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PROSPECTUS 2011-12

?
Master the Art,
Science and
Mathematics of
FINANCIAL
RISK
MANAGEMENT
CONTENTS
CFERM: 2011-12

1 Introduction to NISM and SSE


1.1 About NISM
1.2 About SSE
1.3 Institute’s Philosophy
1.4 Board of Governors
1.5 Academic Council

2 The CFERM Programme


2.1 Why CFERM?
2.2 Why should organizations encourage CFERM?
2.3 What does CFERM offer?
2.4 How is CFERM unique?
2.5 Programme Format
2.6 Programme Design: Context, Content and Sequencing
2.7 Evaluation and Award of Certificate

3 Eligibility Criteria and Admission Procedure


3.1 Eligibility Criteria
3.2 Admission Process
3.3 Prospectus and Application Form
3.4 Last Date for receiving duly filled in applications
3.5 Important Dates
3.6 Fees and Deposits
3.7 Enquiries
3.8 Force Majeure

4 Academic Team
4.1 Full-time/Adjunct Faculty
4.2 Visiting Faculty

Certificate in Financial Engineering and Risk Management 


1 Introduction to NISM and SSE

1.1 About NISM region that seeks to address as wide a canvas, NISM
In his budget speech of February 2005, the Honourable stands uniquely poised to become an institution that
Union Finance Minister announced that the Securities would not only serve the securities markets in India but
and Exchange Board of India (SEBI) would establish could also assume a pan-Asian purpose.
an institute to undertake securities market education
and research. In pursuance of this mandate, SEBI 1.2 About SSE
established the National Institute of Securities Markets NISM articulates and implements its mission of
(NISM) in Mumbai as a public trust under the Bombay improving market quality through its six schools of
Public Trust Act, 1950. excellence, each having a specific domain presence
within the securities markets. The role of the School for
The activities at NISM are carried out through its Six Securities Education (SSE) is to provide education for
Schools of Excellence. These include: preparing competent professionals who will serve the
1. School for Investor Education and Financial Literacy securities markets in capacity building.
(SIEFL)
2. School for Certification of Intermediaries (SCI) The last few years have seen a demand for securities
3. School for Securities Information and Research (SSIR) professionals who are equipped with a wider repertoire
4. School for Regulatory Studies and Supervision (SRSS) of knowledge and skills. This demand has been
5. School for Corporate Governance (SCG) spurred by the challenges posed by the growing Indian
6. School for Securities Education (SSE) economy and the expanding securities market. With
the Indian economy growing consistently at over 6%,
The mission for NISM is to add to market quality many Indian companies are scaling up their activities
through educational and research initiatives that would in India and abroad. This has necessitated a greater
support, enable and expedite an entire gamut of high need for corporations to access the securities markets.
quality knowledge services in the securities industry. The overall economic growth has also witnessed
many Indian corporations seeking to attract domestic
A market for securities education and research is and foreign investments through listings in India and
gradually emerging in India and abroad, partly due overseas.
to the buoyancy in the securities industry and partly
because of the regulatory efforts to create minimum As the Indian economy grows and as Indian investors
competency levels for securities industry professionals. seek to participate more in the capital markets, the
NISM intends to play a catalytic role in addressing these Indian stock exchanges, mutual funds, merchant
needs. bankers, analysts and stock brokers would play an even
more vital role in meeting the enhanced expectations
Given the uniqueness of India and other emerging/ of various stakeholders. With its proximity to policy
developing markets, such intervention would follow makers and professionals in the securities markets
the twin approaches of accessing/disseminating community, SSE is uniquely positioned to provide
the relevant existing knowledge and creating new educational programmes that will create the new age
knowledge that is more specific and appropriate for securities markets professional.
emerging markets. With no other institute in the Asian

