In its endeavour to be at the forefront of supporting financial research in India, the National Stock Exchange (NSE) had launched a research initiative in 2019, “The NSE Research Scholar Program”. The program invited applications from universities, business schools and research institutions across India to get their promising students/researchers/faculty members to review the state-of-the-art on contemporary topics in the area of empirical finance, that are relevant to Indian financial markets.
Under this program, aspirants could submit a monograph on a chosen topic and prepare a presentation, summarizing the key findings. The monograph should provide a survey of the current state of research, major development and results, and extant open questions.
The authors of the top three selected papers are invited to present their findings at the NSE. They would additionally receive an honorarium award and get their work listed on the NSE’s Working Paper Series. These award-winning papers would also be featured in the NSE’s flagship publication, the ‘Market Pulse’ - a detailed monthly review of the financial markets.
| Year | Rank | Title | Author | Presentation | Summary | Working Paper |
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| 2020 | First | Impact of Mutual Fund Classification on Investors, Funds and Stock Market |
Abhilash B. Chowdary (Indian Institute of Management, Calcutta), Prof. Ashok Banerjee (Indian Institute of Management, Calcutta) |
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| Second | Short-term and Long-term Market Reaction to M&A: Evidence from India |
Prof. N. K. Chidambaran (Fordham University), Dr. Dipali Krishnakumar (NIBM, Pune), Dr. Madhvi Sethi (Symbiosis Institute of Business Management, Bangalore) |
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| Third | Dynamic Interlinkage among Arbitrage, Hedging and Speculation in Crude Oil Futures Market |
Sharon Christina Tensingh (Indian Institute of Technology, Madras), Prof. M. Thenmozhi (Indian Institute of Technology, Madras) |
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| Year | Title | Author | Working Paper |
|---|---|---|---|
| 2015 | Mispricing in single stock futures: Empirical examination of Indian markets | R.L. Shankar, Ganesh Sankar, Kiran Kumar K |  |
| 2015 | How Good is the Transformation-Based Approach to Estimate Value at Risk? Simulation and Empirical Results | G.P. Samanta | |
| 2015 | Long Run performance of Rights Issues and FPOs: Evidence from India | Soumya G. Deb and Krishna C. Kamisetty | |
| 2014 | Debt, Bankruptcy Risk, and Corporate Tax Sheltering | Akanksha Jalan, Jayant R. Kal, Costanza Meneghetti | |
| 2014 | Reference Price Bias and Regulations in Indian Mergers and Acquisitions | Kavitha Ranganathan, Poonam Singh | |
| 2014 | Run-up in Stock Prices Prior to Merger & Acquisitions Announcements: Evidence from India | Pitabas Mohanty, Supriti Mishra | |
| 2014 | Ownership Trends in Corporate India (2001-2011): Evidence and implications | Bala N. Balasubramanian, Anand Ramaswamy | |
| 2013 | The Indian Private Equity Model | Afra Afsharipour | |
| 2013 | Nature of Corporate Bond Yield Curves: The case of India | Rituparna Das | |
| 2013 | India Volatility Index (India VIX) and Risk Management in the Indian Stock Market | M. Thenmozhi and Abhijeet Chandra | |
| 2012 | The Growth of Global ETFs and Regulatory Challenges | Reena Aggarwal | |
| 2012 | Developing the Securities Lending and Borrowing Market in India | Gopi Krishna Suvanam and Manish Jalan | |
| 2012 | An Analysis of Exchange Platform for Small and Medium Enterprises in India | Tanika Singh | |
| 2012 | Developing the Market for Corporate Bonds in India | Vikramaditya Khanna and Umakanth Varottil | |
| 2011 | Some Preliminary Examination of Predictive Ability of India VIX | Debasis Bagchi (George College, Kolkata) | |
| 2011 | Market Integration and Efficiency of Indian Stock Markets: A Study of NSE | Prashant Joshi (I-Shou University, Taiwan) | |
| 2011 | Imbalances Created because of Structured Products in Indian Equity markets |
Mr. GopiKrishna Suvanam, Mr. Amit Trivedi |
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| 2010 | Determinants and the Stability of Dividends in India |
Dr. Manoj Subhash Kamat, Dr. Manasvi Manoj Kamat |
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| 2010 | Do Hetrogeneous beliefs affects trading volume and asset prices |
Dr. Sugato Chakravarty (Purdue University), Dr. Rina Ray (Norwegian School of EBA) |
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| 2010 | Forecasting of Indian Stock Market Index Using Artificial Neural Network |
Mr. Manna Majumder, Mr. MD Anwar Hussian |
