An Educational Initiative of SEBI

Most of the financial

professionals know the risk
But only few can
understand and
QUANTify it.

Jointly offered by:

One Year,
National Institute of Securities Markets Full Time Program
An Educational Initiative of SEBI

Mumbai School of Economics and Public Policy

University of Mumbai
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NISM
Upcoming Campus
Patrons of the Program

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Department of
Economics University
Education Academic
Team

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Background of NISM
Visiting Faculty

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School for
Securities Education Admission
Procedure

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About PGDQF Important

Dated

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Architecture

Course
Structure

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Learning Environment

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Placements

Awards and
Sponsorship
NISM Upcoming Campus

National Institute of Securities Markets

NISM is a public trust established by the Securities and Institute’s Philosophy

Exchange Board of India (SEBI), the regulator of securities
markets in India. It is an autonomous body governed by a To engage in capacity building among stakeholders in the
Board of Governors. securities markets through financial literacy, professional
education, certification, enhancing governance standards
NISM envisions a catalytic role in promoting securities and fostering policy research.
markets research and education, through:
•Close interface with policy makers, regulators and indus- The activities at NISM are carried out through its Six
try participants Schools,
•Continuous knowledge creation, acquisition and dissem- These include:
ination •School for Investor Education and Financial Literacy
•Collaboration with the larger educational and market (SIEFL)
infrastructure to reach constituencies relevant to the •School for Certification of Intermediaries (SCI)
securities markets. •School for Securities Information and Research (SSIR)
•School for Regulatory Studies and Supervision (SRSS)
Vision •School for Corporate Governance (SCG)
•School for Securities Education (SSE)
To lead catalyze and deliver educational initiative to
enhance the quality of securities markets. National Initiative by NISM
National Centre for Financial Education (NCFE)
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.

01
01
Department of Economics, University of
Mumbai, (Autonomus)

Much of the academic activity of the Department is International Economics, Development Economics and
channeled through various units. The General Economics Quantitative Economics. Further assistance for the
Section is one of the oldest units. The Agricultural creation of posts was provided by the UGC in the Sixth
Economics Section was instituted in 1945 with the help of Plan period. In October 1978, the UGC invited the
a donation from the Bai Vijibhai Jivallal Panalal Trust. An Department of Economics to participate in the University
endowment grant from the Reserve Bank of India resulted Leadership Programme (ULP) in Economics. The Reserve
in the institution of the Monetary Economics Unit in the Bank of India instituted a Dr. Babasaheb Ambedkar Chair
mid-fifties. A section in Demography was established in Political Economy in 1996. Also in 1996, the Planning
through the generosity of the Population Council, New Commission instituted a Chair in Planning and
York, in 1960-61. With UGC assistance, a Section in Development in the memory of late Dr. D.T. Lakdawala.
Econometrics was set up in January 1963 and a research The Dr. Vibhooti Shukla Chair in Urban Economics and
unit in the Economics of Education was established in Regional Development was instituted by Mrs. Tara Shukla
1969. A grant from the Seth Walchand Hirachand Trust in 1999 in memory of her daughter. A Centre for Women’s
has supported the Transport Economics Unit since Studies was set up in 2002 by the UGC under the Ninth
1970-71. Under the Fifth Plan Development framework, Plan Development framework.
the UGC in 1978, sanctioned three posts of Professors in

02
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 competen--
cy 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
As on May 1,2018

Mr. Ajay Tyagi

Chairman, SEBI
(Chairman, Board of Governors)

Mr. G Mahalingam
Whole Time Member, SEBI

Ms. Madhabi Puri Buch

Whole Time Member, SEBI

Mr. Sanjay Nayar

Chief Executive Officer,
KKR India Advisors Pvt. Ltd.