 Certificate in Financial Engineering and Risk Management


Certificate in Financial Engineering and Risk Management 
1.3 Institute’s Philosophy 1.5 Academic Council
NISM’s activities are dedicated towards enhancing • Dr. Pritam Singh, Professor of Eminence, Management
the quality of participation in securities markets. This Development Institute, Gurgaon
involves development of knowledge and skill base of all • Prof. R. Vaidyanathan, Professor of Finance, IIM,
stakeholders. The Institute’s philosophy embodies the Bangalore
spirit of commitment to these objectives. • Dr. Sanjay Kallapur, Senior Associate Dean - Faculty
and Research, Indian School of Business, Hyderabad
1.3.1 Vision • Dr. Ajay Shah, Professor, National Institute of Public
To lead, catalyze and deliver educational initiatives to Finance and Policy, New Delhi
enhance the quality of securities markets. • Prof. G. Sethu, OSD-In-Charge, NISM

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

1.3.3 Belief
NISM envisions a catalytic role in promoting securities
markets research and education, through:
• close interface with policy makers, regulators and
industry participants
• continuous knowledge creation, acquisition and
dissemination
• collaboration with the larger educational and market
infrastructure to reach constituencies relevant to the
securities markets

1.4 Board of Governors


NISM is an autonomous body governed by a Board of
Governors with strategic guidance from an international
Advisory Council.
• Mr. U. K. Sinha, Chairman, SEBI (Chairman, Board of
Governors)
• Mr. M. S. Sahoo, Whole Time Member, SEBI
• Dr. K. M. Abraham, Whole Time Member, SEBI
• Dr. K. P. Krishnan, Secretary to Prime Minister’s
Economic Advisory Council
• Dr. K. R. S. Murthy, Former Director, IIM Bangalore
• Mr. Y. C. Deveshwar, Chairman, ITC Ltd.
• Mr. M. B. N. Rao, Former Chairman & Managing
Director, Canara Bank
• Mr. Pratip Kar, Consultant, Global Corporate
Governance Forum, International Finance Corporation
• Dr. Mohan Gopal, Director, National Judicial Academy,
Bhopal
• Mr. P. K. Nagpal, Executive Director, SEBI
• Mr. Rafiq Dada, Senior Advocate, High Court, Mumbai
• Prof. G. Sehtu, OSD-In-Charge, NISM

 Certificate in Financial Engineering and Risk Management


CFERM Programme

2 The CFERM programme is an executive certificate programme in financial engineering


and risk management. It has been designed for working professionals in treasury and
risk management functions who cannot attend full-time programmes. The CFERM
programme will be offered by NISM at Vashi.

Certificate in Financial Engineering and Risk Management 


2.1 Why CFERM? • IT & ITES, KPO firms engaged in Analytics, Quantitative
The CFERM programme addresses the needs of aspiring Research and Business Solutions
finance professionals to further their career in the field
of financial engineering and risk management. It opens
up career options in the financial sector in India and
2.3 What does CFERM offer?
abroad. On successful completion of the programme, The level of sophistication and complexity of the subject
candidates would have acquired the knowledge to: merits a classroom-based programme. Through the
• Design and understand new financial products and CFERM programme, NISM aims to provide the financial
financial solutions markets with a cadre of professionals well-versed in
• Manage the treasury more effectively skills as well as knowledge of financial engineering and
• Implement financial solutions for banks, corporate risk management.
and other entities in the financial sector
• Assess and evaluate various financial engineering and The CFERM programme offers:
risk management solutions offered by vendors • Approximately 300 hours of classroom sessions
• Address the risk management issues at strategic and • A team of highly qualified and experienced faculty
operational levels of an organization members delivering the modules
• A combination of theory and practice (two modules:
Basic and Advanced)
2.2 Why should organizations • A combination of mathematics, statistics, financial
encourage CFERM? economics, computational finance, financial modelling
In the modern world, organizations seek to and risk management
effectively utilize financial resources to meet • Experienced industry professionals sharing their
business requirements. Financial engineering offers knowledge with participants
customized financial solutions towards this. Further, • Continuous evaluation that motivates participants to
risk management in organizations has become a core deliver their best
strategic function today. Therefore, it has become • Multiple pedagogy consisting of interactive classroom
necessary that an organization has a team of financial sessions, simulations, case discussions, project work,
engineering and risk management professionals to and seminars
discharge, oversee and guide this pivotal responsibility. • The latest developments in the field brought into the
classroom
CFERM offers an in-depth understanding from the • A peer group of students with whom one can interact
point of view of sellers, buyers, analysts and regulators and learn by sharing experiences
as opposed to the current ‘black-box’ approach. The
CFERM programme will result in a win-win situation for
professionals engaged in treasury and risk management 2.4 How is CFERM unique?
functions and their employers in: CFERM has several unique features:
• Banks • Convenient class timings to suit the needs of working
• PMS executives
• Mutual Funds • Rigorous and well-designed curriculum with emphasis
• Insurance Companies on class participation
• Pension Funds • A team of best-in-class faculty
• Private Equity Companies • Access to state-of-the-art library and computing
• Hedge Funds facilities with latest software such as R, SAS and
• Investment Banks financial databases such as Bloomberg and others for
• Stock Broking firms financial modelling and simulation
• Firms that trade in Commodities, Currencies and • Reinforcement of concepts through case studies
other Instruments • Relevant examples and case studies from the Indian
• Credit Rating Agencies scenario
• Securities Research firms

