Shaurya Doval
Shaurya Doval | |
|---|---|
| Born | India |
| Occupation(s) | Politician, investment banker |
| Years active | 1990s–present |
| Known for | Founder and head of India Foundation; Executive Member of BJP Uttarakhand |
Shaurya Doval is an Indian politician and investment banker currently serving as an Executive Member of the BJP in Uttarakhand. He is the founder and head of India Foundation, a conservative think tank with close ties to the Narendra Modi administration. Doval’s professional background includes tenures at GE Capital and Morgan Stanley, and he presently leads Torch Investment (previously known as Zeus Caps). He is the eldest son of Ajit Doval, the National Security Adviser of India.
Both Doval and India Foundation have attracted criticism from left-leaning media outlets regarding their influence, non-transparent funding mechanisms, and links to government ministers. In response to alleged defamatory remarks, he initiated a criminal defamation lawsuit against The Caravan magazine and Congress leader Jairam Ramesh; Ramesh subsequently issued a formal apology in court in December 2020.
Early life and education
Shaurya Doval is the son of Ajit Doval, who holds the position of National Security Adviser for India. His early education was completed at an Army Public School. He graduated with a Bachelor of Arts degree in Economics with honours from Hindu College, Delhi, part of Delhi University.
He possesses dual MBA degrees—one from the Booth School of Business at the University of Chicago and another from London Business School. Additionally, he is a qualified chartered accountant certified by The Institute of Chartered Accountants of India.
Career
Doval serves as managing director at Torch Investment, a Singapore-based wealth management firm formerly called Zeus Caps, which is chaired by Saudi Prince Mishaal bin Abdullah Al Saud.
With over three decades in global investment banking, he accumulated more than ten years’ experience in London focusing on leveraged finance roles at GE Capital and Morgan Stanley. His career also includes corporate finance advisory work at Arthur Andersen in India.
In recognition of his impact on public policy, he was awarded the Eisenhower Fellowship in 2015. Furthering his expertise, the Government of Japan selected him for their Strategic Exchange on Practical Level (STEP) program during 2022-23, deepening his understanding of Japan’s cultural, economic, and policy frameworks.
Politics
In 2014, Doval played a key role in organizing a $1.5 million public reception for newly appointed Prime Minister Narendra Modi at Madison Square Garden during Modi’s visit to the United States, an event attended by approximately 20,000 individuals.
He officially joined the Bharatiya Janata Party in Uttarakhand as a special invitee to the state executive meeting in 2017 and was appointed convenor for good governance within the state unit. Political commentators speculated about his possible candidacy for the 2019 Indian general election representing Uttarakhand’s Pauri Garhwal constituency. Ahead of these elections in April 2019, he was granted Z-category security due to perceived threats targeting him and his father.
A 2017 investigation by The Wire raised concerns about conflicts of interest involving India Foundation, noting that four directors became ministers following the 2014 elections—including Defence Minister Nirmala Sitharaman—while maintaining their directorships. The Foundation’s sources of funding were scrutinized; Doval stated that revenue derived from conferences and advertisements exclusively, denying any foreign contributions despite some sponsorships from multinational corporations such as Boeing and DBS Bank.
In 2019, The Caravan reported on alleged business connections between Shaurya Doval and his brother Vivek Doval, who purportedly managed a hedge fund based in the Cayman Islands. Congress leader Jairam Ramesh publicly referenced these claims during a press briefing. Subsequently, Vivek Doval initiated a criminal defamation suit against both Ramesh and The Caravan over accusations related to money laundering and financial round-tripping. In December 2020, Ramesh tendered an official apology in court for any distress caused by his comments.
Public Initiatives in Uttarakhand
Under the 'Buland Uttarakhand' program, Doval introduced the Bemisaal Garhwal project, aimed at significantly improving the standards of education and healthcare services throughout Uttarakhand.
Recognitions
In 2012, Doval was honored with the Udyog Rattan Award for his impactful work in India's power industry. He was selected as an Eisenhower Fellow representing India in 2015. Chandigarh University presented him with the Pride of India award on 13 February 2021, acknowledging his influence as a strategic thinker and inspiration for young entrepreneurs. In July 2024, he earned a fellowship at the World Academy of Arts and Science.