs 200 crore fund aimed at supporting SMEs throughout their growth journey, from pre-IPO opportunities to post-listing investments and beyond. He wanted to provide these enterprises with the resources, guidance, and capital they needed to realize their potential on a national and global scale.

This decision marked the start of a new chapter in Ajay’s journey, where he could bring his experience, passion, and expertise to the forefront, helping SMEs grow without the constraints of a traditional corporate structure. And as he set out with TGIsmE, he also captured the lessons and insights of his journey in a book, Vision to Victory, to inspire others who shared his dedication to India’s SME community.

Ajay Thakur’s story is one of purpose, resilience, and a deeply entrepreneurial spirit. His journey serves as a powerful reminder that success is about more than individual achievements—it’s about building a legacy that uplifts others and fosters a supportive ecosystem for future generations.