2015-16

Six Months
Weekend Program

The

Century Belongs to

Data Scientists

Jointly offered by:

National Institute of Securities Markets

An Educational Initiative of SEBI

Department of Economics (Autonomous)

University of Mumbai

EN
NT
CO

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NISM
Upcoming Campus

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Department of
Economics University
Education

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Background of NISM

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School for
Securities Education

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About PGCDS

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Course
Benefits

Academic
Team

Visiting Faculty

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Course
Structure

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Learning Environment

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Patrons of the Program

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Awards and
Sponsorship

Important Dates

Admission
Procedure

NISM Upcoming Campus

National Institute of Securities Markets

NISM is a public trust established by the Securities and
Exchange Board of India (SEBI), the regulator of securities
markets in India. It is an autonomous body governed by a
Board of Governors.
NISM envisions a catalytic role in promoting securities
markets research and education, through:
Close interface with policy makers, regulators and industry participants
Continuous knowledge creation, acquisition and dissemination
Collaboration with the larger educational and market
infrastructure to reach constitu-encies relevant to the
securities markets

Mission
To engage in capacity building among stakeholders in the
securities markets through financial literacy, professional
education, certification, enhancing governance standards
and fostering policy research.

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Institutes Philosophy
To engage in capacity building among stakeholders in the
securities markets through financial literacy, professional
education, certification, enhancing governance standards
and fostering policy research.
The activities at NISM are carried out through its Six
Schools,
These include:
School for Investor Education and Financial Literacy
(SIEFL)
School for Certification of Intermediaries (SCI)
School for Securities Information and Research (SSIR)
School for Regulatory Studies and Supervision (SRSS)
School for Corporate Governance (SCG)
School for Securities Education (SSE)

National Initiative by NISM

National Centre for Financial Education (NCFE)

Department of Economics, University of

Mumbai, (Autonomus)
Much of the academic activity of the Department is
channeled through various units. The General Economics
Section is one of the oldest units. The Agricultural
Economics Section was instituted in 1945 with the help of
a donation from the Bai Vijibhai Jivallal Panalal Trust. An
endowment grant from the Reserve Bank of India resulted
in the institution of the Monetary Economics Unit in the
mid-fifties. A section in Demography was established
through the generosity of the Population Council, New
York, in 1960-61. With UGC assistance, a Section in
Econometrics was set up in January 1963 and a research
unit in the Economics of Education was established in
1969. A grant from the Seth Walchand Hirachand Trust
has supported the Transport Economics Unit since
1970-71. Under the Fifth Plan Development framework,
the UGC in 1978, sanctioned three posts of Professors in

International Economics, Development Economics and

Quantitative Economics. Further assistance for the
creation of posts was provided by the UGC in the Sixth
Plan period. In October 1978, the UGC invited the
Department of Economics to participate in the University
Leadership Programme (ULP) in Economics. The Reserve
Bank of India instituted a Dr. Babasaheb Ambedkar Chair
in Political Economy in 1996. Also in 1996, the Planning
Commission instituted a Chair in Planning and
Development in the memory of late Dr. D.T. Lakdawala.
The Dr. Vibhooti Shukla Chair in Urban Economics and
Regional Development was instituted by Mrs. Tara Shukla
in 1999 in memory of her daughter. A Centre for Womens
Studies was set up in 2002 by the UGC under the Ninth
Plan Development framework.

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Background of NISM
In his budget speech of February 2005, the Honourable Union Finance Minister announced that the Securities and
Exchange Board of India (SEBI) would establish an institute to undertake securities markets education and research. In
pursuance of this mandate, SEBI established the National Institute of Securities Markets (NISM) in Mumbai as a public
trust under the Bombay Public Trusts Act, 1950. The mission for NISM is to add to market quality through educational
and research initiatives that would support, enable and expedite an entire gamut of high quality knowledge services in
the securities industry. A market for securities education and research is gradually emerging in India and abroad - partly
due to the buoyancy in the securities industry and partly because of the regulatory efforts to create minimum competency levels for securities industry professionals. NISM intends to play a catalytic role in addressing these needs. Given the
uniqueness of India and other developing markets, such intervention would follow the twin approaches of accessing and
disseminating the relevant existing knowledge and creating new knowledge that is more specific and appropriate for
developing markets. With no other institute in the Asian region that seeks to address as wide a canvas, NISM stands
uniquely poised to become an institution that would not only serve the securities markets in India but could also assume
a pan Afro-Asian purpose.