 Certificate in Financial Engineering and Risk Management


2.5 Programme Format:
CFERM programme is offered in two different formats Format B: Residential programme at Vashi.
(A and B) to enable minimal disruption of work Under this format the, programme will be offered in four
schedules for professionals working anywhere in India. modules. Each module would have a duration of nine
days starting from a Saturday to the Sunday of the next
Total Duration: Approximately 300 Hours week. In all, a participant would have to take a total
leave of 20 days from office during the year i.e. five days
Format A: Weekend programme at Vashi. (Monday – Friday) in each quarter of the year. A time
Participants are required to attend 9 hours of classroom/ table of classroom/technical sessions is provided below.
technical sessions during each weekend (i.e. Saturdays Residential accommodation can be provided, subject to
and Sundays) for a period of 9 months. This format is availability, at NISM Niwas, Vashi at a nominal cost. This
suitable for participants who prefer to attend classes format allows enrolment for out-station participants
during weekends. interested in the programme.

Location: National Institute of Securities Markets, Vashi, Location: National Institute of Securities Markets, Vashi,
Navi Mumbai Navi Mumbai

Please find the calendar below for the scheduled classes in Format B.
The classes will take place on the highlighted dates.

JULY 2011 SEPTEMBER 2011 OCTOBER 2011


S M T W T F S S M T W T F S S M T W T F S
31 1 2 1 2 3 30 31 1
3 4 5 6 7 8 9 4 5 6 7 8 9 10 2 3 4 5 6 7 8
10 11 12 13 14 15 16 11 12 13 14 15 16 17 9 10 11 12 13 14 15
17 18 19 20 21 22 23 18 19 20 21 22 23 24 16 17 18 19 20 21 22
24 25 26 27 28 29 30 25 26 27 28 29 30 23 24 25 26 27 28 29
Module 1 “Basic Module exam for Module 2
Format A and B”

NOVEMBER 2011 JANUARY 2012 MARCH 2012


S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 1 2 3 4 5 6 7 1 2 3
6 7 8 9 10 11 12 8 9 10 11 12 13 14 4 5 6 7 8 9 10
13 14 15 16 17 18 19 15 16 17 18 19 20 21 11 12 13 14 15 16 17
20 21 22 23 24 25 26 22 23 24 25 26 27 28 18 19 20 21 22 23 24
27 28 29 30 29 30 31 25 26 27 28 29 30
Module 2 Module 3 Module 4

The program delivery will include classroom sessions, projects and


group work. The candidates will have access to library and other
computing facilities such as R, SAS and financial databases such as
Bloomberg and others for financial modelling and simulation.

Certificate in Financial Engineering and Risk Management 


2.6 Programme Design: Context, in Mathematics and Statistics to understand and
appreciate financial engineering models/products.
Content and Sequencing The Advanced module covers application and practical
The CFERM program# comprises of two modules: Basic phases of the Certificate in Financial Engineering and
and Advanced. The Basic module aims at preparing Risk Management programme#
the participant to acquire the necessary knowledge

Basic Module

Format A : Classroom sessions spread over weekends from July 16 to September 18, 2011
Format B : Classroom sessions from July 16 to July 24, 2011

Mathematics for Quantitative Financial Risk Management 30 hrs


Statistics for Quantitative Financial Risk Management 33 hrs

Only those who succeed in the Basic Module written exam would qualify for the Advanced Module of CFERM.
Tentative date of written exam is September 25, 2011.

