Kheraj was born in July 1964[1] in South London and grew up in Tanzania, Switzerland, Pakistan and the Middle East.

[3][4] Kheraj began his banking career at Salomon Brothers in 1986, and went on to hold a number of senior positions at other international financial institutions.

He was chief executive officer (CEO) of JP Morgan Cazenove,[5] a London-based investment banking business.

Kheraj is a former non-executive director of NHS England,[6] and has served as a senior advisor to Her Majesty's Revenue and Customs and to the Financial Services Authority in the UK.

Kheraj was appointed Commander of the Order of the British Empire (CBE) in the 2024 New Year Honours for services to business and the economy.