BOARD OF GOVERNORS

ACADEMIC COUNCIL

Mr. U. K. Sinha
Chairman, SEBI,
(Chairman, Board of Governors)

Dr. Bimal Jalan

Former Governor, Reserve Bank of India
(Chairman, Academic Council)

Mr. Rajeev Kumar Agarwal

Whole Time Member, SEBI

Mr. Cyril Shroff

Managing Partner, Amarchand & Mangaldas &
Suresh A. Shroff & Co., Mumbai

As on February 20, 2015

Mr. Prashant Saran

Whole Time Member, SEBI
Mr. Manoj Joshi
Joint Secretary, Ministry of Finance (GOI)

As on February 20, 2015

Prof. Samir Barua

Former Director,
Indian Institute of Management (IIM), Ahmedabad

Mr. Uday Kotak

Vice Chairman & Managing Director,
Kotak Mahindra Bank Ltd.

Dr. Shekhar Shah

Director-General,
National Council of Applied Economic
Research (NCAER)

Ms. Chanda Kochhar

Managing Director & Chief Executive Officer,
ICICI Bank

Prof. Viral V Acharya

C.V. Starr Professor of Economics,
New York University-Stern School of Business

Mr. Y. M. Deosthalee
Chairman and Managing Director,
L&T Finance Holdings Ltd.

Prof. Devang V Khakhar

Director, Indian Institute of Technology, Mumbai

Prof. Ashish Nanda

Director, Indian Institute of Management (IIM),
Ahmedabad
Mr. Sanjay Nayar
Chief Executive Officer,
KKR India Advisors Pvt. Ltd.
Mr. Sandip Ghose
Director, NISM
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Mr. N. R. Prabhala
Chief Mentor and Head of Research, Centre for
Advanced Financial Research and Learning (CAFRAL)
Mr. Sandip Ghose
Director, NISM, Member Secretary

Mr. G. P. Garg
Registrar, NISM

School for Securities Education (SSE)

NISM articulates and implements its mission of improving

market quality through its six schools, each having a
specific domain presence within the securities markets.
The role of the School for Securities Education (SSE) is to
provide education for preparing competent professionals
who will serve the securities markets.
The last few years have seen a demand for securities
professionals who are equipped with a wider repertoire of
knowledge and skills. This demand has been spurred by
the challenges posed by the growing Indian economy and
the expanding securities market. Though India's economic
growth has slowed in recent years, growing
internationalism, increasing complexity in instruments
and sophistication in market practices, have led to a
demand for professionals of high caliber in the financial
markets.

quarter of 2014. This has necessitated a greater need for

corporations to access the securities markets. The overall
economic growth has also witnessed many Indian
corporations attracting domestic and foreign investments
through listings in India and overseas.
As the Indian economy grows and as Indian investors seek
to participate increasingly in the capital markets, the
Indian stock exchanges, mutual funds, investment
bankers, analysts, registered valuers and stock brokers
would play an even more vital role in meeting the
enhanced expectations of various stakeholders.
With its proximity to policy makers and professionals in
the securities markets community, SSE is uniquely
positioned to provide educational programmes that will
create new age securities markets professionals.

There is expectation of entrance of new players, both

domestic and foreign, in the banking industry in the first
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About PGCDS
The Post Graduate Certificate in Data Science (PGCDS) is one of a kind
course in India, because of the blend of two colossal educational pillar
of this country. The two colossal educational pillars are NISM is an
educational initiative by Securities and Exchange Board of India, and
Department of Economics (DOE) of The University of Mumbai (Est.
1857). PGCDS is nourished with academic contributions DOE and
practicing experience from NISM already established Faculty. This
course main aim is to create practitioners in the field of Data Science
(Big Data), mainly for India and the Indian sub-continent, however
empowering the students with the current methods practice in western
countries.
PGCDS is a six month part-time Post-Graduate certificate aimed at
creating the next generation Analyst and Data Scientist. For students
interested in analytics, technology firms, regulators, consulting and
universities across the globe. PGCDS is an extremely unique opportunity to obtain first-hand knowledge, both theoretical and practical, from
an institute established by SEBI, the market regulator and prestigious
Department of Economics (Autonomous), University of Mumbai. The
faculty, consisting of academicians and practitioners, has the capability
to deliver a high-quality and cutting-edge programme to the students
looking for knowledge and skill-sets as a solid foundation.
Data Science and Big Data Analytics are exciting new areas that
combine scientific inquiry, statistical knowledge, substantive expertise,
and computer programming. One of the main challenges for businesses
and policy makers when using big data is to find people with the appropriate skills. Good data science requires experts that combine substantive knowledge with data analytical skills, which makes it a prime area
for social scientists with an interest in quantitative methods. This
course integrates prior training in quantitative methods (statistics) and
coding with substantive expertise and introduces the fundamental
concepts and techniques of Data Science and Big Data Analytics.
Typical students will be from any field requiring the fundamentals of
data science or working with typically large datasets and databases.
Practitioners from industry, government, or research organizations with
some basic training in quantitative analysis or computer programming
are also welcome. Because this course surveys diverse techniques and
methods, it makes an ideal foundation for more advanced or more
specific training. Our applications are drawn from social, political,
economic, legal, and business and marketing fields, rather than
engineering or other sciences.
Informal estimates indicate that the Industry would require about 6,000
professionals every year. The required skill-sets could be grouped as
follows:
(1) Financial Analytics,
(2) Data Analyst,
(3) Marketing: Managers, Market Research Analyst and Specialist,
(4) Research Scientist.
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Course Benefits
This course provides participants with:
an understanding of the structure of datasets and databases, including "big data"
the ability to work with datasets and databases
an introduction to programming languages and basic skills in the R/ Python statistical program
the ability to analyze data using statistical and machine learning methods.
The ability to apply to analyze large financial data for decision making purpose