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| 2009 | Global Stock Futures : A Diagnostic Analysis Of A Selected Emerging And Developed Markets With Special Reference To India | Debasis Bagchi (IILM, Noida) | |
| 2009 | Examining Associations between S&P CNX Nifty and selected Asian & US Stock Markets | Dr. Saif Siddiqui (Jamia Millia Islamia, Delhi) | |
| 2009 | Dynamic Interaction among Mutual Fund Flows, Stock Market Return and Volatility |
Dr. M. Thenmozhi (IITM, Chennai), Mr. Manish Kumar (IITM, Chennai) |
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| 2009 | Does the stock market overreact? An Empirical evidence of contrarian returns from Indian markets | Dr. Mayank Joshipura | |
| 2009 | Optimal Investment Horizons for S&P CNX Nifty and its Components | Dr. Pradeep Raje (Adfactors PR Pvt. Ltd.) | |
| 2009 | Stock Market Seasonality: A Study of the Indian Stock Market | Mr. Ash Narayan Sah (University of Petroleum & Energy Studies, Gurgaon) | |
| 2009 | Dynamic Relationship between Stock Returns, Trading Volume and Volatility:Evidence from Indian Stock Market |
Mr. Brajesh Kumar (IIM, Ahmedabad), Ms. Priyanka Singh (IIM, Ahmedabad) |
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| 2009 | Price Discovery and Arbitrage Efficiency of Indian Equity Futures and Cash Markets |
Mr. Kapil Gupta (IBS Gurgaon), Dr. Balwinder Singh (Guru Nanak Dev University, Amritsar) |
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| 2009 | Correlation Dynamics in Equity Markets: Evidence from India |
Mr. S. Raja Sethu Durai, Dr. Saumitra N Bhaduri |
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| 2009 | Price Impact of Block Trades and Price Behavior surrounding Block Trades in Indian Capital Market |
Mr. Sobhesh Kumar Agarwalla, Mr. Ajay Pandey |
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| 2008 | Price & liquidity effects of stock split: An Empirical evidence from Indian stock market | Dr. Mayank Joshipura | |
| 2008 | Risk Return Dynamics of Derivative Based Investment Strategies. | Dr. N.S.Malik (Haryana School of Business) | |
| 2008 | Volatility Persistence and the Feedback trading Hypothesis: Evidence from Indian Markets |
Dr. Vasileios Kallinterakis (University of Durham), Ms. Shikha Khurana (MF Global Securities) |
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| 2008 | Pricing of Options on Defty |
Mr. Mudit Mehta (IIM, Bangalore), Mr. Chetan Swarup (IIM, Bangalore), Mr. Amlan Chaudhari (IIM, Bangalore) |
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| 2008 | Price Limits Are they Worth the Price? | Ms. Sreedhari Desai (University of Utah) | |
| 2007 | Under-Pricing and long run performance of Initial Public Offerings in Indian Stock Market | Dr. S. Janakiramanan (Singapore Management University) | |
| 2007 | Optimal Hedge Ratio and Hedging Effectiveness of Stock Index Futures : Evidence from India |
Mr. Saumitra N Bhaduri (Madras School of Economics), Mr. S. Raja Sethu Durai (Madras School of Economics) |
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| 2007 | Evaluating Corporate Governance Risk: A Fuzzy logic approach |
Ms. Sadhalaxmi Rao, Mr Sumit Kumar Bose |
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| 2007 | Do the S&P CNX Nifty Index and Nifty Futures Really Lead/Lag? Error Correction Model: A Cointegration Approach | Ms. Shalini Bhatia (University Of Delhi) | |
| 2006 | On The New Transformation-Based Approach To Measuring Value-At-Risk: An Application To Forex Market In India | Dr. G. P. Samantha | |
| 2006 | Lead-Lag relationship between Equities and Stock Index Futures Market and its variation around Information Release: Empirical Evidence from India |
Kedar Mukherjee (Institute of Public Enterprise, Hyderabad), Dr. R. K. Mishra (Institute of Public Enterprise, Hyderabad) |
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| 2005 | Understanding the Microstructure in Indian Markets |
Dr. Bidisha Chakrabarty, Dr. Pankaj Jain |
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| 2005 | Price and Volume Effects of S&P CNX Nifty Index Reorganization | Dr. Srinivas S S Kumar | |
| 2005 | Volatility Spillovers Across Stock, Call Money And Foreign Exchange Markets |
H.R. Badrinath (Catholic University of Leuven, Belgium), Prakash G. Apte (IIM, Bangalore) |
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| 2004 | An Analysis of the Dynamic Relationships Between South Asian and Developed Equity Markets | Dr. Asjeet S Lamba (University of Melbourne) | |
| 2004 | Insider Ownership , Corporate Governance and Corporate Performance |
Dr. B. V. Phani (IITM, Calcutta), Mr. V. N. Reddy (IITM, Bangalore), N.Ramachandran (IIT, Kanpur), Asish K Bhattacharyya (IIT, Kanpur) |
