This document provides a summary of Samir Kumar Barua's professional experience and qualifications. It outlines his educational background, including earning a Master of Technology from IIT Kanpur and a doctorate from IIM Ahmedabad. It then details his current role as a professor at IIM Ahmedabad since 1980, where he teaches courses in areas like capital markets and operations research. The document also lists over 180 papers he has published in academic and business journals. Finally, it provides an overview of his administrative experience, consulting work, and involvement in various boards and committees.

1. Samir Kumar Barua Phone: (O) 91-79-26324838(D), 26324831(Sec)
Professor (R) 91-79- 26325501
Indian Institute of Management Fax : 91-79-26306896
Ahmedabad, India, 380 015 E-mail: skbarua@iimahd.ernet.in
Brief Résumé
After Master of Technology (IIT, Kanpur, India) in Industrial Engineering and Operations
Research, he worked for two years in the industry before completing his doctorate in
Management (IIM, Ahmedabad, India). Joined the faculty at IIM, Ahmedabad, India, in 1980.
Academic and professional pursuits cut across several disciplines; specific areas of interest
include capital markets, portfolio theory, international finance, operations research & decision
sciences, applied statistics, operations management, and management information & control
systems. Has taught courses in these areas at IIM, Ahmedabad, India and as visiting professor to
academic institutions in several other countries - USA, The Netherlands and Singapore. Has also
taught extensively in national and international executive training programmes. Has authored
over one hundred eighty papers/articles that have been published/ presented in national and
international academic and business journals/ publications and conferences. Has co-authored two
books: 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, banking
and financial services sectors. Has been intimately associated with the Indian financial sector for
over a decade and a half. Has prepared policy papers for the Ministry of Finance, Government of
India and the Reserve Bank of India (RBI) on restructuring of capital markets and the banking
sector respectively. Was also member of the Committee set up by Federation of Indian Chamber
of 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 of
India (SEBI), 2001-03; member of the Steering Committee and the Curriculum Committee on
Certification 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 of
the Derivatives Market Council of the Bombay Stock Exchange (1999-2003). Was member of the
Index Committee of the Bombay Stock Exchange (1999-2003). Was member of the Board of
National Mineral Development Corporation (1999-2002). Was member of the Governing Board
of Foundation for Research on Portfolio Management set up by ICFAI. Currently, he is member
of the Board of Indian Oil Corporation (IOC), a Fortune-500 company; member of the Board of
Securities Trading Corporation of India (STCI); member of Board of Trustees of SBI Mutual
Funds; member of Board of Paras Pharmaceuticals Ltd. Is Chairman, Audit Committees of the
Boards of IOC and SBIMF Trustee Company; member of Audit Committees of the Boards of
STCI and Paras Pharmaceuticals Ltd. Was Chairman of the Post Graduate Programme in
Management, IIM, Ahmedabad, 2003-05. Currently, he is Chairman of Management
Development 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. by
Global Corporate Governance Forum and Centre for International Private Enterprise.

2. 0. Administrative Experience
I. At IIM, Ahmedabad
Current:
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 Future
Direction and several other committees of the Institute. I am intimately familiar with various
aspects of functioning of the Institute.
II. At Other Organizations
Current
Indian 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 Diversification
Securities 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 Securities
SBI 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 Committee
Paras 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 and
capacity-building to bear on poverty reduction and sustainable development. ILRI works in
Africa, Asia and Latin America and the Caribbean, with offices in East and West Africa, South
and 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 Bene
of Canada’s International Development Research Centre (IDRC). The study coined the term
'agroforestry' and called for global recognition of the key role trees play on farms. This led to the
establishment of ICRAF in 1978 to promote agroforestry research in developing countries.)
ILRI and ICRAF are member organizations of ‘The Consultative Group on International
Agricultural Research (CGIAR)’, established in 1971, for promoting strategic partnership of
countries, international and regional organizations and private foundations supporting the work of
15 international Centers. In collaboration with national agricultural research systems, civil society
and the private sector, the CGIAR fosters sustainable agricultural growth through high-quality
science aimed at benefiting the poor through stronger food security, better human nutrition and
health, 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), 1998-2000
Member of Board, National Mineral Development Corporation (NMDC) (1999-2002)
Member of Board, the Bombay Stock Exchange (BSE) , 1999-2003
Member of the Derivatives Market Council of the Bombay Stock Exchange , 1999-2003
Member of the Index Committee of the Bombay Stock Exchange , 1999-2003
Member of the Steering Committee and the Curriculum Committee on Certification for trading in
Financial Markets of the National Stock Exchange (NSE), 1999-2002.
Member of the Risk Management Group for Equities constituted by the Securities Exchange
Board of India (SEBI), 2001-03
Member of the Governing Board of Foundation for Research on Portfolio Management set up
by ICFAI.

