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  • 1. Samir Kumar Barua Phone: (O) 91-79-26324838(D), 26324831(Sec)Professor (R) 91-79- 26325501Indian Institute of Management Fax : 91-79-26306896Ahmedabad, India, 380 015 E-mail: skbarua@iimahd.ernet.in Brief RésuméAfter Master of Technology (IIT, Kanpur, India) in Industrial Engineering and OperationsResearch, he worked for two years in the industry before completing his doctorate inManagement (IIM, Ahmedabad, India). Joined the faculty at IIM, Ahmedabad, India, in 1980.Academic and professional pursuits cut across several disciplines; specific areas of interestinclude capital markets, portfolio theory, international finance, operations research & decisionsciences, applied statistics, operations management, and management information & controlsystems. Has taught courses in these areas at IIM, Ahmedabad, India and as visiting professor toacademic institutions in several other countries - USA, The Netherlands and Singapore. Has alsotaught extensively in national and international executive training programmes. Has authoredover one hundred eighty papers/articles that have been published/ presented in national andinternational academic and business journals/ publications and conferences. Has co-authored twobooks: Portfolio Management; and The Great Indian Scam: story of the missing Rs. 4000 crore.The second book became a best-seller. Has authored more than forty case studies in management,and has also authored several management games for training in managerial decision making.Has been a consultant to many public and private organisations, in the manufacturing, bankingand financial services sectors. Has been intimately associated with the Indian financial sector forover a decade and a half. Has prepared policy papers for the Ministry of Finance, Government ofIndia and the Reserve Bank of India (RBI) on restructuring of capital markets and the bankingsector respectively. Was also member of the Committee set up by Federation of Indian Chamberof Commerce and Industries (FICCI) for preparing a Report on Reforms of Stock Exchanges.Was member of the Technical Committee on Government Securities set up by RBI (1998-2000);member of the Risk Management Group for Equities constituted by Securities Exchange Board ofIndia (SEBI), 2001-03; member of the Steering Committee and the Curriculum Committee onCertification for trading in Financial Markets of the National Stock Exchange (NSE), 1999-2002.Was member of the Governing Board of Bombay Stock Exchange (1999-2003). Was member ofthe Derivatives Market Council of the Bombay Stock Exchange (1999-2003). Was member of theIndex Committee of the Bombay Stock Exchange (1999-2003). Was member of the Board ofNational Mineral Development Corporation (1999-2002). Was member of the Governing Boardof Foundation for Research on Portfolio Management set up by ICFAI. Currently, he is memberof the Board of Indian Oil Corporation (IOC), a Fortune-500 company; member of the Board ofSecurities Trading Corporation of India (STCI); member of Board of Trustees of SBI MutualFunds; member of Board of Paras Pharmaceuticals Ltd. Is Chairman, Audit Committees of theBoards of IOC and SBIMF Trustee Company; member of Audit Committees of the Boards ofSTCI and Paras Pharmaceuticals Ltd. Was Chairman of the Post Graduate Programme inManagement, IIM, Ahmedabad, 2003-05. Currently, he is Chairman of ManagementDevelopment Programmes, IIM, Ahmedabad. Recipient of the national “Best Teacher 2001”award, awarded by Association of Indian Management Schools (AIMS). Participated in‘Corporate Governance Leadership Programme’, June 2005, organized in Washington D.C. byGlobal Corporate Governance Forum and Centre for International Private Enterprise.
  • 2. 0. Administrative ExperienceI. At IIM, AhmedabadCurrent:Member, Governing Board, IIM, Ahmedabad (since August, 2007)Chairman, Management Development Programmes (since April, 2007)Member, Admissions Committee (since April, 2007)Member, Placement Committee (since April, 2007)Past:Chairman, Post Graduate Programme in Management (2002-2004)(Managed the first major increase in the size of the programme in three decades)I have been Member of Admissions Committee, Placement Committee, Committee on FutureDirection and several other committees of the Institute. I am intimately familiar with variousaspects of functioning of the Institute.II. At Other OrganizationsCurrentIndian Oil Corporation (Member of the Board since 1999) Chairman, Audit Committee Member, Committee for Evaluation of Investment Proposals Member, Committee for Divestment of IOC Stakes in Listed Entities Member, Committee for Acquisitions Abroad Member, Committee for Upstream DiversificationSecurities Trading Corporation of India (Member of Board since 1997) Member, Audit Committee Chairman, HRD Committee Member, Risk Review and Management Committee Member, Committee for Divestment of Stakes in UTI SecuritiesSBI Mutual Fund Trustee Company Limited (Member of Board since inception in 2006, earlier Member of the Board of SBIMF Board of Trustees for five years) Chairman, Audit CommitteeParas Pharmaceuticals Limited (Member of Board since 2006) Member, Audit Committee
  • 3. Member of Board of Trustees, International Livestock Research Institute (ILRI), Nairobi, Kenya(ILRI works at the crossroads of livestock and poverty, bringing high-quality science andcapacity-building to bear on poverty reduction and sustainable development. ILRI works inAfrica, Asia and Latin America and the Caribbean, with offices in East and West Africa, Southand Southeast Asia, China and Central America.)Member of Board of Trustees, International Council for Research in Agroforestry (ICRAF),Nairobi, Kenya(ICRAF was created in response to a visionary study in the mid-1970s led by forester John Beneof Canada’s International Development Research Centre (IDRC). The study coined the termagroforestry and called for global recognition of the key role trees play on farms. This led to theestablishment of ICRAF in 1978 to promote agroforestry research in developing countries.)ILRI and ICRAF are member organizations of ‘The Consultative Group on InternationalAgricultural Research (CGIAR)’, established in 1971, for promoting strategic partnership ofcountries, international and regional organizations and private foundations supporting the work of15 international Centers. In collaboration with national agricultural research systems, civil societyand the private sector, the CGIAR fosters sustainable agricultural growth through high-qualityscience aimed at benefiting the poor through stronger food security, better human nutrition andhealth, higher incomes and improved management of natural resources.Member, Advisory Group for Research in Debt Markets, CCIL, India.Member, Core Group on Corporate Governance Audit, set up by National Foundation on Corporate Governance (NFCG) by Government of India.Past:Member, Technical Committee on Government Securities set up by the Reserve Bank of India(RBI), 1998-2000Member of Board, National Mineral Development Corporation (NMDC) (1999-2002)Member of Board, the Bombay Stock Exchange (BSE) , 1999-2003Member of the Derivatives Market Council of the Bombay Stock Exchange , 1999-2003Member of the Index Committee of the Bombay Stock Exchange , 1999-2003Member of the Steering Committee and the Curriculum Committee on Certification for trading inFinancial Markets of the National Stock Exchange (NSE), 1999-2002.Member of the Risk Management Group for Equities constituted by the Securities ExchangeBoard of India (SEBI), 2001-03Member of the Governing Board of Foundation for Research on Portfolio Management set upby ICFAI.
