The Parallel Risk Management (prism) project won the Skoch Challenger Award for innovative ICT initiatives, 2004.
Outstanding paper award for Sarma, Thomas and Shah (1999) at IIIrd Capital Markets Conference at UTI ICM, December 1999. [pdf]
Mandira Sarma, Susan Thomas, and Ajay Shah. Selection of Value at Risk models. Journal of Forecasting, 22(4):337–358, 2003 [pdf]
Susan Thomas and Ajay Shah. Risk and the Indian economy. In Kirit S. Parikh, editor, India Development Report 1999-2000, chapter 16, pages 231–242. Oxford University Press, 1999
Ajay Shah and Susan Thomas. Rethinking prudential regulation. In Kirit S. Parikh, editor, India Development Report 1999-2000, chapter 17, pages 243–255. Oxford University Press, 1999
Ajay Shah. Value at risk: A conceptual examination. In Susan Thomas, editor, Derivatives markets in India, chapter 23, pages 215–224. Tata McGraw–Hill, 1998
Member, Forward Markets Commission Risk management group, 2005–2007.
Board of directors, National Securities Clearing Corporation, 1997–.
Board of directors, Clearing Corporation of India Ltd., 2001–.
Member, RBI Group on Securities Clearing Corporation, 1999.
Member, SEBI Risk management group, 2002–2005.
Member, NSCC Committee for risk containment, 1997.
India Steering Committee, Global Association of Risk Professionals, Bombay., 1999.
Research project: Parallel Risk Management (prism): Risk containment in real–time using using Value at Risk, using parallel computation, for National Securities Clearing Corporation (NSCC), December 1998 (with Susan Thomas).