Course Structure

This course aims to provide an introduction to the data science approach to the quantitative analysis of data using the
methods of statistical learning, an approach blending classical statistical methods with recent advances in computational
and machine learning. We will cover the main analytical methods from this field with hands-on applications using example datasets, so that students gain experience with and confidence in using the methods we cover. We also cover data
preparation and processing, including working with structured databases, key-value formatted data, and unstructured
textual data. At the end of this course students will have a sound understanding of the field of data science, the ability to
analyze data using some of its main methods, and a solid foundation for more advanced or more specialized study. The
course is integrated in two trimesters (6 Months) with six core papers.

TRIMESTER I (CONCEPTUAL)
DS101: Mathematics for Analytics
DS102: Statistics for Analytics
DS103: Applied Econometrics

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TRIMESTER II (APPLICATIONS)
(30 Hours)
(30 Hours)
(30 Hours)

DS201: Introduction to Machine Learning

DS202: Behavioural Analytics for Business
DS203: Financial Analytics

(30 Hours)
(30 Hours)
(30 Hours)

Learning Environment
NISM draws upon the cream of academia and industry for
providing cutting-edge inputs in the Securities markets
domain.
A wide range of pedagogical approaches is deployed. The
learning environment is further stimulated by use of
technology such as Databases (Bloomberg, Prowess),
Application Software (Matlab, SAS, R) and Simulated
Trading with streaming data. Students are provided with
internationally benchmarked textbooks. Additionally, the
library is exclusively dedicated towards finance, securities
markets and related areas with an up-to-date collection of
books and scientific journals. Book reviews, films related
to Wall Street and experiential learning through interactions with industry experts complement the learning
process.

Student Performance and Evaluation Criteria

PGCDS is a rigorous programme pegged at the level of
post graduation, leading to the award of PGCDS. The
programme is specially designed to raise the professional
standards of students. The PGCDS will be awarded on the
basis of the student's performance in the following
components:
Pre-class reading and preparation
Class participation
Quizzes
Term papers/projects/assignments
Mid-term and end-term examinations
Any other component of evaluation that the Institute
may prescribe from time to time
A student is expected to obtain the minimum passing
grade of 50% in each of the courses listed above.

Infrastructure
NISM Bhavan is an imposing structure, consisting of six
floors. The Institute has high quality infrastructure consisting of classrooms, library, canteen and lounges located on
various floors of the building.

Systems Support
The Institute has access to a well-equipped LAN & WiFi
based network system. Classrooms, Auditorium and
Conference Room are adequately networked and have
access to server-based packages. Students will have
access to advanced as well as regular applications,
software packages on mathematical, technical and capital
markets, and industry and company databases. These
include Bloomberg, Prowess, Alpha, and numerical
technical packages such as SAS, SPSS, Matlab,
WinRATS, E-Views, etc.
Library
Students of PGCDS will have access to a library which
holds a collection that is highly specialized in the area of
securities markets. Thus library is unique owing to the fact
that each book is hand-picked by faculty members and
experts. The library presently holds more than 7,600
books and researchers all over the country have benefited
from it. NISM constantly endeavours to enhance its
collection of books, journals and even films pertaining to
the security markets. Through Science-Direct, the library
provides access to all the leading academic journals in
Finance, Economics, Business and Management. In
addition to the above, the library subscribes to periodicals
relevant to the securities markets. PGCDS students would
be provided library cards, enabling them to take 2 books at
a time, for a duration of one week. As regards prescribed
text books, each student would be provided a personal
copy as part of the study kit.
Industry Interaction
NISM invites number of practitioners from industry for
interaction with the students of PGCDS to provide their
insights and share their experiences. This platform
provides an opportunity for students to have a practical
exposure for securities industry operations and nuances.
Under the Leadership Series, senior executives from top
organizations and SEBI share their experiences.

The hostel, NISM Niwas, also a 6-storey building, is located about 2 Km from the Institute.