  • 4. 1. Work Experience1980 - present : Faculty member Indian Institute of Management(IIM), Ahmedabad, India Joined as Assistant Professor. Associate Professor in 1983. Professor in 1986.Visiting Professor (on leave from IIM, Ahmedabad):• Bentley College, Waltham , MA, USA, Jan-Jun 1999;• Maastricht School of Management, Maastricht, The Netherlands in 1996 - 97, 1994-95, and 1992-93 for a part of the year and 1991-92 for one academic year;• School of Business, San Francisco State University, San Francisco, USA, 1988-89 for the entire academic year.Industry Experience:Worked as Industrial Engineer with Crompton Greaves Ltd., Bombay, India, 1974-76. Havebeen a consultant to several government and private organizations in the areas of corporatestrategy, policy formulation, management information and control systems, institutionbuilding, regional development, inventory and logistics management, product-mixdecisions, job-shop scheduling, water resource management, etc.Teaching Experience:Have taught courses in Capital Markets and Portfolio Theory, International FinancialManagement, Corporate Finance, Managerial Costing, Management Information & ControlSystems, Information Systems Policy, Decision Support Systems, Operations Management,Mathematics and Statistics, at post-graduate and doctoral levels, and in large number ofexecutive development programs. Have always received excellent feedback on teaching.Received Best Teacher several times at IIM, Ahmedabad. Awarded “Best Teacher 2001” bythe Association of Indian Management Schools (AIMS) in August, 2001.
  • 5. 2. Research and PublicationsBooks and Monographs1. The Disinvestment Story, India Infrastructure Report 2004, Ensuring Value for Money, Oxford University Press.2. The Politics of Disinvestment and Insider Trading, India Infrastructure Report 2004, Ensuring Value for Money, Oxford University Press.3. The Petroleum Regulatory Bill, 2002: A Review, India Infrastructure Report 2004, Ensuring Value for Money, Oxford University Press.4. Real Estate Industry: Creating Value Through Public-Private Partnership, India Infrastructure Report 2004, Ensuring Value for Money, Oxford University Press (co- author : Ashok Deo Bardhan).5. Regulatory and Accounting Considerations for PFI Projects: the UK Experience, India Infrastructure Report 2003, Public Expenditure Allocation and Accountability, Oxford University Press (co-author : M.R. Gujarathi).6. Some Observations on the ‘Report of the Expert Committee to Review the System of Administered Interest Rates and Other Related Issues, India Infrastructure Report 2003, Public Expenditure Allocation and Accountability, Oxford University Press.7. Inventory Management in India Post, Postal Management: Cases and Notes, PSG Monograph 71, IIM, Ahmedabad, January 2003, ed. G. Raghuram (co-author: G. Raghuram).8. Capital Investment for the Automatic Mail Processing Centre, Mumbai, Postal Management: Cases and Notes, PSG Monograph 71, IIM, Ahmedabad, January 2003, ed. G. Raghuram.9. Crisis in the Governance of Financial Infrastructure, India Infrastructure Report 2002, Governance Issues for Commercialization, Oxford University Press.10. Accrual Accounting for Infrastructure Assets: A Review, India Infrastructure Report 2002, Oxford University Press.(co-author Mahendra Gujarathi)11. At The Crossroads : Pipeline Infrastructure for Oil Products, India Infrastructure Report 2001,Oxford University Press.(co-author T. Madhavan)12. Report of the Task Force on Capital Markets, Work sponsored by FICCI, November 1998.13. Asset Reconstruction Fund for Weaker Banks, Work commissioned by the Governor, Reserve Bank of India, August 1994.14. The Great Indian Scam: story of the missing Rs 4000 crore, Vision Books, New Delhi, First published in April 1993; Revised and Updated in October 1993. (co-author J.R. Varma)15. SEBIs Regulatory Priorities: Need for Change, Work commissioned by the Finance Minister, Government of India, August 1993.16. Analysis of the Indian Securities Industry: Market for Debt, Work commissioned by the USAID, July 1993.17. Portfolio Management, Tata McGraw Hill Publishing Company Limited, New Delhi, 1994. revised edition. (co-authors V. Raghunathan and J.R. Varma)18. Portfolio Management, Tata McGraw Hill Publishing Company Limited, New Delhi, 1992. (co-authors V. Raghunathan and J.R. Varma)
  • 6. 19. State Civil Supplies Corporation, a case study published in Cases in Financial Management, McGraw Hill (Delhi), 1991. (co-author V.Raghunathan)20. Financial Planning for Social Forestry: A Computer Simulation Model, in Studies on Social Forestry in India : Management Perspectives, a collection of papers, published by Food and Agriculture Organisation of the United Nations, 1990. (co-author V.Raghunathan)21. Integrated Resource Based Cooperative Development of Panchmahals, a monograph of CMA, IIM, Ahmedabad, 1990. (co-authors R.H. Dholakia, S.P. Seetharaman and R. Sridharan)22. Leasing and Lease Rental Determination, a monograph, 1990. (co-author V.Raghunathan and G.Srinivasan)23. Chapters on Stock Market Efficiency in Stock Market Efficiency and Price Behaviour edited by O.P.Gupta, Anmol Publications, New Delhi, 1989. (co-author V.Raghunathan)Papers