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

Mr. Praveen Garg

Joint Secretary (Financial Markets),
Department of Economic Affairs,
Ministry of Finance (GOI)

Dr. M. Thenmozhi
Director, NISM

03
School for Securities Education (SSE)

NISM articulates and implements its mission of improving quarter of 2014. This has necessitated a greater need for
market quality through its six schools, each having a corporations to access the securities markets. The overall
specific domain presence within the securities markets. economic growth has also witnessed many Indian
The role of the School for Securities Education (SSE) is to corporations attracting domestic and foreign investments
provide education for preparing competent professionals through listings in India and overseas.
who will serve the securities markets.
As the Indian economy grows and as Indian investors seek
The last few years have seen a demand for securities to participate increasingly in the capital markets, the
professionals who are equipped with a wider repertoire of Indian stock exchanges, mutual funds, investment
knowledge and skills. This demand has been spurred by bankers, analysts, registered valuers and stock brokers
the challenges posed by the growing Indian economy and would play an even more vital role in meeting the
the expanding securities market. Though India's economic enhanced expectations of various stakeholders.
growth has slowed in recent years, growing
internationalism, increasing complexity in instruments With its proximity to policy makers and professionals in
and sophistication in market practices, have led to a the securities markets community, SSE is uniquely
demand for professionals of high caliber in the financial positioned to provide educational programmes that will
markets. 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

04
 About PGDQF

The Post Graduate Diploma in Quantitative Finance (PGDQF) 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 which is a initiative
by Securities and Exchange Board of India, and Department of Economics (DoE) of The University of Mumbai (Est.
1857). PGDQF is nourished with academic contributions from DoE and practicing experience from NISM already
established Quantitative Finance Faculty. This course main aim is to create practitioners in the field of Quantitative
finance, mainly for India and the Indian sub-continent, however empowering the students with the current methods
practice in western countries.

PGDQF is a one-year full time Post-Graduate Diploma aimed at creating the next generation Quant, Financial
Engineers and Risk management specialist. For students interested in banks, broker dealers, hedge funds, pension
funds, asset managers, technology firms, regulators, accounting, consulting and law firms, and universities across
the globe. PGDQF 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 (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.

Informal estimates indicate that the financial markets/Banks would require about 5,000 professionals every year.
The required skill-sets could be grouped as follows:
(1) Fund Management, Analysis and Dealing
(2) Structuring and Financial Product Management
(3) Operations and Services in the Field of Treasury
(4) Information Technology for high end Algorithmic Research
(5) Consulting and Analytics
(6) Alternate Investment and Wealth Management.

05
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06
Course Architecture
The Postgraduate Diploma in Quantitative Finance (PGDQF) is designed principally for graduates who are working profes-
sionals in banks and other financial institutions those requiring knowledge of statistical and quantitative approaches to
risk and derivatives. Graduates with strong previous quantitative training and graduates with lower levels of previous
training can both benefit from the programme by choosing this course. The architecture of the course is constructed from
basic travelling to advance and then progressing to advance applications for implementation in the real world.

Course Structure
Core Course
TRIMESTER I (BASIC) TRIMESTER III (ADVANCE APPLICATION)

QF101: Introduction to Mathematics for Finance QF301: Financial Time Series Modelling
QF102: Statistics and Data Analysis for Finance QF302: Introduction to Financial Engineering
QF103: Financial Computing Using R and Excel-VBA QF303: Portfolio Optimization
QF104: Introduction to Financial Economics QF304: Financial Risk Management

TRIMESTER II (ADVANCE) TRIMESTER IV (IMPLEMENTATIONS)

QF201: Stochastic Calculus and Optimization for Finance QF401: Algorithmic Trading and Quantitative Strategies
QF202: Introduction to Econometrics QF402: Machine learning techniques in Finance
QF203: Introduction to Derivatives QF403: Game Theory for Financial Engineering
QF204: Fixed Income Securities QF404: Industry Internship and Project

Foundation Course NISM Certifications

QF01: Introduction to Economics 1. Equity Derivatives
QF02: Introduction to Programming 2. Currency Derivatives
QF03: Introduction to Financial Markets 3. Interest Rate Derivatives
QF04: Basics of Accounting 4. Securities Operations and Risk Management (SORM)
QF05: Introduction to Regulations
QF06: Simulations and Trading Lab

Each core course is of 30 hrs duration & foundation course is 15 hrs which is non-credited.

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Learning Environment
NISM, with its proximity to the policy-makers and the well-equipped class-rooms, modern auditorium and a vast
industry, draws upon the cream of academia and industry amphitheatre. The campus also has impressive residential
providing cutting-edge inputs in the securities markets blocks with separate hostel facilities for male and female
domain. participants.