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Awards and Sponsorships

Certificate Awards
The Post graduate certificate will be awarded jointly with
NISM and Department of Economics (Autonomous),
University of Mumbai.

Sponsorships
Sponsored candidates are those whose application forms
are forwarded to NISM through their respective
employers, being eligible organizations, as described in
the next paragraph. The employer should furnish an
undertaking to grant study leave to the said candidates and also undertake to bear all the fees. Eligible
organizations would include:

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1. Government Departments/ Public Sector Undertakings

2. Public companies or Trusts registered with SEBI
3. Banks/NBFCs recognized by RBI
4. Insurance Companies/ Intermediaries recognized by
IRDAI.
A maximum of five seats are reserved for sponsored
candidates. However, the sponsored candidates have
to participate in the admission processes as applicable
to other candidates. If the number of sponsored
candidates is inadequate then the seats reserved for
the sponsored candidates may be offered to other
candidates. Sponsored candidates are not allowed to
participate in campus placement process.

Patrons of the Program

Mr. Sandip Ghose
Director, NISM

Mr. Sandip Ghose is the Director of the National Institute

of Securities Markets (NISM), an educational initiative of
the Securities and Exchange Board of India (SEBI). Prior to
taking over as Director of NISM, Mr. Ghose was Head of
Human Resource in the Reserve Bank of India (RBI).
A central banker by profession, Mr. Ghose was Chief of
Staff and Advisor to three successive RBI Governors - Dr.
C. Rangarajan, Dr. Bimal Jalan, and Dr. Y.V. Reddy - over a
period of nine years, i.e. 1996-2004. He was also the
Principal, Bankers' Training College, Mumbai, between
2004-2007 where he was responsible for grooming and
capacity building of the top management of the commercial banks in India. He has also served as Principal of
College of Agricultural Banking, Pune and Regional Director of the RBI, Delhi.
His knowledge of job markets and work place effectiveness coupled with his experience both within the country
and abroad, provide a comprehensive perspective to
institutions in formulating policies on training, performance and talent management.
During his career, Mr. Ghose has received several prestigious awards including an Honorary Doctoral Degree by the
Sikkim University.
Mr. Ghose is Member on the boards of national and
international training institutions and business schools.

Prof. Neeraj Hatekar

Director- Department of Economics (Autonomous)

Prof. Neeraj is the Director and professor of Econometrics
at Mumbai University, with teaching experience of over
two decades. Dr. Hatekar has taught at a masters level
the following courses: Microeconomics, Macroeconomics, Econometrics, Mathematical Economics, Economics
of Growth, Development and Planning, Financial Economics and Economics Development in a Historical Perspective.

He has several research publications in the journal of

national and international repute and guided more than 10
Ph.D. students. He is author of many reputed books and
chapters in the several books in the area of economics,
"Principles of Econometrics (Using R), SAGE, 2010".
He is also executed many projects of national and international importance. Moreover, He is also in charge of
Center for Computational Social Sciences under the
University with Potential For Excellence programme.

Mr. G. P. Garg
Registrar, NISM

Mr. Garg has held several assignments in SEBI since

1994. He has been closely associated with SEBI and
Government of India initiatives on Financial Literacy and
Investor Education in the country. He initiated several
investor protection and educational activities in SEBI
such as launching of SCORES, Toll Free Helpline and
Financial Education through Resource Persons. He has
worked as the SEBI nominee on Advisory Committee on
NISM campus and Technical Group on Financial Inclusion
& Financial Literacy under FSDC.
He has been actively associated with establishment of
National Institute of Securities Markets (NISM) by SEBI.
Mr. Garg also Heads National Centre for Financial Education (NCFE), a joint initiative by all Financial Sector regulators comprising of RBI, SEBI, IRDA, PFRDA and FMC to
implement National Strategy for Financial Education
(NSFE).
Mr. Garg is Chief General Manager with SEBI and presently on deputation with NISM. Mr. Garg holds Bachelor
degree in Engineering and Law and Masters in Business
Administration.

He awarded Visiting Fellowship in Commonwealth

Studies, University of Cambridge, Visiting Fellow, Wolfson
College, University of Cambridge and Visited the University of Ulster at Jordanstown, under the British Council
Exchange Programme.