Advanced Module

Format A : Classroom sessions spread over weekends during October 2011 to March 2012
Format B : Classroom sessions during October 29 – November 7, 2011; January 21 – January 29, 2012, and
March 9 – March 18, 2012

Financial Engineering – Frameworks 10 hrs


Financial Economics 30 hrs
Equity, Currency and Commodity Derivatives pricing 30 hrs
Risk Management – I 30 hrs
Risk Management – II 30 hrs
Applied Financial Econometrics 30 hrs
Financial Modeling 20 hrs
Financial Engineering – Applications 30 hrs
Project Dissertation, Seminar/Workshop on contemporary FE issues 24 hrs

#NISM reserves the right to add, modify, merge or delete any of the above mentioned programme calendar/
courses/topics for overall benefit of the programme. Evaluation for all subjects includes class tests, surprise
quizzes, practical exercises, assignments, mid-term exam and final exam. The actual implementation of any
of the three formats depends on the minimum number of participants enrolled for it. In case there are not
enough participants for a particular format, it will be merged with the format that has the required number
for participants.

All participants are required to get their personal laptops for the programme.

10 Certificate in Financial Engineering and Risk Management


2.7 Evaluation and Award of 2.7.2 Award of Certificate
Certificate 1. Certificate will be awarded only to those students
who successfully clear the Basic and Advanced Module
examinations and meet the criteria laid down by the
2.7.1 Evaluation board of examiners.
CFERM students will be evaluated on the following:
• Pre-class preparation 2. In order to be admitted to the Advanced Module,
• Class participation students are required to clear the Basic Module exam
• Quizzes with a minimum of 50%. Candidates who are unable to
• Assignments/practical exercises clear the Basic Module exam are permitted to reappear
• Mid-term and end-term examinations and/or any once, in the next academic session. No extra fee will
other procedure the Institute may prescribe from time be charged for this exam. Candidates who do not clear
to time. the Basic Module exam in the second attempt will not
be admitted to the Advanced Module. Such candidates
shall receive a participation certificate for the Basic
Module if they meet the specified attendance criteria.

Certificate in Financial Engineering and Risk Management 11


3 Eligibility Criteria and Admission
Procedure

3.1 Eligibility Criteria candidate appearing for the personal interview.


The following academic qualifications and work 3. After the personal interview, a first list of candidates
experience are required: selected for admission to the Basic Module will be
Academic Qualifications announced on the NISM website. The respective
Graduate from any recognized Indian university or candidates will also be informed through email/letter on
equivalent June 24, 2011.
Work Experience 4. NISM reserves the right to postpone or cancel the
Preference will be given to candidates having work date of personal interview/s. Candidates are advised to
experience visit the Institute’s website from time to time for any
changes and other information.
Candidates will be shortlisted for interviews on the basis 5. All expenses incurred for attending the personal
of academic qualification and work experience. interviews shall be borne by the candidate. NISM will
not bear or reimburse any expenditure in this regard.
3.2 Admission Process
1. All applications received will be scrutinized and 3.3 Prospectus and Application
only shortlisted candidates will be called for personal
interviews. Candidates who are shortlisted will be
Form
intimated through email and/or the Institute’s website The prospectus and application form can be
on June 6, 2011. downloaded from the Institute’s website: www.nism.
2. The personal interviews will be held at Mumbai/Navi ac.in. Candidates can also obtain the application form
Mumbai during June 17-19, 2011. The exact timing along with prospectus from the Institute’s office at Vashi
will be intimated in the communication sent to each (Mumbai). Application form duly filled in all respects,