A wide range of pedagogical approaches is deployed – Recreation Facilities

case-studies, role-plays, group discussions, trading simu-
lations, etc. The learning environment is further stimulated The participants enjoy the luxury of modern recreation
by industry interface, finance lab with modern technologi- facilities like swimming pool, squash court, gymnasium
cal infrastructure, state-of-the-art campus, extensive with modern equipments, table tennis and badminton
library and other recreation facilities. Book reviews, films halls, yoga hall, cafeteria and more. The recreation blocks
related to Wall Street and experiential sharing sessions pose a refreshing environment offering a balance to the
with industry experts complement the learning process. academic rigor of the programme.

Industry Interface

The institute organizes visits to exchanges, depositories

and various market intermediaries providing exposure to
industry paradigm. NISM also invites a number of practi-
tioners from the industry for interaction with the partici-
pants to share their experiences. These platforms provide
opportunities to the participants to develop keen insights
to industry practices and nuances. Under the Leadership
Series, senior executives from top organizations and SEBI
share their experiences.

Finance Lab

The trading simulation lab with streaming market data is a

key highlight of the programme. The one-of-its-kind
finance lab provides access to the participants to databas-
es such as Bloomberg, Prowess, etc. and application
software such as MATLAB, SAS, R, WinRATS, E-Views,
etc.

Extensive Library

The institute boasts one of the biggest specialized libraries

for Finance, which holds a rich collection of over 8500
books on securities markets, domestic and international
magazines, newspapers, journals, etc. The Through
Science-Direct, the library provides access to all leading
academic journals in Finance, Economics, Business and
Management.

State-of-the-art Campus
NISM’s new campus at Patalganga spread over 70 acres
of land on the scenic Mumbai-Pune Express-way has
state-of-the-art infrastructure that creates an ideal
environment conducive to contemplative learning. The
eco-friendly campus is Wi-Fi enabled and features

08
Placements
NISM provides placement assistance to all students who successfully complete its courses. We have an active place-
ment program in place to provide job opportunities to our students in relevant areas.

NISM receives enquiries from investment banks, investment analytics firms, hedge funds, broking houses, financial
software companies and other financial institutions for placement of our students in their Quant teams.

Past Recruiters

Canara Bank Securities Ltd

A SUBSIDIARY OF CANARA BANK

Awards and Sponsorships

Degree Awards 1. Government Departments/ Public Sector Undertakings
2. Public companies or Trusts registered with SEBI
The degree will be awarded jointly by NISM and Depart
- 3. Banks/NBFCs recognized by RBI
ment of Economics, University of Mumbai. 4. Insurance Companies/ Intermediaries recognized by
IRDAI.
Sponsorships
A maximum of five seats are reserved for sponsored
candidates. However, the sponsored candidates have
Sponsored candidates are those whose application forms to participate in the admission processes as applicable
are forwarded to NISM through their respective to other candidates. If the number of sponsored
employers, being eligible organizations, as described in candidates is inadequate then the seats reserved for
the next paragraph. The employer should furnish an the sponsored candidates may be offered to other
undertaking to grant study leave to the said candi- candidates. Sponsored candidates are not allowed to
dates and also undertake to bear all the fees. Eligible participate in campus placement process.
organizations would include:

09
Patrons of the Program

Mr. Sandip Ghose He has several research publications in the journal of

Director national and international repute and guided more than 10
Ph.D. students. He is author of many reputed books and
Mr. Sandip Ghose is the Director of the National Institute chapters in the several books in the area of economics,
of Securities Markets (NISM), an educational initiative of "Principles of Econometrics (Using R), SAGE, 2010".
the Securities and Exchange Board of India (SEBI). Prior to
taking over as Director of NISM, Mr. Ghose was Head of He is also executed many projects of national and interna -
Human Resource in the Reserve Bank of India (RBI). tional importance. Moreover, He is also in charge of
Center for Computational Social Sciences under the
A central banker by profession, Mr. Ghose was Chief of University with Potential For Excellence programme.
Staff and Advisor to three successive RBI Governors - Dr.
C. Rangarajan, Dr. Bimal Jalan, and Dr. Y.V. Reddy - over a Mr. G. P. Garg
period of nine years, i.e. 1996-2004. He was also the Registrar
Principal, Bankers' Training College, Mumbai, between
2004-2007 where he was responsible for grooming and Mr. Garg has held several assignments in SEBI since
capacity building of the top management of the commer- 1994. He has been closely associated with SEBI and
cial banks in India. He has also served as Principal of Government of India initiatives on Financial Literacy and
College of Agricultural Banking, Pune and Regional Direc- Investor Education in the country. He initiated several
tor of the RBI, Delhi. investor protection and educational activities in SEBI
such as launching of SCORES, Toll Free Helpline and
His knowledge of job markets and work place effective - Financial Education through Resource Persons. He has
ness coupled with his experience both within the country worked as the SEBI nominee on Advisory Committee on
and abroad, provide a comprehensive perspective to NISM campus and Technical Group on Financial Inclusion
institutions in formulating policies on training, perfor- & Financial Literacy under FSDC.
mance and talent management.
He has been actively associated with establishment of
During his career, Mr. Ghose has received several prestig - National Institute of Securities Markets (NISM) by SEBI.
ious awards including an Honorary Doctoral Degree by the Mr. Garg also Heads National Centre for Financial
Sikkim University. Education (NCFE), a joint initiative by all Financial Sector
regulators comprising of RBI, SEBI, IRDAI and PFRDA to
Mr. Ghose is Member on the boards of national and implement National Strategy for Financial Education
international training institutions and business schools. (NSFE).

