Author
Shivang Badaya
Co-Founder & Chief Executive Officer, Rovia
CFA charterholder, ex-JP Morgan and Makrana Capital. Writes on RSU management, equity comp, and cross-border investments.
An engineer turned hedge-fund investor, Shivang got into finance early — clearing all three CFA exams during his undergrad at IIT Bombay before joining JP Morgan. He went on to invest at Makrana Capital as a hedge-fund analyst, then led business at Zolve, an NRI fintech. He's now CEO of Rovia, a platform built for global citizens to invest globally. Shivang writes the RSU and equity-comp side of Vested — vesting mechanics, sell-to-cover strategy, ESPP vs. RSU trade-offs, stock options, and what actually lands in your account after Indian perquisite tax.
Credentials
- CFA charterholder (cleared Levels 1, 2 and 3)
- SEBI Registered Investment Advisor (in-principle approval)
- B.Tech, IIT Bombay (2010–2014)
- Ex-JP Morgan, Makrana Capital, Zolve (Head of Business)
Connect
Areas of expertise
- Cross-border investments
- RSU management & taxation
- ESPP and stock options (ISO/NSO)
- Hedge-fund investing
- Equity comp negotiation
Posts by Shivang
- RSU Management·
RSU vesting: the real tax math for Indian residents
Your RSU is worth ₹10 lakh on paper. After perquisite tax, US withholding, and capital gains — what actually lands in your account?
- RSU Management·
The complete RSU guide for Indians at US multinationals
Vesting, taxes, withholding, repatriation, reinvestment — the full RSU lifecycle for Indian residents at US-headquartered companies.
- RSU Management·
Sell-to-cover, sell-all or hold: the three RSU vest decisions
Every RSU vest forces a choice. Sell to cover tax only? Sell everything? Hold all the shares? Pick the right answer for your situation.
- RSU Management·
Should you sell RSUs at vest or hold? Framework for Indians
Sell RSUs at vest, or hold for upside? The right answer depends on concentration, tax timing, and what you'll do with the cash.
- RSU Management·
ESPP vs RSU for Indians: how to think about both
RSUs are awarded; ESPPs are bought at a discount. Most Indians underuse ESPP. The full picture, with worked tax math for Indian residents.
- US Investing·
NRIs returning to India: what to do with your US portfolio
Moving back to India with US stocks, RSUs, 401(k) and IRAs creates a one-time RNOR planning window that can save lakhs in tax.
- RSU Management·
Negotiating equity comp at US multinationals from India
RSU grants, refreshers, and sign-ons are all negotiable at US multinationals. The Indian-side playbook for getting paid better.
- RSU Management·
RSU cost basis tracking: the spreadsheet you actually need
When you sell an RSU lot in 3 years, you'll need INR cost basis per tranche. The spreadsheet structure that works, with worked examples.
- RSU Management·
Pre-IPO RSUs: the tax and liquidity problem for Indians
Pre-IPO RSUs trigger Indian tax at vest at the 409A FMV — but you can't sell. The cash-flow trap, double-trigger structures, and IPO planning.
- RSU Management·
RSUs when you change jobs or get laid off: what happens
Unvested RSUs disappear when you leave. Vested ones you keep — but the tax cycle continues. Every job-change scenario, explained for Indians.
- RSU Management·
ISO & NSO stock options at US companies: how Indians are taxed
ISOs and NSOs differ from RSUs: exercise price, three tax events not two. How Indian residents are taxed on each, with worked numbers.
- RSU Management·
US ↔ India employer transfer: the cross-border tax reset
Moving between US and India offices triggers a complex tax reset. RSU sourcing, RNOR window, dual-status filings — the full playbook.