in Academic/ Professional Journals1. Home Equity Conversion: The Prospects in India, Economic and Political Weekly, July 26 2003 Issue.2. Corporate Governance and Ethics, Management Review, Vol 14, No 4, December 2002.3. Effectiveness of Minimum Tax Legislation and Its Effect on Corporate Financial Reporting - A Comparative Analysis Between the United States and India, The International Journal of Accounting, 36(2001), pp.435-450 (co-author : M.R. Gujarathi)4. Minimum Alternative Tax in India : Lessons from the Foreign Use of Alternative Minimum Tax, International Tax Journal, Vol 24, No 3, Summer 1998 (pp 64-77) (co- author : M.R. Gujarathi)5. Hedging Effectiveness of the Sensex Management & Accounting Research, Vol 1, No.4, (April - June 1998), pp. 49-72. (co-authors T. Madhavan and S Morris)6. Lease Capitalization: Some Implications for Financial Analysis, Finance India, Vol XI No. 2 , June 1997.7. Security Market Reforms : All Checks OK?, Chartered Financial Analyst , May 1997.8. A Comparative Analysis of Response of International Capital Markets to Political Upheaval,Global Business and Finance Review, Vol 2, No 1, Spring 1997.9. Portfolio Management: the Ways and the Means, Chartered Financial Analyst, January 1996.10. Speculative Dynamics: The Case of Master Shares, Advances in Financial Planning and Forecasting, Vol. 5, ed. by Cheng F. Lee, Jai Press Inc., U.S.A.,1994. (co-author J.R.Varma)11. Analysis of the Indian Securities Industry: Market for Debt, Vikalpa, Vol 19(3), 1994. (co-author V. Raghunathan, J.R.Varma & N. Venkiteswaran)12. Research on the Indian Capital Market: A Review, Vikalpa, Vol 19(1), 1994. (co-author V. Raghunathan & J.R.Varma)13. RBI Autonomy and the Indian Financial Sector, Vikalpa, Vol 18(4), 1993. (co-author J.R.Varma)
  • 7. 14. Securities Scam: Genesis, Mechanics and Impact, Vikalpa, 18(1), 1993. (co-author J.R.Varma)15. Production Planning for A Co-operative Handloom Marketing Federation, OR In India: A Retrospective, Wiley Eastern Limited, 1992. (co-author T. Madhavan)16. Experiment on Individual Investment Decision Making Process, Sankhya: The Indian Journal of Statistics, 53, Series B, 1991. (co-author G. Srinivasan)17. Regulatory Framework for Mutual Funds, EPW, XXVI (21), May 1991. (co-author J.R.Varma)18. Application of Markov Chain to Management of Leasing, Journal of Financial Management and Analysis, 3 (2), December 1990. (co-author G.Srinivasan)19. Optimal Mix of Coupons in a Mess System, International Journal of Management & Systems, Dec. 1990. (co-author O.P. Gupta)20. Soaring Stock Prices : Defying Fundamentals, EPW, Vol. XXV, November 1990. (co- author V.Raghunathan).21. Convertible Securities and Implied Options, Vikalpa, 15 (4), 1990. (co-author V.Raghunathan)22. Lease Capitalization: Some Implications for Financial Analysis, Proceedings of the 19th Atlantic Schools of Business Conference, Halifax, Canada, pp. 3-9, 1989. (co-authors M.R.Gujarathi and G.Srinivasan)23. The Decision Process of Individuals under Conditions of Risk : An Experimental Study, International Journal of Management, 5 (3), 1988. (co-author G.Srinivasan)24. Effect of Changing Taxation and Depreciation Policies on the Leasing Industry, Decision, 14 (3), 1988. (co-author V.Raghunathan)25. Some Observations on the Report of the High Powered Committee on Stock Exchange Reforms, (invited paper), Annual Issue of CFAAI, December 1987.26. Inefficiency and Speculation in the Indian Capital Market, Vikalpa, 12 (3), 1987. (co- author V.Raghunathan)27. Investigation of Decision Criteria for Investment in Risky Assets, Omega, 15 (3), 1987. (co-author G.Srinivasan)28. Setting Terms for Convertible Debentures and Company Law: A Reply, Vikalpa, 12 (2), 1987. (co-author G.Srinivasan)29. Setting the Terms for Convertible Debenture Issues: Should the Spirit of Company Law be Violated?, Vikalpa, 12 (1), 1987. (co-author G.Srinivasan)30. Rural Development Programmes: A Management Approach, EPW, XXII (9), February 1987. (co-authors G.Singh and S.P.Seetharaman)31. Inefficiency of the Indian Capital Market, Vikalpa, 11 (3), 1986. (co-author V.Raghunathan)32. A Simulation Model for Sizing Decision in a Large Irrigation/ Power Project in India, Operational Research 84 (ed. J.P. Brans), North Holland. (co-author N.R.Patel)33. The Short-run Price Behaviour of Securities: Some Evidence of Efficiency of Indian Capital Markets, Vikalpa, 6 (2), 1981.Papers in Popular Media1. Encourage Hedge Funds to Invest Directly? The Economic Times, March 27, 20072. Stock Market: Boom, Bubble or Bust? , The Economic Times, April 11, 2006