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Academic Team
Prof. Sunder Ram Korivi

Dean & Chair Professor - NISM

Prof. Sunder Ram Korivi is an MA (Economics & Political
Science) and PhD (Business Policy & Administration) from
the University of Mumbai. He is a CA Rank-holder and
Fellow of the Institute of Chartered Accountants of India.
Additionally, he is also an Associate member of the
Institute of Cost & Management Accountants of India and
the Insurance Institute of India. He was a full-time faculty
member at SP Jain Institute of Management, and later, a
Professor at NMIMS University, where he also served as
the Head of the Departments of Finance and Economics.
His interests are in the fields of Financial Institutions &
Markets and Fixed Income Securities. He has been nominated to the Board of Advanced Studies, ICMAI and as a
subject expert at LNJP Institute of Criminology and Forensic Science and the Board of Studies - Finance at the
University of Kashmir. He has conducted policy-oriented
research for the Central and State Governments and for
SEBI. An adjunct faculty at IIM Kozhikode, he has also
lectured at IIT Bombay, NIBM, NIA, NITIE, BSE and other
institutes of national importance. He has been with NISM
since 2008. He has prior work experience with Business
India as a Corporate Researcher, Tata Industrial Finance
Corporation as a Merchant Banker and also with Axiom
as a Merchant Banker.

Dr. Latha Chari

Chair Professor - NISM

Dr. Latha S Chari is a doctorate in Finance from BITS
Pilani, Post Graduate in commerce and a FCMA (Fellow
member of the Institute for Cost Accountants of India).
She has a total experience of about two decades of which
is equally divided between academia and Industry. She
started her academic career as a Fellow with IILM, New
Delhi. Before joining NISM, she has worked with Institute
for Technology and Management and ITM Institute of
Financial Markets for more than a decade. She joined ITM
as lecturer and grew up the hierarchy to become the
Deputy Director, heading ITM Institute of Financial
Markets. During her academic tenure she has published
papers in various national and international journals and
has conducted MDPs in the areas of financial asset valuation, strategic cost management, trading and operations
in equity markets, performance evaluation of mutual funds
and the like. Her areas of research interests include strategic cost management, corporate valuations, shareholder

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value enhancement and similar studies. She has interests in establishing finance labs and design, development and delivery of lab based courses in the areas of
banking and financial markets.

Mr. Akhlaque Ahmad

Lecturer and Programme Director

Mr. Akhlaque Ahmad is pursuing his Ph.D from the Department of Economics (Centre of Advance Studies), on the
evolving topic of Complex Adaptive Systems in financial
Markets. He is trained in the field of Mathematics with his
Masters in Philosophy in Cryptography from the prestigious Department of Mathematics, University of Mumbai.
He completed his Master is Mathematics and Post Graduate Diploma in Financial Engineering. He was awarded
research fellow form the Ministry of Science and Technology, Government of India, New Delhi.
Prior to joining NISM, he was associated with the undergraduate programme of the London School of Economics
& Political Sciences conducted at Mumbai. He has delivered talks and presented papers at University of Oxford,
UK, National University Singapore, Singapore, Royal Flemish Society of Belgium, Belgium, Bradley University,
Boston University, USA, National Research University, St.
Petersburg, Steklov Mathematical Institute, Moscow
State University (Russia), University of Zurich, ETH Zurich,
Switzerland, IIT Bombay, IISc Banglore and University of
Mumbai, India. He has published work in the area of financial engineering, financial economics and derivatives.
Also, he teaches executive programs and SEBI Induction
Program. His areas of interest include Financial Engineering, Financial Cryptography, Mathematical Finance and
Financial Derivative. He is visiting faculty at NITIE, and
various B-Schools of University of Mumbai and India. He
has industrial experience as consultant with financial
software companies and advertising companies. He
teaches Mathematical Finance, Computational Finance
and Financial Engineering related subjects at NISM. He
extensively uses R- Language, Matlab, and Excel-VBA for
computational and modelling purpose.

Dr. Rachana Baid

Adjunct Associate Professor

Dr. Rachana Baid is an M.Com (Gold medallist) and PhD.
She specializes in Financial Systems and Regulatory
Policy. She has undertaken consulting assignments with

multilateral agencies such as the World Bank and has

been a visiting faculty at IIM Indore and SP Jain Institute
of Management. She has also served as an Assistant
Professor at the UTI Institute of Capital Markets, Mumbai
for about a decade.

Mr. NitinTike

Senior Vice President

Mr. NitinTike, a Science graduate from Marathwada
University and Post Graduate in Management from Pune
University. He began his career with Bank of Maharashtra
in 1984 and subsequently worked with Non-Banking
Finance Companies, Brokerage Houses and Training
organisations and in academics over a career span of 23
years. During these 23 years he served organizations like
Weizmann Ltd., Mafatlal Finance Company Ltd., Mafatlal
Securities Ltd., India Infoline Ltd. and Bharati Vidyapeeth.
He has worked in the areas of merchant banking, corporate and retail credit, retail broking, training and teaching.
In his last assignment, he served as Professor in Finance
for four years at Bharati Vidyapeeths Institute of Management Studies and Research, at CBD Belapur.