Prof. Neeraj Hatekar Mr. Garg is Chief General Manager with SEBI and
Director- Department of Economics (Autonomous) presently on deputation with NISM. Mr. Garg holds
Bachelor degree in Engineering and Law and Masters in
Prof. Neeraj is the Director and professor of Econometrics Business Administration.
at Mumbai University, with teaching experience of over
two decades. Dr. Hatekar has taught at a masters level
the following courses: Microeconomics, Macroeconom-
ics, Econometrics, Mathematical Economics, Economics
of Growth, Development and Planning, Financial Econom-
ics and Economics Development in a Historical Perspec-
tive.

He awarded Visiting Fellowship in Commonwealth

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

10
Academic Team

Prof. Sunder Ram Korivi, value enhancement and similar studies. She has inter-
Dean & Chair Professor ests in establishing finance labs and design, develop-
ment and delivery of lab based courses in the areas of
Prof. Sunder Ram Korivi is an MA (Economics & Political banking and financial markets.
Science) and PhD (Business Policy & Administration) from
the University of Mumbai. He is a CA Rank-holder and Mr. Akhlaque Ahmad
Fellow of the Institute of Chartered Accountants of India. Lecturer and Programme Director
Additionally, he is also an Associate member of the
Institute of Cost & Management Accountants of India and Mr. Akhlaque Ahmad is pursuing his Ph.D from the Depart-
the Insurance Institute of India. He was a full-time faculty ment of Economics (Centre of Advance Studies), on the
member at SP Jain Institute of Management, and later, a evolving topic of Complex Adaptive Systems in financial
Professor at NMIMS University, where he also served as Markets. He is trained in the field of Mathematics with his
the Head of the Departments of Finance and Economics. Masters in Philosophy in Cryptography from the prestig-
His interests are in the fields of Financial Institutions & ious Department of Mathematics, University of Mumbai.
Markets and Fixed Income Securities. He has been nomi- He completed his Master is Mathematics and Post Gradu -
nated to the Board of Advanced Studies, ICMAI and as a ate Diploma in Financial Engineering. He was awarded
subject expert at LNJP Institute of Criminology and Foren- research fellow form the Ministry of Science and Technol -
sic Science and the Board of Studies - Finance at the ogy, Government of India, New Delhi.
University of Kashmir. He has conducted policy-oriented
research for the Central and State Governments and for Prior to joining NISM, he was associated with the under-
SEBI. An adjunct faculty at IIM Kozhikode, he has also graduate programme of the London School of Economics
lectured at IIT Bombay, NIBM, NIA, NITIE, BSE and other & Political Sciences conducted at Mumbai. He has deliv-
institutes of national importance. He has been with NISM ered talks and presented papers at University of Oxford,
since 2008. He has prior work experience with Business UK, National University Singapore, Singapore, Royal Flem -
India as a Corporate Researcher, Tata Industrial Finance ish Society of Belgium, Belgium, Bradley University,
Corporation as a Merchant Banker and also with Axiomé Boston University, USA, National Research University, St.
as a Merchant Banker. Petersburg, Steklov Mathematical Institute, Moscow
State University (Russia), University of Zurich, ETH Zurich,
Dr. Latha Chari Switzerland, IIT Bombay, IISc Banglore and University of
Professor Mumbai, India. He has published work in the area of finan-
cial engineering, financial economics and derivatives.
Dr. Latha S Chari is a doctorate in Finance from BITS Also, he teaches executive programs and SEBI Induction
Pilani, Post Graduate in commerce and a FCMA (Fellow Program. His areas of interest include Financial Engineer-
member of the Institute for Cost Accountants of India). ing, Financial Cryptography, Mathematical Finance and
She has a total experience of about two decades of which Financial Derivative. He is visiting faculty at NITIE, and
is equally divided between academia and Industry. She various B-Schools of University of Mumbai and India. He
started her academic career as a Fellow with IILM, New has industrial experience as consultant with financial
Delhi. Before joining NISM, she has worked with Institute software companies and advertising companies. He
for Technology and Management and ITM Institute of teaches Mathematical Finance, Computational Finance
Financial Markets for more than a decade. She joined ITM and Financial Engineering related subjects at NISM. He
as lecturer and grew up the hierarchy to become the extensively uses R- Language, Matlab, and Excel-VBA for
Deputy Director, heading ITM Institute of Financial computational and modelling purpose.
Markets. During her academic tenure she has published
papers in various national and international journals and Dr. Rachana Baid
has conducted MDP’s in the areas of financial asset valua- Adjunct Associate Professor
tion, strategic cost management, trading and operations
in equity markets, performance evaluation of mutual funds Dr. Rachana Baid is an M.Com (Gold medallist) and PhD.
and the like. Her areas of research interests include strate- She specializes in Financial Systems and Regulatory
gic cost management, corporate valuations, shareholder Policy. She has undertaken consulting assignments with

