Keyur Shah

Managing Director
30+ years of multi-sector experience in international and corporate tax, tax planning, and regulation 
Has worked with international financial services groups, corporates, and foreign portfolio investors, including PEs, banks, and asset management companies 
Expertise in policy advocacy and engagement with senior regulators
Mumbai
@alvarezmarsal
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Keyur Shah is a Managing Director with Alvarez & Marsal Tax in Mumbai. He serves as Head of A&M’s Tax and Regulatory practice in India. He brings over three decades of experience in international and corporate taxation, tax structuring, and regulatory advisory.

Mr. Shah has worked extensively with global financial services institutions, including private equity firms, banks, capital markets participants, and asset management companies, advising them on establishing and expanding their presence in India. His expertise spans India entry strategy, cross-border investment structuring, and domestic tax considerations, including transfer pricing.

Mr. Shah has deep experience advising foreign portfolio investors, offshore funds, and other institutional investors on tax and regulatory frameworks for investing into Indian capital markets. He has also led complex transfer pricing engagements, including the design, implementation, and defense of policies, as well as negotiations involving unilateral and bilateral advance pricing arrangements and mutual agreement procedures.

Beyond client work, Mr. Shah has played an active role in policy advocacy, collaborating with industry bodies and senior regulators to support the development of a more stable, business-friendly tax and regulatory environment in India.

Prior to joining A&M, Mr. Shah spent 23 years at EY, where he led the Financial Services Tax and Regulatory practice. He also spent four years with KPMG. He is a member of the Institute of Chartered Accountants of India (ICAI).