Mr. Nitesh Bhati

Faculty Member

Mr. Nitesh Bhati completed his Bachelor of Commerce

(Hons.) from Jai Narayan Vyas University, Jodhpur in year
2004. He qualified as a Chartered Accountant and joined
Securities and Exchange Board of India (SEBI) in year
2006. Mr. Bhati has qualified as a Company Secretary in
year 2013. He also completed post qualification course on
Information Systems Audit (ISA) from Institute of
Chartered Accountant of India (ICAI).
Mr. Bhati is fellow member of ICAI. He is Assistant General Manager with SEBI and presently on deputation with
NISM as a member of faculty.
During his tenure in SEBI, Mr. Bhati has worked in Corporation Finance Department, Market Regulations Department and Investigation Department of SEBI. He has held
several assignments in SEBI including public issues,
takeover - open offers, buy back offers, listing compliances, corporate governance, delisting, administration of
Stock Exchanges, investigations related to manipulation in
market price and financial statements. Mr. Bhati was also
part of XBRL project team of SEBI.

Mr. Jitendra Kumar

Faculty Member

Mr. Jitendra Kumar is a BA (Honours) in Economics from

Ramjas College, Delhi University and MA (Economics)
from Jawaharlal Nehru University (JNU), New Delhi. He
has done LL.B from Mumbai University and Post Graduate
Diploma in Securities Law from Govt. Law College (GLC),
Mumbai. Besides, he has also done UGC (NET) in Economics and CAIIB from Indian Institute of Banking and Finance
(IIBF).
Before Joining NISM on deputation, he has worked with
Securities and Exchange Board of India (SEBI) for more
than a decade. His work profile at SEBI included Investigations related to securities market manipulation, registration/regulation/ inspection/ policy works related to the
Portfolio Manager, Alternative Investment Fund (AIF),
Investment Adviser ,Foreign Venture Capital Investor
(FVCI) and Corporate Bonds. He has also worked in RTI
Cell of the SEBI and represented SEBI in various matters
before Central Information Commission (CIC), New Delhi.
He had also worked with NABARD for more than 3 years.
At NABARD, he had worked in District Planning Department (DPD) and Micro Finance and Innovation Department
(MCID).

Mr. Hruda Ranjan Sahoo

Faculty Member

Mr. Sahoo is an MA in Analytical and Applied Economics

from Utkal University, Bhubaneswar and holds a Master
Degree in Financial Management from Jamnalal Bajaj
Institute of Management Studies (JBIMS), Mumbai.
Prior to joining NISM as Member of Faculty on deputation,
Mr. Sahoo was working as Assistant General Manager in
SEBI. During his tenure in SEBI, Mr. Sahoo worked in
Mutual Funds Dept. and Human Resource Development
Dept. In Mutual Funds Dept. he has worked in various
areas of mutual fund operation and was part of various
major policy decisions.

Mr. Sahil Malik

Faculty Member

Mr. Sahil Malik is a Member of Faculty in School of Regulatory Studies and Supervision within NISM. He has joined
NISM on deputation from Securities and Exchange Board

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of India. He holds Master in Commerce and Business

Administration. He also holds Bachelor degree in law and
pursuing his Company Secretary (Final). He has been
working with SEBI since February 2002 and has worked in
the following profile:
Framing of Policy and Supervision of all Market
Interme-diaries, Stock Exchanges and Depositories
Policy, Supervision and market development of Mutual
Funds.
Investigations and Enforcement related to Securities
market manipulations.

Ms. Prachi Nadkar

He has attended several national and international workshops, trainings and seminars on varied topics. He is a
regular speaker of various professional bodies like ICSI,
ICAI, Management Colleges and Investors Associations.
He was also involved in providing consultation to certain
Asian Regulators on behalf of SEBI.

During her tenure in SEBI, Ms. Nadkar has worked in

Corporate Finance Department- Division of Issues and
Listing and Treasury and Accounts Division. She has held
several assignments including Public issues, Rights
issues, Listing compliances, Corporate Governance,
Accounting and Auditing standards, IFRS, SCODA
Committee and Audit Committee etc. Ms. Nadkar was
also part of XBRL project team of SEBI.

