Awarded honorary Certified Financial Planner (CFP) by the Association of Financial Planners (AFP), 2004.
Ajay Shah and Kshama Fernandes. The relevance of index funds for pension investment in equities. In Robert Holzmann and Joseph Stiglitz, editors, New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century. World Bank, January 2001 [pdf]
Ajay Shah. The impact of convertibility upon India’s fund industry. In Susan Thomas, editor, The future of fund management in India, chapter 3, pages 23–34. Tata McGraw Hill, 1998
Ajay Shah. What ails active fund management? In Tushar Waghmare, editor, The future of fund management in India – 1997, chapter 1, pages 3–14. Tata McGraw–Hill, 1997
Ajay Shah. Implementation and fund performance. In Tushar Waghmare, editor, The future of fund management in India – 1997, chapter 22, pages 145–152. Tata McGraw–Hill, 1997
Board of directors, India Value Fund Trustee Company Pvt. Ltd, 2000–2001.
Board of directors, IVF (Mauritius) PCC, 2001.
Board of directors, SBI Funds Management, 2000-2001.
Board of directors, IDBI-Principal Asset Management Company Ltd., 2000-2001.
Board of directors, GLFL Asset Management Company, 1996-1998.
Board of directors, ITC Threadneedle Trustee Company, 1997-1999.
Member, Investment Committee for Endowment Fund, IIT, Bombay., 1999-2000.
Board of Advisors, Schwendiman International IT Fund LLC, Boston (1999-2000).
Consulting: Development of Index and Index Fund in Sri Lanka, for Vanik Incorporation and the Colombo Stock Exchange, March 1998 (with Susan Thomas).
Consulting: Launch of index fund, IDBI-Principal Mutual Fund, March 1999.