  • 8. 3. The IPO Scam, Economic Times, January 17, 20064. Does Bajaj Demerger Make Sense?, Economic Times, September 10, 20035. Reverse Mortgages: Unlocking Housing Wealth in India, Economic Times, July, 20036. A Tata to Corporate Governance?, Economic Times, August 20, 20027. End the Management of UTI : Privatise It, Economic Times, April 23, 20028. At this rate, there wouldn’t be a market to write about, Economic Times, March 26, 20029. Tax on Dividends : What an Avoidable Mess, Economic Times, March 12, 200210. Will the FM Be Able to Pull It Off This Year?, Economic Times, February 26, 200211. Unlocking the Value of Public Sector Undertakings, Economic Times, February 12, 200212. The Bombay Stock Exchange Needs a Healing Touch, Economic Times, Januray 29, 200213. UTI’s US-64 Has a Highly Leveraged Portfolio, Economic Times, January 15, 200214. US-64: Heading for Another Bail-out in 2003, Economic Times, January 2, 200215. Indian Equity Markets in the Nineties, ANMI Year Book 200116. Welcome to the Informal Options Market, Economic Times, December 18, 200117. Implied Volatilities and Option Markets, Economic Times, December 4, 200118. There is Money on the Table in India’s Derivatives Markets, Economic Times, November 20, 200119. Stock Futures - Critique of Risk Containment Measures, Economic Times, November 6, 200120. How Regulatory Overkill Finished Off A Market, Economic Times, October 22, 200121. Wither Public Sector Divestment, Economic Times, October 9, 200122. Managing Stock Markets During Crises, Economic Times, September 25, 200123. SEBI Report : A Damp Squib, Economic Times, September 11, 200124. Focus on the governance structure of financial markets, Economic Times, August 28, 200125. US-64 and markets: Unstable equilibrium, Economic Times, August 14, 200126. US-64 : Bankrupt Proposal for Revival, Economic Times, July 31, 200127. The early days of the options market, Economic Times, July 17, 200128. What Ails UTI?, Economic Times, July 10, 200129. The Badla Is Dead, Long Live The Badla!, Economic Times, July 03, 200130. The Beauty Of Put Options On Individual Stocks, Economic Times, June 19, 200131. Options And You As A Buyer Of Calls, Economic Times, June 05, 200132. Are We Prepared For Stock Options?, Economic Times, May 22, 200133. The Regulator Should Set An Example In Governance, Economic Times, May 08, 200134. Stock Market Crises And The Need For Regulatory Reforms, Economic Times, April 25, 200135. Hang The Guilty While Sparing The Market, Economic Times, April 10, 200136. When Elephants Fight, It’s The Ants Who Get Hurt, Economic Times, Mar 27, 200137. Capital Markets: Arresting The Free Call, Economic Times, Mar 13, 200138. Budget And The Interest Rate Conundrum, Economic Times, Feb 27, 200139. Market Returns In The Nineties, Economic Times, Feb 13, 2000
  • 9. 40. Time To Exercise The Call On Call Options, Economic Times, Jan 30, 200141. Introduce Options On Stocks To Boost Derivatives Markets, Economic Times, Jan 16, 200142. Public Sector Units Are In Need Of Some Oxygen, Economic Times, Jan 02, 200143. Temple Of Doom, Or 5,000 Points By March?, Economic Times, Dec 19, 200044. Think Global, Act Local, Economic Times, Dec. 05, 200045. Fine-tuning the code, Economic Times, Nov. 21, 200046. Accounting Standards Needed for ESOPs?, Business Standard, (May 4, 1999).47. Obituary Needed for Par Value?, Business Standard, (March 16, 1999).48. Acquisitions and Accountability?, Business Standard, (February 27, 1999).49. Regulatory Bungling, The Economic Times, (July 18, 1998).50. How Should We Privatise? The Economic Times, September 15, 1998.51. Regulatory Bungling, The Economic Times, July 18, 199852. The Inflation Rate Puzzle, The Economic Times, June 5, 199853. Are We Ready for Derivatives?, Business Standard, May 25, 199854. Issue of Marauding Promoters, The Economic Times, May 19, 199855. Two Steps Backwards, One Ahead, The Economic Times, April 6, 199856. Was HLL an Insider Trader?, The Economic Times, March 24, 199857. Insiders in the Trading Ring : HLL vs SEBI, The Economic Times, August 14, 1997.58. NAV Versus The Market : Mutual Funds Part II, Dalal Street, June 9-22, 1997.59. Where the Buck Stops: the CRB Fiasco, The Economic Times, May 29, 1997.60. Revive or Perish:: Mutual Funds Part I, Dalal Street, May 12-25, 1997.61. Debt Market: A Long Way to Go, Dalal Street, March 30, 1997.62. Debt Market: Exit Equity?, Dalal Street, March 16, 1997.63. The MATs Phoren Cousin, The Economic Times, February 24, 1997.64. Financial Sector Reforms: the Road Ahead, Business Standard, February 11, 1997.65. The Left and Right of MAT, Business Standard, January 30, 1997.66. Want to fly to Barlin on the Gangetic plane?, Times of India, January 8, 1997.67. The Tata Controversy in Perspective, Business Standard, January 1, 1997.68. Does Stockmarket Anticipate Economic Performance?, Vyapar, Annual Deepawali Issue, 1996.69. There are 26 aplhabets in the English language ..., Times of India, September 28, 1996.70. Yankee Bonds: Triumph of Pessimism, Business Standard, September 10, 1996.71. Takeover or Walkover, The Economic Times, September 5, 1996. (a response feature).72. Indian Lease Accounting Messes Up Risk Analysis, The Financial Express, August 19, 1996.73. Do Barriers Work?, Business Standard, August 5, 1996.74. Too Much of Red in the Rainbow Coalitions Budget, The Economic Times, July 24,1996.75. Financial Engineering Using Innovative Instruments, The Stock Exchange Review, July 1996, p 5-10.76. Innovate and Beat Market Blues, The Economic Times, July 15, 1996.77. MF Norms: Out of Step with Reality, Business Standard, July 9, 1996.78. Debt Instruments to Come, The Economic Times, July 1, 1996.79. The Ghost Who Haunts, Business Standard, June 27, 1996.80. Banking on Gullibility, The Economic Times, June 6, 1996.52.