4. 1. Work Experience
1980 - 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. Have
been a consultant to several government and private organizations in the areas of corporate
strategy, policy formulation, management information and control systems, institution
building, regional development, inventory and logistics management, product-mix
decisions, job-shop scheduling, water resource management, etc.
Teaching Experience:
Have taught courses in Capital Markets and Portfolio Theory, International Financial
Management, Corporate Finance, Managerial Costing, Management Information & Control
Systems, Information Systems Policy, Decision Support Systems, Operations Management,
Mathematics and Statistics, at post-graduate and doctoral levels, and in large number of
executive development programs. Have always received excellent feedback on teaching.
Received Best Teacher several times at IIM, Ahmedabad. Awarded “Best Teacher 2001” by
the Association of Indian Management Schools (AIMS) in August, 2001.

5. 2. Research and Publications
Books and Monographs
1. 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. SEBI's 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 Journals
1. 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 Media
1. Encourage Hedge Funds to Invest Directly? The Economic Times, March 27, 2007
2. Stock Market: Boom, Bubble or Bust? , The Economic Times, April 11, 2006

8. 3. The IPO Scam, Economic Times, January 17, 2006
4. Does Bajaj Demerger Make Sense?, Economic Times, September 10, 2003
5. Reverse Mortgages: Unlocking Housing Wealth in India, Economic Times, July,
2003
6. A Tata to Corporate Governance?, Economic Times, August 20, 2002
7. End the Management of UTI : Privatise It, Economic Times, April 23, 2002
8. At this rate, there wouldn’t be a market to write about, Economic Times, March 26,
2002
9. Tax on Dividends : What an Avoidable Mess, Economic Times, March 12, 2002
10. Will the FM Be Able to Pull It Off This Year?, Economic Times, February 26, 2002
11. Unlocking the Value of Public Sector Undertakings, Economic Times, February 12,
2002
12. The Bombay Stock Exchange Needs a Healing Touch, Economic Times, Januray 29,
2002
13. UTI’s US-64 Has a Highly Leveraged Portfolio, Economic Times, January 15, 2002
14. US-64: Heading for Another Bail-out in 2003, Economic Times, January 2, 2002
15. Indian Equity Markets in the Nineties, ANMI Year Book 2001
16. Welcome to the Informal Options Market, Economic Times, December 18, 2001
17. Implied Volatilities and Option Markets, Economic Times, December 4, 2001
18. There is Money on the Table in India’s Derivatives Markets, Economic Times,
November 20, 2001
19. Stock Futures - Critique of Risk Containment Measures, Economic Times, November
6, 2001
20. How Regulatory Overkill Finished Off A Market, Economic Times, October 22, 2001
21. Wither Public Sector Divestment, Economic Times, October 9, 2001
22. Managing Stock Markets During Crises, Economic Times, September 25, 2001
23. SEBI Report : A Damp Squib, Economic Times, September 11, 2001
24. Focus on the governance structure of financial markets, Economic Times, August 28,
2001
25. US-64 and markets: Unstable equilibrium, Economic Times, August 14, 2001
26. US-64 : Bankrupt Proposal for Revival, Economic Times, July 31, 2001
27. The early days of the options market, Economic Times, July 17, 2001
28. What Ails UTI?, Economic Times, July 10, 2001
29. The Badla Is Dead, Long Live The Badla!, Economic Times, July 03, 2001
30. The Beauty Of Put Options On Individual Stocks, Economic Times, June 19, 2001
31. Options And You As A Buyer Of Calls, Economic Times, June 05, 2001
32. Are We Prepared For Stock Options?, Economic Times, May 22, 2001
33. The Regulator Should Set An Example In Governance, Economic Times, May 08,
2001
34. Stock Market Crises And The Need For Regulatory Reforms, Economic Times, April
25, 2001
35. Hang The Guilty While Sparing The Market, Economic Times, April 10, 2001
36. When Elephants Fight, It’s The Ants Who Get Hurt, Economic Times, Mar 27, 2001
37. Capital Markets: Arresting The Free Call, Economic Times, Mar 13, 2001
38. Budget And The Interest Rate Conundrum, Economic Times, Feb 27, 2001
39. Market Returns In The Nineties, Economic Times, Feb 13, 2000