12 Certificate in Financial Engineering and Risk Management


along with a demand draft of Rs.500/- (Rupees five Last date for payment of second instalment
hundred only) drawn in favour of “National Institute October 10, 2011
of Securities Markets” payable at Mumbai, should be
sent to the following address with the name of the Last date for payment of third instalment
programme on top of the envelope: January 21, 2012

CFERM Admissions Office The list of important dates will remain same for both
National Institute of Securities Markets, formats of CFERM.
NiSM Bhavan, Plot No. 82,
Sector 17, Vashi, Navi Mumbai – 400 705
3.6 Fees and Deposits
The total fee is Rs. 1,50,000/- (Rupees one lakh fifty
3.4 Last date for receiving duly thousand only). The fee is payable in three instalments
as follows:
filled-in applications
Interested candidates should send their duly filled • First instalment: Rs. 30,000/- (to be paid when the
application form along with a demand draft of Rs. 500 candidate is offered admission to the programme, on
(Rupees five hundred only) so as to reach the Institute or before July 4, 2011.)
on or before May , 2011. Incomplete forms and forms • Second instalment: Rs. 60,000/- (to be paid at the
received after the due date will not be accepted. Please beginning of Advanced Module, on or before October
do NOT enclose copies of any certificate along with the 10, 2011.)
application form. • Third instalment: Rs. 60,000/- (to be paid on or before
January 21, 2012.)
3.5 Important Dates The break-up of the fee is as under:
Last date for Submission of completed Application Form Sr. No. Particulars Amount (Rs.)
May , 2011
1 Tuition fee 1,20,000
List of candidates shortlisted on the basis of academic
2 Courseware 10,000
and experience criteria for personal interviews
3 Examination fee 10,000
June 6, 2011
4 Library fee 10,000
Personal Interviews of shortlisted candidates Total 1,50,000
June 17-19, 2011

Announcement of selected candidates 3.7 Enquiries


June 24, 2011 All academic enquiries may be mailed to Ms. Kavitha
Ranganathan, Programme Manager - Academics at
Last date for payment of first instalment of Rs. 30,000 cferm@nism.ac.in
July 4, 2011
3.8 Force Majeure
Inaugural Session of CFERM The Institute reserves the right to postpone or cancel
July 16, 2011 the dates of personal interview/test. Also, the Institute
reserves the right to modify/change the programme
Basic Module written exam schedules, etc. The Institute’s decision in this regard shall
September 25, 2011 be final and binding on all participants. All candidates are
also advised to visit the Institute’s website regularly for
Announcement of Basic Module exam results on the any updates regarding the programme.
Institute’s website
September 30, 2011

Certificate in Financial Engineering and Risk Management 13


4 Faculty

4.1 Full-time/Adjunct Faculty Prof. Sunder Ram Korivi:


Prof. G. Sethu: Prof. Korivi is an MA (Economics & Political Science)
Prof. Sethu has 33 years of experience in teaching, and PhD (Business Policy & Administration) from the
research, advisory, and administration. He received his University of Mumbai. He is a Fellow of the Institute
B.Tech (Honours) from the Indian Institute of Technology of Chartered Accountants of India, Associate of the
(IIT), Kharagpur; his M. Tech from IIT, Madras and Institute of Cost & Works Accountants of India and an
a Doctorate in Management with specialization in Associate of the Insurance Institute of India. A full-time
Finance from the Indian Institute of Management (IIM), faculty member at SP Jain Institute of Management,
Ahmedabad. He has served in the Indian Administrative he later became a Professor at NMIMS University,
Service (IAS) during 1981-1991 and was part of XLRI where he also served as the Head of Departments of
Jamshedpur and the UTI Institute of Capital Markets. Finance and Economics and as the Dean of the School
of Business Management. He has also served on various
He has also been a member of many committees formed Boards of the University, viz., Board of Management,
by SEBI and various industry and educational bodies. He Advisory Board, Planning & Monitoring Board and as the
has served as board member on many companies. As Convener of the Academic Council.
visiting professor, he has taught Corporate Finance and
Investment Management to MBA students in various His interests are in the fields of Financial Reporting,
institutes including IIM Ahmedabad, IIM Indore and IIT Financial Institutions & Markets and Fixed Income
Mumbai. Securities. He has conducted policy-oriented research