Ms. Rajani Agadi

Faculty Member

Ms. Rajani Agadi has completed her B.Com from Karnataka University, Dharwad and has done her Masters in
Business Administration with finance specialization from
Kousali Institute of Management Studies, Karnataka
University, Dharwad. She has worked for brief stint as
officer in CanBank Factors Ltd, Bangalore. She joined SEBI
in 2004 as trainee and is currently Asst General Manager
with SEBI.
She has worked in Investigation department of SEBI for 6
years and in the Office of Investor Assistance and Education of SEBI for 4 years. She worked on two major investor
friendly initiatives of SEBI viz, SCORES ( SEBI Complaints
Redress System) and SEBI Toll free Helpline. She was part
of the team which initiated the above two projects right
from the takeoff stage till its final implementation.
She has also worked on several other policy initiatives by
SEBI for benefit of investors like simplification of norms for
transmission of shares, simplification of arbitration
mechanism, uniform SOP for suspension and revocation of
trading of shares, simplification of investor grievance
redress means at Stock Exchanges, initiatives for reducing
unauthorized trades, No frills demat account, preparation
of investor education material and brochures, etc. She has
also represented SEBI in various investor awareness
conferences and workshops.

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Faculty Member

Ms. Prachi Nadkar completed her Bachelor of Commerce

from Mumbai University in year 2001. She qualified as a
Chartered Accountant and joined SEBI in year 2006.Ms.
Nadkar is fellow member of Institute of Chartered
Accountants of India. She is Assistant General Manager
with Securities and Exchange Board of India (SEBI) and
presently on deputation with NISM as a member of
faculty.

Support Team
Rajshekhar Torgal
Deputy Manager, Programme Office
Mr. Torgal is a BBA from Karnataka University with a First
class. He is a Post-Graduate in Industrial Relations and
Personnel Management. He has a total of 13 years of
experience, of which 3 years were in Industry (Sugar
Industry) and 3 years as a District Manager in the
e-governance project of Government of Karnataka. Prior to
joining NISM, he worked with ICFAI University and
Pearson education. His experience in the education sector
totals 7 years.

Mr. Devanathan Seshadri

Academic Associate
He is an Engineering Graduate in Electronics and Instrumentation and Post Graduate in Human Resources. He has
over 4 years of experience in Human Resources and Office
Administration. Currently he is associated with School of
Securities Education (SSE) as Academic Associate.

Sachin Dhuri
Programme Assistant
Mr. Dhuri is a B.A. from the University of Mumbai. Prior to
NISM, he has worked in a telecommunication company.
He looks after the day-to-day running of academic
calendar for SSE.

Visiting Faculty
Mr. G. Mahalingam

Dr. Sushil. Torne

Mr Mahalingam is Executive Director and former regional

director of Reserve Bank of India. He is associated with
RBI from last 30 years with various roles as Inspecting
officer, Chief Forex dealer, Chief Investment Dealer, Head
of Internal Debt Management Department. He was also
advisor to Central Bank of Oman for monetary operations.
Currently, he is involved with RBI in monitoring and
surveillance of money/Forex/G-Sec/Derivative Markets
Intervention Operations and conduct of Liquidity
Operations, Forex Intervention Operations and Open
Market Operations. Moreover, he was six years faculty in
Reserve Bank Officers Training College. He is M.Sc. in
Statistics and Operations research from IIT, Kanpur and an
MBA in International Banking and Finance from
Birmigham Business School, UK. He teaches various
financial engineering and risk management issues in
Indian Market context.

He is a Ph.D in economics with specialization in Infrastructure finance, Financial Economics, Urban Economics,
Quantitative Economics, Econometrics, having research
interest in Structured Financial Products and Machine
Learning. He was a Fellow in the Department of Economics, University of Mumbai. His recent research flows in the
topics on Machine learning techniques for Big Data application. Prior to his Ph.D he has three years experience in
Commodity and FOREX markets on the advisory panel for
the trading room.

Prof. Neeraj Hatekar

Prof. Neearaj, M.A. and Ph.D., is a Professor at Department of Economics (Autonomous), Centre of Advance
Studies, University of Mumbai. His area of interest is
Econometrics, Game Theory and Experimental Economics.
He has been visiting fellow at University of Cambridge and
University of Ulster, UK. He has several publications in the
journals of international repute. He teaches Game Theoretic Applications in Financial Engineering and Applied Financial Econometrics at NISM.

Mr. Suneel Sarswat

Mr. Suneel Sarswat is an MSc in Statistics and Informatics from the Department of Mathematics, IIT Bombay.
Before joining NISM, he worked on Financial Analytics at
Bank of America (now BoFA Merrill Lynch). He has keen
interest in Mathematics, Computational Finance and
Financial Computing. He has done vital projects such as
the application of neural networks in financial analysis,
credit ratings and trading algorithms involving pattern
recognition. He has participated in national and international workshops and conferences. Currently, he is pursuing his doctorate in Computer Science from TIFR. He
teaches Computational Finance at NISM.

Mr. Harjeet Singh

He is CFA, FRM, PRM, CAIA, CMT and M.S. (Financial
Mathematics) from Stanford University, USA and PGDBM
(Finance & Economics), XLRI School of Business. He is
currently working with Nomura Securities, as Associate,
Global Markets & Risk Management Group Fixed
Income. He has over 5 years of industry experience. Previously he had worked as Associate, Global Risk - Model
Validation Group with Nomura Securities, Dealer, Global
Markets Treasury, Corporate Sales with Standard
Chartered Bank.

