M.Tech, Systems & Control Engineering · IIT Bombay

Quantitative finance, market microstructure, and low-latency systems.

I am an M.Tech student at IIT Bombay researching market manipulation and strategic trading behaviour in limit order books.

Research focus

My thesis investigates cross-market spoofing and layering detection. I develop microstructural measures of non-bona-fide order flows, study the volume needed to distort an order book, and model volatility spillovers between manipulated assets and execution targets.

Market manipulationLimit order booksCross-market surveillanceVolatility spilloversAgent-based simulation

Current work

Cross-market spoofing and layering detection

M.Tech thesis under Prof. Ankur Kulkarni, IIT Bombay. Building methods that connect orders, cancellations, executions, price impact, and trading outcomes across related assets.

Asymmetric causality in financial assets

Adapted the Diebold-Yilmaz framework to high-frequency order-book data to measure time-varying liquidity-to-price connectedness and volatility spillovers.

Regime-switching portfolio allocation

Built a multi-asset allocation system using a Gaussian HMM and convex optimization, with a leak-free walk-forward backtest.

Experience

Dolat Capital · Software Developer

Jun 2024 - Jun 2025 · Mumbai

Built and optimized low-latency trading infrastructure: an NSE exchange mock client, zero-copy C++ packet parsers, post-trade anomaly tooling, a real-time arbitrage dashboard, and co-location market-data ingestion.

Easocare · Backend Developer Intern

Aug 2022 - Nov 2022 · Mumbai

Developed secure REST APIs, automated testing, JWT/RBAC authentication, and optimized MongoDB data pipelines.

Education

Indian Institute of Technology Bombay

M.Tech, Systems & Control Engineering · Expected 2027

D. J. Sanghvi College of Engineering, University of Mumbai

B.Tech, Information Technology · 2024 · CPI 9.02/10

Contact

For research conversations or collaboration, get in touch at shubhshah@iitb.ac.in.

LinkedIn ↗GitHub ↗