14 Certificate in Financial Engineering and Risk Management


for the Central and State Governments. An adjunct Policy. She has undertaken consulting assignments with
faculty at IIM Kozhikode, he has also lectured at NIBM, multilateral agencies such as the World Bank and has
NIA, NITIE and other institutes of national importance. been a visiting faculty at IIM Indore and SP Jain Institute
In addition to authoring papers in national journals and of Management. She has also served as an Assistant
international conferences, he has guided and refereed Professor at the UTI Institute of Capital Markets,
PhD studies. Mumbai for about a decade.

Dr. Kiran Kumar: Mr. Suneel Sarswat:


Dr. Kiran Kumar holds a PhD in Finance from the Indian Mr. Suneel Sarswat is an MSc in Statistics and
Institute of Science, Bangalore and an MA in Economics Informatics from the Department of Mathematics, IIT
from Hyderabad Central University. His research focuses Bombay. Before joining NISM, he has worked with Bank
on Market Microstructure, Derivatives, and Applied of America on Financial Analytics. He has keen interest
Financial Econometrics. He has received five Best Paper in Computational Finance and is well versed in Visual
awards in national and international conferences and Basic, C++, Matlab, R, PERL and other programming
has published ten research papers. He has delivered languages useful in Financial Engineering. He is engaged
lectures at several research workshops including SAS in vital projects such as the application of neural
Workshop for Researchers at Indian School of Business, networks in financial analysis, credit ratings and trading
Structural VAR Models at RBI Staff College, and algorithms involving pattern recognition.
Econometrics Workshop of Indian Econometric Society.

Earlier, Dr. Kiran Kumar was with the Centre for 4.2 Visiting Faculty
Analytical Finance, Indian School of Business as Senior
Researcher and Researcher at ICICI Research Centre, Dr. S. Sundararajan:
Chennai. At NISM, in addition to his teaching and Dr. Sundarajan, a Professor at MS Baroda University,
research responsibilities, Dr. Kiran Kumar is also the is an MA (Economics), LLB, MBA (Wisconsin), and a
Programme Director of the nine-month “Certificate PhD. He is an expert in Securities Markets and Risk
in Financial Engineering and Risk Management” Management & Derivaties. He is also a visiting faculty
programme and is also associated with the School for at SP Jain Institute of Management and Great Lakes
Securities Information and Research in building the Institute of Management.
Network for Securities Market Data.
Dr. M. Venkateswarlu:
Ms. Poonam Mehra: An MCom and PhD from Osmania University, Hyderabad,
Dr. Poonam Mehra holds a PhD from the Indira Gandhi Dr. Venkateswarlu is a senior faculty member at the
Institute of Development Research (IGIDR), Mumbai. She National Institute of Industrial Engineering (NITIE).
has been a PhD scholar at University of Hamburg under He has been teaching International Finance, Financial
the European Union’s Asia link Scholarship Programme Derivatives and Financial Economics for the past several
(December 2006). She is a Gold medallist in Economics years. He is the architect of the CRISIL Certified Analyst
(MSc) with specialization in Econometrics and Industrial Programme (CCAP), an advanced weekend executive
Organization. Her teaching interests include Economics programme. He has worked on developing a Volatility
for Securities Markets, Mergers & Acquisitions, and Index and has several research papers to his credit.
Econometrics and Regulation in Securities Markets.
Her research interests include Applied Econometrics, Mr. B. Venkatesh:
Corporate Finance, Institutional Economics and Applied Founder and Managing Principal of Navera Consulting,
Game Theory. She has published papers in international Mr. Venkatesh creates wealth maps that enable
journals and has presented her research work in several people to realize their investment objectives and
international conferences and workshops. achieve financial freedom. He is also actively involved
in providing investor learning solutions, including
Dr Rachana Baid, Adjunct Associate Professor corporate training and open-house workshops. He
Dr. Rachana Baid is an MCom (Gold medallist) and a is a CFA charter-holder from the CFA Institute, US.
PhD. She specializes in Financial Systems and Regulatory Besides, he holds FRM certification from GARP, US and