Mr. Chandresh Shah

He has more than 15 years of experience in Banks and
Financial Institutions. He is currently working with Aviva
as the Head of Risk Management. His past assignments
include Risk Management and Compliance role with Tata
Capital, Standard Chartered, HSBC and SEBI. He is a qualified accountant and a post graduate in management
from the University of Mumbai. He also holds CFA charter
and FRM designation. He teaches Risk Management at
NISM.

Mr. Kalyan Roy

He is Master of Statistics Indian Statistical Institute,
Kolkata, Bachelor of Statistics Indian Statistical Institute,
Kolkata. He is the Head of Quantitative Analytics at Capital
Metrics & Risk Solutions. He is a vastly experienced
professional. In a career spanning over sixteen years he
has held various positions in the industry. Previously he
worked as a Quantitative Analyst with Deep Value Technology, an innovative firm specializing in high-performance algorithmic trading strategy vehicles where he was

14

involved in studying stochastic models of equity market

microstructure, developing ultra high frequency trading
algorithms, statistical modelling, estimation of volatility
based on ultra high frequency data, building factor models
for the S&P500 stocks, statistical modelling of market and
limit order arrival times and cancellation times and ultra
high frequency equity price time series.
Prior to that he had worked as Statistical Consultant with
Indiana University, U.S.A. where he was involved in

modelling for researchers in physical, biomedical and

social sciences. He had worked as Statistical Analyst with
CITIBANK, Chicago, U.S.A. where he worked on consumer
response modelling. He worked as Statistical Analyst with
BANK ONE, Delaware, U.S.A. where he worked on
consumer credit risk modelling. He had worked as Statistical Modeller with IMS America, Pennsylvania, U.S.A. He
had been a Lead Consultant with Symphony Services,
Bangalore, India and Market Research Director with IMRB
International, New Delhi.

Admission Procedure
Eligibility Criteria
Minimum qualification
A bachelor's degree from a recognised Indian university or
equivalent with a minimum of 50% in aggregate.
Age
There is no age limit for the programme.
Personal Interview
Candidates will be shortlisted on the basis of profile for a
personal interview. The shortlisted candidates will be
intimated through email and/or through NISM website.
Personal interviews are likely to be held at Mumbai
direct/telephonic in July 2015. NISM will intimate the
exact date, time and venue of the personal interview
to the shortlisted candidates.
All expenses related to appearing for personal interview shall be borne by the candidate. The Institute will
not bear or reimburse any expenditure in this regard. The
Institute reserves the right to postpone or cancel the dates
of personal interview. Candidates are also advised to visit
the Institutes website for any updates and other information. The maximum class strength will be 30 students.
NISM reserves the right to increase or decrease the
number , depending on the quality of the applications
received for consideration. Hostel accommodation may
be offered depending upon availability. Preference will be

1
2

These fees are tentative and subject to change

Refundable

15

given to outstation and lady candidates as may be decided

by the Institute.
Announcement of Selected Candidates
The list of selected candidates will be displayed on
the Institutes website on July-August, 2015. Selected
candidates would be required to pay the first instalment of
fees (see table of fees) on or before July 30th 2015. Provisional admission offered to selected candidates who do
not pay the fees on or before the stipulated date would
automatically stand cancelled.

Fee Structure
NO.

PARTICULARS

FEE AMOUNT `

01

Tuition Fee1

02

Examination Fee

5,000

03

Library Fee2

5,000

70,000

2015-16

Important Dates
Commencement of online registration

June 1, 2015

Last date for online registration

July 25, 2015

Announcement of selected candidates for interview

July 26, 2015

Personal interviews

July 27 28, 2015

Announcement of list of selected candidates

July 30, 2015

Last date for payment of term I fees

August 7, 2015

Programme commencement and orientation

August 10, 2015

16

NATIONAL INSTITUTE OF SECURITIES MARKETS

Plot No. 82, NISM Bhavan, Sector-17,
Vashi, Navi Mumbai - 400 703
Board: +91-22-66735100-05 | Fax: +91-22-66755710
Direct No. +91-22-66735161/25/58

DEPARTMENT OF ECONOMICS (AUTONOMOUS)

University Of Mumbai
Ranade Bhavan, 3rd Floor, Vidyanagari,
Kalina, Mumbai - 400 098
Board: +91-22-26526388, +91-22-6526091
Office (Board) Ext: 332, 335 and 333.

Mobile:+91 8454028810 | Email: pgcds@nism.ac.in

www.nism.ac.in

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