11
multilateral agencies such as the World Bank and has Team
been a visiting faculty at IIM Indore and SP Jain Institute
of Management. She has also served as an Assistant Mr. Chaitanya Nemali
Professor at the UTI Institute of Capital Markets, Mumbai Senior Manager
for about a decade.
Mr. Chaitanya Nemali has more than eight years of work
Dr. Nitin Tike experience in securities markets and in software industry.
Senior Vice President He holds a Bachelor of Technology degree in Computer
Science & Information Technology and an MBA in Finance
Mr. Nitin Tike, a Science graduate from Marathwada from NMIMS (Mumbai). He has completed a certification
University and Post Graduate in Management from Pune program in Financial Engineering and Risk Management
University. He began his career with Bank of Maharashtra and also completed his CFA Level–1. He was part of the
in 1984 and subsequently worked with Non-Banking delegation to FINRA, USA for knowledge exchange on
Finance Companies, Brokerage Houses and Training certification examination development process. He joined
organisations and in academics over a career span of 23 NISM in 2009 and has worked on various projects in the
years. During these 23 years he served organizations like area of securities market certification, corporate govern-
Weizmann Ltd., Mafatlal Finance Company Ltd., Mafatlal ance, financial literacy and on World Bank Technical
Securities Ltd., India Infoline Ltd. and Bharati Vidyapeeth. Assistance projects.
He has worked in the areas of merchant banking, corpo-
rate and retail credit, retail broking, training and teaching. Ms. Mitu Bhardwaj
In his last assignment, he served as Professor in Finance Senior Manager
for four years at Bharati Vidyapeeth’s Institute of Manage-
ment Studies and Research, at CBD Belapur. Ms. Mitu Bhardwaj has close to thirteen years of work
experience in capital market industry. She holds BA
(Eco-Hons.) degree from Benaras Hindu University &
Mr. Jitendra Kumar Masters in Business Economics (Finance) from School of
Faculty Member Economics, DAVV, Indore. She is currently working School
for Certification of Intermediaries, NISM and is responsible
Mr. Jitendra Kumar is a BA (Honours) in Economics from for the development and overall execution of various NISM
Ramjas College, Delhi University and MA (Economics) Certification Programmes. She has received training on
from Jawaharlal Nehru University (JNU), New Delhi. He ‘Certification Examination Development ’ from US FINRA.
has done LL.B from Mumbai University and Post Graduate Prior to joining NISM, she worked with National Stock
Diploma in Securities Law from Govt. Law College (GLC), Exchange of India (NSE) in the Deptt. Of Economic Analy-
Mumbai. Besides, he has also done UGC (NET) in Econom - sis & Policy (DEAP) for about 6.5 years, wherein she was
ics and CAIIB from Indian Institute of Banking and Finance managing the various NCFM programme. She was also
(IIBF). responsible for managing some of the most reputed publi-
cations of Indian Capital Market, like ‘The Indian Securities
Before Joining NISM on deputation, he has worked with Market-A Review’, ‘Report on Corporate Governance’ etc.
Securities and Exchange Board of India (SEBI) for more
than a decade. His work profile at SEBI included Investiga-
tions related to securities market manipulation, registra-
tion/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 Depart-
ment (DPD) and Micro Finance and Innovation Department
(MCID).

