Damodaran has held a number of important positions in the Central and State Governments and in India’s financial sector, including Chairman, Securities Exchange Board of India (SEBI), Chairman, Unit Trust of India (UTI), Chairman, Industrial Development Bank of India (IDBI), Chief Secretary, Government of Tripura. While at SEBI, he was elected Chairman of the 80 member Emerging Markets Committee of the International Organisation of Securities Commissions.

After successful stints at UTI and IDBI, where he successfully led the turnaround efforts, and at SEBI where he introduced improved corporate governance practices, he has set up Excellence Enablers Private Limited (EEPL), a Corporate Governance and Board Advisory consultancy firm. His pioneering role in promoting Corporate Governance in India invests EEPL with an experience-based leadership role in corporate governance advisory work. In addition, he is presently a consultant, advisor, coach and mentor. He is an Independent Director on the Boards of Larsen & Toubro and Biocon, and was till recently an Independent Director on the Boards of Tech Mahindra, Hero MotoCorp and CRISIL. He is a Nominee Director on the Boards of Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. He sits on the Advisory Boards of some foreign entities too. He was the founder Chairman of the Indian Institute of Management Tiruchirappalli. He was the Chairman of Ministry of Corporate Affairs Committee for Reforming the Regulatory Environment for doing Business in India and Chairman of Reserve Bank of India’s Committee on Customer Service in Banks.