  • 10. 81. Trite Options for Investors, Financial Express, March 27, 1996.82. Carry on, Brokers, The Economic Times, October 19, 1995. (a response feature).83. Are Options An Alternative to Badla?, The Economic Times, September 21, 1995.84. Badla: SEBIs Half-hearted Response, The Economic Times, August 15, 1995.85. How Vulture Funds Can Rescue Indian Banking, The Economic Times, July 29, 1995.86. Budget will Spur `Bonus-stripping, The Economic Times, March 31, 1995.87. Budget: A Disappoiting Document, The Economic Times, March 15, 1995.88. For Return of Badla Sans Heavy Speculation, The Economic Times, March 9, 1995.89. Futures and Options: A Hasty Move, The Economic Times, February 5, 1994.90. SEBI Comes Down on Bulls to Punish Bears, The Economic Times, January 4, 1994.91. MNCs Must be Subjected to SEBI Acquisition Code, The Economic Times, November 17, 1993.92. FERA in Reverse Gear: MNCs Strike Gold, The Economic Times, November 10, 199393. Should the Settlement Trading System be Scrapped-Part II, Nagpur Times, October 11, 1993.94. Should the Settlement Trading System be Scrapped-Part I, Nagpur Times, October 4, 1993.95. Badla, Speculation and SEBI, The Economic Times, October 1, 1993.96. SEBI Needs A Code of Conduct , Financial Express, September 10, 1993.97. Scam: Dont Draw Wrong Lessons, The Economic Times, August 23, 1993.98. Technical Analysis II: Charting a New Course, Dalal Street Journal, July 1-14, 1991.99. Technical Analysis I: Charting a New Course, Dalal Street Journal, June 17-30, 1991.100. Portfolio Management: The Basic Tenets, Dalal Street Journal, March 1991.101. Soaring Stock Prices: Defying Fundamentals, Financial Express, Dec.17, 1990. (reprinted)102. Risk Return Parity Vitiated, Fortune India, May 87. (reprinted)103. Inefficiency of the Indian Capital Market, Economic Scene, February 87Seminars & Conference Papers1. Decision Support System for Evaluation of Pipeline Projects, Conference on Applications of OR organized by ORSI and IIM Ahmedabad, Marh 30-31, 2006, Ahmedabad, India.2. Risk Reward Trade-off In Financial Markets, Arthanomics, Conference in Finance, IIM, Kozhikode, Jan 15-16, 20053. Indian Oil and Gas Sector at the Cross-roads, seminar organised by Som Lalit School of Management, Ahmedabad, January 8-9, 20054. Restructuring the Indian Oil and Gas Sector, seminar organised by Petrofed, the Federation of Companies in the Indian Petroleum sector, December 22, 2004.5. Global Investment Opportunities, presented at a seminar organised by AMA (Ahmedabad Management Association), Ahmedabad, India, March 17, 2004.6. Innovative Finance, presented at the Advanced Management Programme (AMP-2001) organised by AIMA (All India Management Association), Bangalore, India, December 13-19, 2001.
  • 11. 7. Accrual Accounting for Infrastructure Assets : Implications for Developing Countries, presented at the13th Asia-Pacific Conference on International Accounting Issues, Rio de Janeiro, Brazil October 29-31, 20018. Investor Concerns in the Capital Market in the Changing Scenario, presented at the Conference organized by Ahmedabad Stock Eschange (ASE), Ahmedabad, August 3, 2001.9. Derivative Securities - Markets and Trading Strategies, presented at the Conference organized by Association of NSE Members of India (ANMI), Mumbai, June 9, 2001.10. Effectiveness of Minimum Tax Legislation and its Effect on Corporate Financial Reporting: A Comparative Analysis Between the USA and India, presented at the Illinois International Accounting Summer Conference at Champaign, IL on June 1-2, 2001.11. Financial Services - Recent Devlopments in Global Environment, presented at the Conference organized by Chartered Accountants Association of India, NIRMA School of Management, Ahmedabad, March 17-18, 2001.12. Index Futures - the Indian Experience, Fifteenth Refresher Course for University Teachers, organised by Gujarat University, Ahmedabad, September 26, 2000.13. Derivatives and Risk Management, Seminar on Derivatives, organised by Institute of Company Secretaries of India, Ahmedabad, June 10, 2000.14. Analysis of Innovative Instruments Used Recently in the Indian Market, Seminar on New Instruments, organised by Chartered Accountants’ Association, Ahmedabad, January 24, 1998.15. MAT (Minimum Alternative Tax) in India: Lessons from International Experience, International Conference on Business Management, Nirma Institute of Management, Ahmedabad, India , January 4-7, 1998.16. MAT (Minimum Alternative Tax) in India: Lessons from US Experience with AMT (Alternative Minimum Tax), Nine Asia Pacific Conference on International Accounting Issues, Bangkok, Thailand, November 23-26, 1997.17. Financial Sector Reforms : The Road Ahead, Economic Reforms : The Next Step, Conference organised by Rajiv Gandhi Institute for Contemporary Studies, Rajiv Gandhi Foundation, New Delhi, October 2-4, 1996.18. Innovative Instruments for Raising Resources, Regional Conference of the Institute of Company Secretaries of India, Ahmedabad, April 6-7, 1996.19. New Instruments for Corporate Resource Mobilisation, Round Table Workshop on Resource Mobilisation for Sardar Sarovar Project, Ahmedabad Management Association, Ahmedabad, December 16, 1995.20. Research in Capital Markets: Emerging Issues, Nizam College, Hyderabad, April 25, 1995.21. Money Market with Reference to the Securities Scam, Conference on Investor Protection : Financial Services organised by Consumer Education Research Centre and Ahmedabad Stock Exchange, Ahmedabad, July 2, 1994.22. Financial Sector Reforms: Institutional and Technological Imperatives, Conference on Social Norms, Institutional Structures and Development Policy at the Indira Gandhi Institute of Development Research, Bombay, February 1994. (co-author: J.R. Varma)23. Investor Protection in Indian Capital Markets, ICSI - ICAI Joint Professional Development Conference, February, 1994.
