Skip page header and navigation
Profile image
Hetal Dalal

Hetal Dalal

Job title
President & Chief Operating Officer
Current employer
Institutional Investor Advisory Services India Limited

Hetal is the President & Chief Operating Officer of Institutional Investor Advisory Services India Limited. She is responsible overall business execution.

Institutional Investor Advisory Services India Limited (IiAS) is India’s foremost SEBI-registered India-based proxy advisory firm. IiAS publishes voting recommendations on about 950 Indian listed companies annually that represent over 95% of the total market capitalization on Indian exchanges. IiAS has developed a cloud-based application,, which provides searchable data on shareholder resolutions and voting outcomes. IiAS’ governance research published under its ‘Institutional EYE’ sub-brand, provides guidance to market participants on events, regulations, and trends. Some of the advocacy undertaken by IiAS has driven new regulation in India.

Hetal led IiAS’ team that worked with International Finance Corporation (of the World Bank Group) and BSE Limited (earlier known as the Bombay Stock Exchange) on the development of the Indian Corporate Governance Scorecard: this is the first such scorecard for India, which bases itself on the G20/OECD Principles of Corporate Governance. IiAS publishes the scores of the top 100 companies (accounting for about 70% of total market capitalization) annually, and helps both companies and investors benchmark governance practices.

Hetal provides oversight to IiAS’ advocacy of ESG in India. IiAS is the first domestic agency to develop an ESG scorecard for India, which is based on globally accepted ESG models fitted for the disclosures available for Indian companies. IiAS is working with investors in helping them embed ESG assessments in their investment decisions.  

IiAS is institutionally-owned – its shareholders include (in alphabetical order) Aditya Birla Sun Life AMC Limited, Axis Bank Limited, Fitch Group Inc, HDFC Investments Limited, ICICI Prudential Life Insurance Limited, Kotak Mahindra Bank Limited, RBL Bank Limited, Tata Investment Corporation Limited, UTI Asset Management Company Limited, and Yes Bank Limited.

Prior to joining IiAS, Hetal worked with CRISIL Limited – a Standard & Poor’s company, and India’s largest rating agency. During her 13 years at CRISIL, Hetal held positions across several verticals in the ratings business. She joined as an analyst in the corporate ratings business and then moved to be part of the founding team of CRISIL’s Global Analytical Centre, which provided offsite and onsite analytical support to Standard and Poor’s North American ratings team. Hetal was instrumental in setting up the operations of CRISIL’s Small and Medium Enterprises (SME) Ratings division: under her supervision ratings were assigned to over 13,000 SMEs across India. In her last role at CRISIL, she was Director, Business Development for Bank Loan Ratings. 

Hetal is a Chartered Accountant and holds a management degree with a specialization in finance from NMIMS Mumbai, which was then affiliated to the Mumbai University.

Share this page