Certificate in Financial Engineering and Risk Management 15


PRM certification from PRMIA, US. He is also a Fellow Director Risk Advisor for Shumway Capital, USA as well
Member of the Institute of Chartered Accountants of as in investment organizations like Goldman Sachs in
India and a Graduate Member of the Institute of Costs the Asset Management division. He has over 10 years of
and Works Accountants of India. experience in portfolio analytics and risk management.
He is also a regional director for the India Chapter of
Dr. Kavita Laghate: GARP. He regularly features on CNBC, NDTV, etc. offering
An MSc (Statistics) and PhD, Dr. Laghate is a faculty his views on the Indian Markets.
member at Jamnalal Bajaj Institute of Management
Studies, University of Mumbai. Her areas of Mr. Chandresh Shah:
specialization are Statistics, Operation Research, Currently working with Tata Capital Ltd. as Vice
Quantitative Models, Quantitative Finance and Research President- Corporate Risk Management, Mr. Shah has
Methods. more than 15 years of experience in the area of Banking,
Capital and Securities Market. His past assignments
Ms. Monita Joshi Khamkar: include Risk Management roles at Standard Chartered,
An MBA (Finance) from NMIMS University and a Fellow HSBC, SBI & HDFC Securities. As CRO at SBI Asset
of the Insurance Institute of India (F.I.I.I.), specializing Management, he was instrumental in setting up the Risk
in Life Insurance, Ms. Khamkar has over 14 years Function for Investment Management and developed
of experience with LIC of India and other insurance Internal Models for risk measurement.
companies in underwriting, finance and related
functions. She teaches Financial Mathematics with As Head of Risk Management at HSBC Asset
applications in investments and actuarial science. Management he played a key role in implementing
Global Risk Management Best practices of HSBC in India.
Mr. Sanjoy Choudhury: At Standard Chartered Bank, he developed key metrics
Founder and Director of Radiant Consulting, Mr. for Market Risk and Asset liabilities Management. He is
Choudhury is a vastly experienced financial market a Cost Accountant and a Post graduate in Management
professional in the Banking & Financial Services from the University of Mumbai and holds a CFA charter.
Industry. He has diverse experience spanning multi- Mr Shah is also a certified FRM.
national banks (ICICI Bank), multi-national financial
services organization (GlobeOp), multi-national financial Mr. Akhlaque Ahmed
information services organization (Telerate) and Mr. Akhlaque Ahmed is an MSC (Mathematics) from
premium research houses (Credence) for approximately Aligarh Muslim University and an MPhil from the
15 years. He is an MBA and an FRM. University of Mumbai. He is associated with the BSc
programme of the London School of Economics and
Mr. T. S. Anantakrishnan: Political Sciences conducted at Mumbai. His ares of
A CFA (US), MBA Finance NYU STERN US, Financial Risk interest include Financial Mathematics and Quantitative
Manager (FRM, US) Mr. Anantakrishnan has served Finance.”
in senior positions in Risk and Portfolio Analytics in
large hedge funds and Investment banks. He served as

16 Certificate in Financial Engineering and Risk Management


Please Remember
• Application form duly filled in all respects along with demand
draft should reach the institute on or before May , 2011.

• Institute reserves the right to change or cancel the dates of


the personal interview. Candidates will be informed in advanced
by e-mail in case of such changes. Candidates are advised to
regularly visit the Institute’s website for the updated information.

• Results of the interviews will be intimated to the successful


candidates through e-mail and the same will be displayed on the
Institute’s website. No separate communication will be sent in
this regard. Hence, candidates are advised to check their e-mail
and also the Institute’s website on a regular basis.

NATIONAL INSTITUTE OF
SECURITY MARKETS
an educational initiative by Sebi

All correspondence to be sent to the following address:


CFERM Admissions Office
National Institute of Securities Markets
NISM Bhavan, Plot No. 82,
Sector 17, Vashi, Navi Mumbai – 400 705
Tel: 022-66735100-05
Fax: 022-66735110
Email: cferm@nism.ac.in Website: www.nism.ac.in