  • 12. 24. Stockinvest Instrument: An Evaluation, Seminar of Indian Banks Association, Ahmedabad, November 1992.25. Securities Scam: Genesis, Mechanics and Impact, Seminar at IIMA, and at Institute of Rural Management, Anand, September 1992.26. Securities Scam: Genesis, Mechanics and Impact, Seminar Organised by Lions Club, Ahmedabad, August 1992.27. Research in Indian Capital Markets, Seminar at IIMA, July 1992.28. Mastershares: Market Prices Divorced From Fundamnetals, Invited Seminar, Erasmus University, Rotterdam, Netherlands, February 199229. Mastershares: A Bonanza for Large Investors, Invited Seminar, Netherlands International Institute for Mangement (RVB), Maastricht, Netherlands, August 1991.30. Aftermarket Efficiency of IPOs : Are The Results Different for Developing Countries?, Second Annual Pacific Basin Finance Conference, Bangkok, June 4-6, 1990.31. Lease Capitalization : Some Implications for Financial Analysis, paper presented at The 19th ASB Conference, Halifax, November 1989.32. Experiment on Individual Investment Process, paper presented at The ASAC Conference, Montreal, June 1989.33. A Simulation Model for Sizing Decision in a Large Irrigation/Power Project in India, presented at the Annual Conference of International Federation of OR Societies (IFORS), Washington, D.C., August 1984.34. Experience on Decision Criteria for Investment in Risky Assets, paper presented at the Twentieth Annual Meeting of Eastern Finance Association, Florida, April 1984.35. A Computer Simulation Model for Planning for Social Forestry, presented at the Annual Conference of Computer Society of India, Calcutta, February 1978.3. Dissertations1. Valuation of Securities and Influence of Value on the Financial Decisions of a Firm, for Doctorate in Business Management. (Received the Best Dissertation Proposal Award).2. An Aggregate and Branch Method for Solving Multi-constraint Linear Programs with Zero/One Variables, for M. Tech.4. Doctoral Dissertations GuidedHave been in the Dissertation Advisory and Committee for eight doctoral students, in threecases as Chairman of the committee.5. Case Studies and Technical NotesHave authored about forty cases on diverse topics in the areas of capital markets, portfolioanalysis and design, management information and control systems, decision supportsystems, operations management, and corporate finance. Have written about twenty majortechnical notes in financial management, portfolio theory, mathematics & statistics, andoperations management.
  • 13. 6. Software Developed1. Stock Market Game : simulating the environment at the BSE for self learning through investment decisions. The game can be played over several days, on a PC by an individual, without loss of continuity. It brings out the nuances of margin trading and system of forward transactions at the BSE.2. Portfolio Management : a DSS for portfolio management which monitors a portfolio automatically, giving appropriate buy and sell triggers, on the basis of user defined rules. The use has complete flexibility in defining any complex rule using the security price data and financial data of the firm. (co-author: J.R. Varma)3. Technical Analysis : a charting software, which was an outcome of a student project. The software generates line charts for prices of securities as well as charts for volume of trading, for a user specified period. The software then facilitates the user in analyzing patterns by allowing him to draw any number of straight lines on the screen, using the cursor to mark the points on a line.4. Portfolio Accounting Software : a comprehensive accounting software, tracking transactions from placement of order to registration of shares or receipt of payment on sale. Not only does the software provide up to date detailed and meaningfully aggregated information, but it has the unique feature of being able to automatically retrace all steps in case of an error at any stage of the process. It is also able to take into account some needs of the user from the point of view of taxation. (co-author: J.R. Varma)5. Analyzing Bond Portfolios: the YTM of a bond portfolio is not a weighted sum of the YTMs of all the bonds in the portfolio. This software not only computes the YTM of the entire portfolio but also computes the duration and convexity of the portfolio thereby capturing the risk of the bond portfolio. (co-author: J.R. Varma)6. Break-even Lease Rentals - Ready Reckoner: computes the break-even lease rentals for values of various relevant parameters specified (co-authors: V. Raghunathan and G. Srinivasan)7. Games and Computer Aided Instruction Packages1. Developed a game on Portfolio Management.2. Developed a game on Maintenance Management.3. Developed computer aided instructions packages for learning set theory and functions.4. Developed computer aided instructions packages for learning financial accounting.8. Executive Development ProgrammesHave designed and co-ordinated several highly successful pioneering ExecutiveDevelopment Programmes in the area of General Management, Leadership Development,Disinvestment, Capital Markets, Portfolio Management, and Banking & Finance. Have alsotaught in a large number of general management and functional programmes. These include:Co-ordinated :
