Gone are the days when treasury was seen as a support function with modern software and CCIL enabled systems. Today, it stands at the very core of financial resilience and strategic growth. For Harsimran Sahni, Executive Vice President and Head of Treasury at Anand Rathi Global Finance, the function is far more than managing liquidity — it’s about navigating uncertainty, generating revenue, and building a disciplined, risk-aware culture.
In this exclusive conversation with Indian Startup Times, Sahni offers a rare, in-depth look into the evolving world of treasury leadership, the technologies shaping its future, and the ==lessons that continue to guide him.
From Liquidity to Leadership: Treasury’s Expanding Role
At Anand Rathi Global Finance, Sahni leads treasury operations across liquidity management, investments, fixed income, and risk. “Treasury is not just a support function here — it’s also a revenue generator,” he explains. His team manages the company’s daily liquidity requirements across multiple verticals while simultaneously overseeing fixed income strategies that contribute significantly to the organisation’s profitability.
One of the most defining aspects of his role is dealing with uncertainty. “The only thing constant in markets is uncertainty,” he says with a smile. Whether it’s an RBI policy, a Fed announcement, or an unexpected macroeconomic event, Sahni’s team ensures the company remains protected and well-positioned against volatility.
The Lesson Every Young Professional Should Know
Across his career, one insight has remained constant: “Markets don’t move on data. They move on expectations.”
He emphasises that textbook logic often falls short when markets behave unpredictably. For young treasury professionals, learning how expectations shape market movement is crucial. This understanding, he believes, separates theoretical knowledge from true market intelligence.
Technology: Treasury’s Biggest Game Changer
Treasury functions across India have undergone a significant transformation. What once required end-of-day risk checks is now possible in real time.According to Sahni, the biggest breakthrough has been live risk monitoring, tracking exposures, margins, P&L, stop-loss adherence, and trader positions on a unified platform. “With modern software and CCL-enabled systems, we can track risk on a live basis. It’s a massive shift from how the treasury worked even a decade ago.”
He also notes a shift from manual over-the-counter trading to system-driven execution, especially in government securities. However, he believes India’s corporate bond market still has a long way to go, as liquidity remains fragmented.
The High-Impact Days and the Decisions That Shape Them
For Sahni, high-impact days are defined by macro events. An RBI policy or inflation announcement can move markets within seconds, requiring precision and discipline.
“Managing positions during volatile days without letting it impact P&L materially — that’s the real test,” he notes.
Among his most challenging decisions was securing SGL membership from the RBI, a milestone that took years of regulatory preparation and technology alignment. “It was a defining achievement for our treasury team,” he shares.
The Turning Point: What Drew Him to Treasury
Sahni’s curiosity for treasury began in 2008, during the Global Financial Crisis, when he witnessed the collapse of global institutions and the sudden halt in credit flows.But his actual treasury journey began in 2012, when he formally stepped into the field and began building the expertise that defines his leadership today.
“What started as curiosity soon became a passion,” he recalls. He immersed himself in financial history, pursued his MBA, and later completed CFA and FRM, setting the foundation for a career driven by deep market understanding.
Skills Every Treasury Leader Must Master
Sahni lists three essentials:
- Reading financial history — understanding crises, cycles, and long-term patterns.
- Risk discipline — adhering to stop losses and managing positions with conviction, patience, and logic.
- Thinking in probabilities — not certainties. “The moment you’re certain about markets, you stop learning.”
He adds that treasury professionals must learn to make small, steady decisions and stay emotionally detached from positions.
The Future of Treasury: Automation, Algorithms & Financialization
Sahni believes treasury functions will soon see a rise in API-linked systems, algorithmic execution, and automated risk engines. With rising retail participation, digital adoption, and financialization of savings, he sees greater liquidity, more informed markets, and stronger opportunities for fixed income evolution.
At Anand Rathi, his next goal is securing a Primary Dealership license from RBI, enabling deeper participation in the fixed income market.
Final Advice to the Next Generation
“Read more, learn cycles, understand human behaviour in markets, and stay risk-aware,” he says. “Small profits with small losses — that’s the discipline that builds a successful treasury professional.”
With leaders like Harsimran Sahni steering India’s financial markets, treasury is no longer a back-end operation — it is a strategic powerhouse shaping the future of NBFCs and financial institutions across India.
–By Vanshika Panwar, Indian Startup Times