9. 40. Time To Exercise The Call On Call Options, Economic Times, Jan 30, 2001
41. Introduce Options On Stocks To Boost Derivatives Markets, Economic Times, Jan
16, 2001
42. Public Sector Units Are In Need Of Some Oxygen, Economic Times, Jan 02, 2001
43. Temple Of Doom, Or 5,000 Points By March?, Economic Times, Dec 19, 2000
44. Think Global, Act Local, Economic Times, Dec. 05, 2000
45. Fine-tuning the code, Economic Times, Nov. 21, 2000
46. 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, 1998
52. The Inflation Rate Puzzle, The Economic Times, June 5, 1998
53. Are We Ready for Derivatives?, Business Standard, May 25, 1998
54. Issue of Marauding Promoters, The Economic Times, May 19, 1998
55. Two Steps Backwards, One Ahead, The Economic Times, April 6, 1998
56. Was HLL an Insider Trader?, The Economic Times, March 24, 1998
57. 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 MAT's 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 Coalition's 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: SEBI's 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, 1993
93. 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: Don't 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 '87
Seminars & Conference Papers
1. 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, 2005
3. Indian Oil and Gas Sector at the Cross-roads, seminar organised by Som Lalit
School of Management, Ahmedabad, January 8-9, 2005
4. 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, 2001
8. 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 1992
29. 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. Dissertations
1. 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 Guided
Have been in the Dissertation Advisory and Committee for eight doctoral students, in three
cases as Chairman of the committee.
5. Case Studies and Technical Notes
Have authored about forty cases on diverse topics in the areas of capital markets, portfolio
analysis and design, management information and control systems, decision support
systems, operations management, and corporate finance. Have written about twenty major
technical notes in financial management, portfolio theory, mathematics & statistics, and
operations management.

13. 6. Software Developed
1. 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 Packages
1. 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 Programmes
Have designed and co-ordinated several highly successful pioneering Executive
Development Programmes in the area of General Management, Leadership Development,
Disinvestment, Capital Markets, Portfolio Management, and Banking & Finance. Have also
taught 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 Multinational
Pharmaceutical 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 Diversified
Group, 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 Portfolio
Management, offered at IIM, Ahmedabad, 1997, 1998 and 1999 (sponsored by
Management 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, 1990-91
Taught :
The programmes include the following:
General Management Programmes, 2002-2007
Programme on Opportunities in India for Visiting French Executives, 2004
Programme on Derivatives Securities and Markets, 2003
Management Education Programme, offered in 1981-84, 1997-98 and 2001- 2004
Project Management, offered in 2001- 2004
Programme on Business Valuation and Financial Decisions for Managers from
China, offered at MSM, Maastricht, The Netherlands, 1997
Programme 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, 1992
Programme for Management Auditors, offered at MSM, Maastricht, The Netherlands, 1992
Project 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 Fund
3. Member, Board, Securities Trading Corporation of India
4. Member, Board, Paras Pharmaceuticals Limited
5. Member, Board of Trustees, ILRI, Nairobi, Kenya
6. Member, Borad of Trustees, ICRAF, Nairobi, Kenya
7. Chairman, Audit Committee of the Board, Indian Oil Corporation
8. Chairman, Audit Committee of the Board, Board of Trustee Company, SBI
Mutual Fund
9. Member, Audit Committee of the Board, Securities Trading Corporation of India
8. 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 Record
1976 – 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, India
1967 Higher Secondary School Certificate
Board of Secondary Education, Maharashtra, India.
Awarded National Merit Scholarship based on school results
Recipient 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, 1951
Height/Weight/Health 172 cm / 68 kg / Excellent
Marital Status Married, One Child
Nationality 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 Bachelor's 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 Assignments
1. Evaluation of APDRP projects, 2005, 2006
2. Restructuring of a large Regulatory Organisation in the Electricity Sector, 2003
3. Valuation and Financial Structuring for a Large Project in the Power Sector, 2003
4. Valuation of a large petrochemical company for acquisition, 2001
5. Formulating strategy for a utility company, 2001
6. Conducted training programme for one of the largest development financial institutions
on debt markets, 2000
7. Conducted training programme for a large public sector company, 2000
8. 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)