  • 14. The Programmes co-ordinated include the following:Leadership Development Programme for Middle Managers for A Large MultinationalPharmaceutical Company, offered at IIM, Ahmedabad, 2007, 2006, 2005.General Management Programmes for A Large Organization, 2002-2007.Leadership Development Programme for Senior Managers for A Large DiversifiedGroup, offered at IIM, Ahmedabad, 2007, 2002 and 2003.Programme on Money and Government Securities Markets, offered at IIM, Ahmedabad,2002.International Programme for Commonwealth Countries on Capital Markets and PortfolioManagement, offered at IIM, Ahmedabad, 1997, 1998 and 1999 (sponsored byManagement and Training Services Division, Commonwealth Secretariat, London).Programme for Banking and Finance for Participants from Uzbekistan, offered at MSM,Maastricht, The Netherlands, 1997.Programme for Banking and Finance for Participants from China, offered at MSM,Maastricht, The Netherlands, 1997.Portfolio Management Programme, offered at IIM, Ahmedabad, 1990-91Taught :The programmes include the following:General Management Programmes, 2002-2007Programme on Opportunities in India for Visiting French Executives, 2004Programme on Derivatives Securities and Markets, 2003Management Education Programme, offered in 1981-84, 1997-98 and 2001- 2004Project Management, offered in 2001- 2004Programme on Business Valuation and Financial Decisions for Managers fromChina, offered at MSM, Maastricht, The Netherlands, 1997Programme on Debt Markets, offered in 1998.Small and Medium Enterprises Programme: offered in 1995 and 1996.Programme on Options and Futures: offered in 1994.Programme on Mergers, Acquisitions and Corporate Restructuring: offered in 1994.Management Control and Management Information Systems, offered at MSM, Maastricht,The Netherlands, 1992Programme for Management Auditors, offered at MSM, Maastricht, The Netherlands, 1992Project Management: offered in 1991.Programme on Expert Systems: offered in 1991.Programme on Portfolio Management: offered in four consecutive years from 1990 to 1993.Programme on Leasing: offered in four consecutive years from 1985 to 1989.International Conference on Leasing: offered in 1987-88.Decision Support Systems: offered in 1987.Management Education Programme: offered in 1981 to 1984.Programme on Operations Management: offered in 1981.9. Other Professional Activities
  • 15. Am currently :1. Member, Board, Indian Oil Corporation (a fortune 500 company)2. Member, Board of Trustee Company, SBI Mutual Fund3. Member, Board, Securities Trading Corporation of India4. Member, Board, Paras Pharmaceuticals Limited5. Member, Board of Trustees, ILRI, Nairobi, Kenya6. Member, Borad of Trustees, ICRAF, Nairobi, Kenya7. Chairman, Audit Committee of the Board, Indian Oil Corporation8. Chairman, Audit Committee of the Board, Board of Trustee Company, SBI Mutual Fund9. Member, Audit Committee of the Board, Securities Trading Corporation of India8. Member, Advisory Group for Research in Debt Markets, CCIL, India.9. Member, Core Group on Corporate Governance Audit, set up by National Foundation on Corporate Governance (NFCG) by Government of India.
  • 16. 10. Scholastic Record1976 – 80 Doctorate in Business Management IIM, Ahmedabad, India.1972 – 74 Masters of Technology (M. Tech.) Industrial Engineering & Operations Research IIT, Kanpur, India.1967 – 72 Bachelor of Engineering (Mechanical Engineering) VRCE, Nagpur, India1967 Higher Secondary School Certificate Board of Secondary Education, Maharashtra, India.Awarded National Merit Scholarship based on school resultsRecipient of Merit Scholarship throughout education.Recipient of Best Dissertation Proposal Award for doctoral work.(Have been a rank holder throughout my education)Personal:Date of birth September 23, 1951Height/Weight/Health 172 cm / 68 kg / ExcellentMarital Status Married, One ChildNationality Indian
  • 17. Annexure I: Courses Taught:Doctoral Courses Taught:1. The Theory of Capital Markets: This is a rigorous, theoretical course offered at IIM, Ahmedabad for Doctoral students who are specialising in Finance. The course is primarily based on papers published in the leading journals in Finance and covers the latest developments in the theoretical and empirical research.2. Advanced Operations Management: This is a rigorous, theoretical course offered at IIM, Ahmedabad for Doctoral students who are specialising in Production and Operations Management. It uses articles and papers published in the leading journals in Operations Management, Operations Research and Management Science.MBA Courses Taught:1. Investment and Portfolio Management: This is an elective course at IIM, Ahmedabad, meant for students specialising in Finance. The course is designed to provide an in-depth understanding of the functioning of equity and debt markets, valuation of equity and debt securities and the concepts and principles involved in design and management of portfolios of financial assets.2. International Financial Management: This is an elective course at IIM, Ahmedabad, meant for students specialising in Finance. The course is designed to provide an international perspective to corporate finance. It covers topics such as foreign exchange markets, determinants of exchange rates, corporate investment, financing and dividend decisions of Multi National Companies, as well as topics in international capital markets such as gains from international diversification, raising resources through Euro-bonds, GDRs, and issue of equity in foreign markets, etc.3. Corporate Finance - Theory and Practice: This is an elective course at IIM, Ahmedabad, meant for students specialising in Finance. It covers topics in corporate finance such as investment, financing and dividend decisions as well as topics in capital markets such as valuation of various types of financial securities. It develops an understanding of the strong linkages between corporate decisions and the capital market.4. Corporate Finance: This is a compulsory course at San Francisco State University. The course covers the entire spectrum of topics in corporate finance: working capital management, long term investment and financing decisions, capital markets and valuation of securities.5. Financial Management I: This is a compulsory course at IIM, Ahmedabad. The topics covered in the course include management of cash, accounts receivables and inventory; determination of the optimal source-mix for financing working capital needs; understanding the interaction between management of working capital and the production and marketing decisions of firms.6. Management Information Systems: This is a compulsory course at RVB: Netherlands International Institute for Management, Maastricht. The course covers both the technical and managerial aspects of Information Systems.7. Information Systems Policy: This course is offered to students specialising in Information Systems at RVB, Maastricht. The course covers various IS and IT policy