12
 Nikhil Shinde Ms. Kalyani Sahoo
Senior Manager Academic Associate

Mr. Nikhil Shinde is an MBA in Finance from Jamnalal Ms Kalyani Sahoo is Masters in Agribusiness Economics
Bajaj Institute of Management Studies, Mumbai with from Gokhale Institute of Politics and Economics,Pune.
more than 7 years of experience in the field of Finance. He She has more than 2.5 years of experience in the field of
is presently employed with National Institute of Securities research and education. She has interned with ICRISAT(
Markets (NISM) and is leading the NISM Certifications International Crop Research Institute for the Semi-Arid
division across India. Tropics) in Hyderabad which is the world headquarter.
She was associated with J-PAL (Abdul Lateef Jameel
Additionally, he is also responsible for Marketing and Poverty Action Lab), an international economic research
Communications at NISM. Mr. Nikhil is a certified Project organization. She worked as a Project Associate in J-PAL
Management Professional (PMP®) and has been instru- and was responsible for the implementation of the project
mental in setup and delivery of NISM Certifications in the field. She has also worked with VAMNICOM(Vai -
programme through partnerships with NSE, BSE, MCXSX, kunth Mehta National Institute of Co-Operative Manage-
SBI and network of various educational institutions across ment),Pune as Academic Associate.
India.
Ms. Veena Sivan
Mr. Nikhil is also an engineer by profession and has Academic Associate
worked with TATA Consultancy Services in the past as an
Open Source Consultant. He is a passionate web designer She is Master of Engineering in Electronics and Telecom-
and an avid lover of cricket. munication from Mumbai University. She has 1.5 years of
teaching experience, of which 6 months was as PGT
(Physics) at Amrita Vidhyalayam and 1 year teaching
assistantship at FCRIT through GATE.

