He retired as a Senior Partner of M/s. Kalyaniwalla & Mistry- Chartered Accountants. He was associated with this firm for more than 40 years and was also a partner of S. R. Batliboi & Co- Chartered Accountants, for a brief period. He is currently a Director on the Board of various listed and unlisted public & private companies. He was also a Member of the India UK Accountancy Task Force constituted by the Ministry of Commerce, Government of India. The Reserve Bank of India had appointed Mr. Elavia as a Member of the Indian Advisory Committee of the Hong Kong and Shanghai Banking Corporation Limited where he was the Chairman of its Audit Committee and Corporate Governance Committee.