  • 18. issues pertaining to development and maintenance of software, measuring and enhancing productivity of systems personnel, end user computing, data administration, software and hardware acquisition, and safeguards against disasters.8. Decision Support Systems: This course is offered to students specialising in Information Systems at RVB, Maastricht. The course covers various kinds of mathematical and statistical modelling techniques and how they could be integrated with corporate database and a user friendly interface to improve managerial decisions.9. Computer Programming: This course is offered to students specialising in Information Systems at RVB, Maastricht. The course introduces students to concepts in programming through use of pseudo-codes, and then covers programming in BASIC.10. Operations Management: This is a compulsory course at IIM, Ahmedabad. The course covers job-shop scheduling, sequencing, assembly line balancing, inventory management, statistical quality control, maintenance management, project management, and recent developments such as JIT, FMS, etc.11. Mathematics and Statistics for Management I & II: Each is a compulsory course at IIM, Ahmedabad. The first course comprises topics such as functions, classical optimisation, vectors and matrices, system of linear equations, constrained optimisation: linear programming & extensions. The second course covers basic probability theory, probability distributions, estimation, hypothesis testing and decision analysis. The focus of both the courses is on using mathematics and statistics for managerial decision making.Undergraduate Course Taught:1. Financial Management: This is a compulsory course San Francisco State University for the Bachelors Program in Business Administration. It covers all aspects of Corporate Finance from a standard textbook in Financial Management.Teaching in Executive Development Programs (EDPs):1. Have designed and co-ordinated several international programmes held at IIM, Ahmedabad and at MSM, Maastricht (The Netherlands) in the area of Capital Markets, Portfolio Management and Banking. Have taught in over 70 EDPs on functional and general management. Some of these programmes are listed earlier.
  • 19. Annexure II : Major Consulting Assignments1. Evaluation of APDRP projects, 2005, 20062. Restructuring of a large Regulatory Organisation in the Electricity Sector, 20033. Valuation and Financial Structuring for a Large Project in the Power Sector, 20034. Valuation of a large petrochemical company for acquisition, 20015. Formulating strategy for a utility company, 20016. Conducted training programme for one of the largest development financial institutions on debt markets, 20007. Conducted training programme for a large public sector company, 20008. Conducted training programme covering investment in equity, debt and derivative securities for officers of the investment cell of the largest insurance company in India, 1998.9. Consultant to one of the largest power generating company in India on their corporate and financial strategy, 1998.10. Consultant to the Department of Post, India, 1997.11. Consultant to a medium sized financial services company, with international linkages located at Bombay (1995-96).12. Conducting comprehensive training programme in security analysis, portfolio management, debt market and options & futures for executives of a large financial services company. (1995)13. Conducting comprehensive training programme in costing, project management, investment analysis and working capital management for executives of a large cotton textile company. (1995)14. Developing the projects portfolio of about U.S. $ 250 m for an international funding agency. (1994-95)15. Developing the methodology for constructing a bond index for the Indian debt market for a large financial services company. (1994)16. Conducting a training programme for an organization in the Netherlands. (1994)17. Conducting comprehensive training programme in security analysis and portfolio management for all levels for a large financial services company. (1993)18. Comprehensive study of the Indian debt market for a foreign funding agency. (1993)19. Conducting a training programme for an organization in the Netherlands. (1993)20. Formulating corporate strategy with detailed implementation plan for a large financial services company. (1993)21. Organization study of a national development financial institution. (1992-93)22. Developing strategy for regional development of a drought prone area in Western India. (1989-90)23. Developing computerised DSS for scheduling of jobs for a large engineering firm which manufactures over 1200 products using about 60 machines. (1987-89)24. Helping setting up of an Institute for Information and Communication Management by a large Commercial Bank in India. The assignment required assistance in acquisition of hardware and software and in training of faculty in writing and teaching cases. (1987-88)25. Developing system for a State Poultry Cooperative Marketing Federation for managing inventory and distribution of poultry products. (1986-87)
  • 20. 26. Developing strategy for re-settlement of people in the command area of a large irrigation system in the desert areas of a North-Western State in India. (1985-87)27. Developing an information and control system for managing inventory and distribution system for consumer items being sold through a large number of retail outlets in a large city in Western India. (1985-86)28. Developing a production planning system using Linear Programming, linking up procurement, production and marketing decisions for the largest manufacturer of textiles in India. (1983-86)29. Developing a system for a State Cooperative Marketing Federation for managing inventory and distribution of several commodities. (1985)30. Developing information and control systems for management of open-cast coal mines for a large World Bank assisted project in Eastern India. (1984-85)31. Developing a simulation software for a large multi-purpose reservoir, for effective conjunctive use of surface and ground water for irrigation and power generation. (1981-83)32. Developing a system for managing spare parts inventory for a large fertilizer company. (1980-81)