13
Visiting Faculty
Mr. G. Mahalingam Mr. Ramesh B. Thimmaraya

Mr Mahalingam is Executive Director and former regional Ramesh Babu Thimmaraya is an ME from IIT Madras,
director of Reserve Bank of India. He is associated with MBA from NITIE, Bombay and has attained the FRM Certi-
RBI from last 30 years with various roles as Inspecting fication from GARP. He has worked at CENDAC Labs, USA
officer, Chief Forex dealer, Chief Investment Dealer, Head and at GE, Bangalore. He has written 18 research papers
of Internal Debt Management Department. He was also in many peer reviewed international journals in the areas
advisor to Central Bank of Oman for monetary operations. of Applied Mathematics, Quantitative Finance and
Currently, he is involved with RBI in monitoring and Economics. Two of his re-search papers on mathematical
surveillance of money/Forex/G-Sec/Derivative Markets statistics are in reputed international journals, one of the
Intervention Operations and conduct of Liquidity papers is among the top-25 cited articles in the world in
Operations, Forex Intervention Operations and Open the area of Time Series Analysis and Dynamics.
Market Operations. Moreover, he was six years faculty in
Reserve Bank Officers Training College. He is M.Sc. in Dr. Sushil. Torne
Statistics and Operations research from IIT, Kanpur and an
MBA in International Banking and Finance from He is a Ph.D in economics with specialization in Infrastruc-
Birmigham Business School, UK. He teaches various ture finance, Financial Economics, Urban Economics,
financial engineering and risk management issues in Quantitative Economics, Econometrics, having research
Indian Market context. interest in Structured Financial Products and Machine
Learning. He was a Fellow in the Department of Econom-
Prof. Neeraj Hatekar ics, University of Mumbai. His recent research flows in the
topics on Machine learning techniques for Big Data appli-
Prof. Neearaj, M.A. and Ph.D., is a Professor at Depart - cation. Prior to his Ph.D he has three years experience in
ment of Economics (Autonomous), Centre of Advance Commodity and FOREX markets on the advisory panel for
Studies, University of Mumbai. His area of interest is the trading room.
Econometrics, Game Theory and Experimental Economics.
He has been visiting fellow at University of Cambridge and Mr. Harjeet Singh
University of Ulster, UK. He has several publications in the
journals of international repute. He teaches Game Theoret - He is CFA, FRM, PRM, CAIA, CMT and M.S. (Financial
ic Applications in Financial Engineering and Applied Finan - Mathematics) from Stanford University, USA and PGDBM
cial Econometrics at NISM. (Finance & Economics), XLRI School of Business. He is
currently working with Nomura Securities, as Associate,
Mr. Suneel Sarswat Global Markets & Risk Management Group – Fixed
Income. He has over 5 years of industry experience. Previ-
Mr. Suneel Sarswat is an MSc in Statistics and Informat - ously he had worked as Associate, Global Risk - Model
ics from the Department of Mathematics, IIT Bombay. Validation Group with Nomura Securities, Dealer, Global
Before joining NISM, he worked on Financial Analytics at Markets – Treasury, Corporate Sales with Standard
Bank of America (now BoFA Merrill Lynch). He has keen Chartered Bank.
interest in Mathematics, Computational Finance and
Financial Computing. He has done vital projects such as Mr. Chirag Shah
the application of neural networks in financial analysis,
credit ratings and trading algorithms involving pattern He is a Derivatives expert, and has worked for 6 years as
recognition. He has participated in national and interna- a fund manager and advisor. He has worked with some
tional workshops and conferences. Currently, he is pursu- prominent brokerage houses like Axis Securities and
ing his doctorate in Computer Science from TIFR. He Angel Broking. He has conducted workshops and semi -
teaches Computational Finance at NISM. nars on derivatives across 30 cities in India. He is also a
visiting faculty for derivatives at Mumbai University and
other B Schools. He is postgraduate in Finance and pursu-
ing his PhD. He has developed many derivatives strate -
gies and algorithms. He teaches Trading Aspects of
Derivatives at NISM.

14
Mr. Sanjoy Choudhury Dr. Sunil D. Lakdawala

He is Principal – Radiant Consulting spearheading it's Dr. Sunil D. Lakdawala, a Ph.D. from Yale University-USA
Treasury and Risk Consulting, Training and Research and post graduate from I.I.T.-Mumbai is an independent
business including product and services offering to clients consultant and trainer. He has over 20 years of experi-
across all asset classes. He is an experienced financial ence in IT with various IT consultancy companies
market professional in the Banking & Financial Services including CMC Ltd. and Tech Span India Ltd. He has
Industry with over 16 years of experience spread across specialized in the area of Business Intelligence System
various organizations. He is a multi-skilled OTC Deriva- (Data Warehousing and Data Analysis Techniques like
tives and Financial Risk professional with extensive OLAP, Data Mining) and has a rich experience in consul-
knowledge and experience of Pricing, Valuation, Financial tancy, project execution and training in that area. Present-
Derivatives Modelling, Hedging and Risk of Interest Rate, ly he is Promoter and Executive Director in A3 Remote
FX, Equity and Credit Derivatives including financial Monitoring Technologies Pvt. Ltd.
research, analysis and training. He teaches Risk Manage-
ment at NISM.

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 qual-
ified 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.

Dr. Swati Raju

She is an Associate Professor, Department of Economics,
University of Mumbai since January 3, 2013.

She served as Assistant Professor, Indian Institute of

Technology, Bombay, Department of Humanities and
Social Sciences, Bombay April 2003- March 2004 and as
Lecturer, University of Mumbai, Department of Economics
since March 2004. Previously Research Associate,
Reserve Bank of India Endowment in Monetary Economics
with the Department of Economics, University of Mumbai
June 1997- April 2003 and was involved with the teaching
of the Financial Economics course. She has published
many research papers in many national and International
conferences and have been awared by the Department of
Economics Research Fellowship.

15
Admission Procedure

Eligibility Criteria Announcement of Selected Candidates

Minimum qualification The list of selected candidates will be displayed on

the Institute’s website on June 20th, 2018. Selected
A bachelor's degree from a recognised Indian university or candidates would be required to pay the first instalment of
equivalent with a minimum of 50% in aggregate with the fees (see table of fees) on or before July 20th , 2018.
exposure of mathematics at 10+2 level Provisional admission offered to selected candidates who
do not pay the fees on or before the stipulated date
Age would automatically stand cancelled.

There is no age limit for the programme, but it is desirable Educational Loan
that the candidate is below 30 years of age.
The Institute facilitates students in securing educational
Personal Interview loans. At present, the Institute has arrangements to direct
applicants to State Bank of India. Arrangements with
Candidates will be shortlisted on the basis of profile for more institutions are underway. It is to be understood that
a personal interview. The shortlisted candidates will be NISM does not recommend or guarantee the loans. In the
intimated through email and/or through NISM website. event of any delay in securing loans, students have to
Personal interviews are likely to be held at Mumbai arrange for their own funds to pay all the fees, deposits
direct/telephonic in June 08, 2018 NISM will intimate the and charges as per the payment schedule provided at the
exact date, time and venue of the personal interview time of joining the programme. However, on a later date,
to the shortlisted candidates. if the loan is secured, the amounts paid by the student will
be refunded without any interest on receipt of the
All expenses related to appearing for personal interview amounts from the entity that has offered the loan to the
shall be borne by the candidate. The Institute will not bear student
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 Institute’s website for any updates and other informa-
tion. The maximum class strength will be 50 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
given to outstation and lady candidates as may be decided
by the Institute.

16
Fee Structure

Fee for Fee for

Sr. No Particulars Non-Residential Residential
participant (in Rs.)** participant (in Rs.)

1. First Installment

First Installment (Tuition Fee + Examination Fee1) 60,000 60,000

Library Deposit (Refundable) 10,000 10,000

Hostel Room Deposit (Refundable)* 10,000

Hostel Fees2 First Installment 45,000

Total First Installment 70,000 1,25,000

2. Second Installment
1.
Second Installment (Tuition Fee + Examination Fee1) 80,000 80,000

Hostel Fees2 Second Installment 40,000

Alumni Association Fund 2,000 2,000

Total Second Installment 82,000 1,22,000

3. Third Installment
1.
Third Installment (Tuition Fee + Examination Fee1) 80,000 80,000

Hostel Fees2 Third Installment 40,000

Total Third Installment 80,000 1,20,000

Grand Total 2,32,000 3,67,000

Fees once paid will not be refunded or transferred or adjusted to any other program
Fees to be paid on or before due date,if not paid the students will not be permittd to attend the classes.
Delay in payment of aforesaid amounts will attract late fee @ Rs.100/- per day upto a maxiumum of 10 days, else admission to
course stand cancelled.
The Examination Fee includes the fee for 4 NISM Certification Examinations and other regular Examinations.
The Hostel Fees are inclusive of charges towards food. Lodging and Boarding facility would be made available only
till the completion of the academic sessions.
Penalty applicable on payment of fees after due date.

These fees are tentative and subject to change

*Applicable for students availing of hostel facility. All hostel rooms are non-A/C. Deposits are refundable subject to adjustment of any dues from the
students. These are paid separately and directly to the care-taker in cash every month.
**Applicable to day-scholars only.

17
Important Dates

Milestones Approved Dates

Last date for application June 01, 2018 (Friday)

Announcement of Shortlisted applicants for interview June 08, 2018 (Friday)

Shortlist 1 Personal Interview for Mumbai candidates June 23, 2018 (Saturday)

Shortlist 1 Skype Interviews June 24, 2018 (Sunday)

First list of Selected candidates to be declared on July 03, 2018 (Tuesday)

Last date for payment for First list selected candidates July 17, 2018 (Tuesday)

Shortlist 2 Personal & Skype Interviews July 14, 2018 (Saturday)

Second list of Selected candidates to be declared on July 18, 2018 (Wednesday)

Last date for payment for Second list selected candidates July 31, 2018 (Tuesday)

Commencement of Programme August 01, 2018 (Wednesday)

18
NATIONAL INSTITUTE OF SECURITIES MARKETS Mumbai School of Economics and Public Policy
Plot No. 82, NISM Bhavan, Sector-17, University Of Mumbai
Vashi, Navi Mumbai - 400 703 Ranade Bhavan, 3rd Floor, Vidyanagari,
Email: [email protected] Kalina, Mumbai - 400 098
Board: +91-22-26526388, +91-22-6526091
Office (Board) Ext: 332, 335 and 333.

www.nism.ac.in www.mu.ac.in

Admission Helpdesk: +91-82680 02412