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| 2004 | Corporate Governance and Market reactions |
Dr. Vijaya B Marisetty (Monash University), Dr. Vedpuriswar A V (ICFAI) |
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| 2004 | Improving Index Fund Implementation in India | Ms. Kshama Fernandes | |
| 2003 | Corporate Social Responsibility Initiatives by NSE NIFTY Companies - Content, Implementation Strategies & Impact | Dr. Bindi Mehta | |
| 2003 | Conditional CAPM and Cross sectional returnsﾖ A study on Indian Securities Market |
Dr. H K Pradhan (XLRI, Jamshedpur), Mr. S Lakshmi Narasimhan (XLRI, Jamshedpur) |
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| 2003 | Measures for Improving Common Investor Confidence in Indian Primary Market : A Survey | Dr. K Santi Swarup | |
| 2003 | Measuring Volumes in the Indian Financial Markets Some Terminological and Conceptual Issues | Dr. O.P. Chawla | |
| 2003 | Do Futures and Options trading increase stock market volatility? | Dr. Premalata Shenbagaraman (Clemson University) | |
| 2003 | Market Discipline in the Indian Banking Sector: An Empirical Exploration |
Dr. Saibal Ghosh, Dr. Abhiman Das |
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| 2003 | Section switching stock market price effect in the Indian capital market and the policy implications thereof |
Mohemad Ariff (Monash University), Vijaya B Marisetty (Monash University) |
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| 2003 | Study of Common Stochastic Trend and Cointegration in the Emerging Markets - A Case Study of India, Singapore and Taiwan |
Mr. Golaka C Nath, Mr. Sunil Verma |
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| 2003 | Informational Content of Trading Volume And Open Interest ﾖ An Empirical Study of Stock Options Market In India | Mr. Sandeep Srivastava | |
| 2003 | Evaluating index fund implementation in India | Ms. Kshama Fernandes (Goa Institute of Management) | |
| 2003 | Measuring productive efficiency of stock exchanges using price adjustment coefficients | Vijaya Bhaskar Marisetty (Monash University) | |
| 2002 | The Extreme Value Volatility Estimators and Their Empirical Performance in Indian Capital Markets | Ajay Pande (IIM, Ahmedabad) | |
| 2002 | Short selling and its Regulation in India in International Perspective | Dr L.C.Gupta | |
| 2002 | Futures Trading, Information and Spot Price Volatility of NSE-50 Index Futures Contract | Dr. (Ms) M. Thenmozhi (IIT, Chennai) | |
| 2002 | Changes in liquidity following exposure to foreign shareholders: The effect of foreign listings, inclusion in country funds and issues of American Depositary Receipts |
Dr. Latha Ramchand (School of Business & Economics, Ontaria)m Dr. Madhu Kalimipalli (University of Houston) |
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| 2002 | Market Microstructure Effects of Transparency of Indian Banks | Dr. Niranjan Chipalkatti (Ohio Northen University) | |
| 2002 | Dividend policy of Indian Corporate Firms : An Analysis of Trends & Determinants | Dr. Y. Subba Reddy | |
| 2002 | Improved Techniques for using Monte Carlo in VaR estimation |
Dr.Ajay Shah, Prof.Ashok Srinivasan |
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| 2002 | Is the Spread Between E/P Ratio and Interest Rate Informative for Future Movement of Indian Stock Market? |
G P Samanta, Kausik Bhattacharya |
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| 2002 | Equity Market Interlinkages: Transmission of Volatility - A Case Of US and India |
K. Kiran Kumar (IISc, Bangalore), Chiranjit Mukhopadyay (IISc, Bangalore) |
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| 2002 | Achieving an Individual Investor Friendly System using the power of the Internet | Karthik Krishnan | |
| 2002 | Empirical investigation of multi-factor asset pricing models using Artificial Neural Network | M V Kamath (S.J.M.S) | |
| 2002 | Merger Announcements and Insider Trading Activity in India: An Empirical Investigation |
Manish Agarwal (University of Delhi), Harminder Singh (University of Delhi) |
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| 2002 | Institutional Investors and Corporate Governance in India | Pitabas Mohanty | |
| 2001 | Econometric Estimation of Systematic Risk of S&P CNX Nifty Constituents | A.V.Lakshmi Narayana | |
| 2001 | Stock Market Development and its Impact on the Financing Pattern of the Indian Corporate Sector | Parthapratim Pal | |
| 2001 | Efficiency of the Market for Small Stocks | Pitabas Mohanty | |
| 2001 | Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study |
Ram Kumar Kakani (XLRI), Biswatosh Saha (IIT-Kharagpur), V.N.Reddy (IIM-Kolkata) |
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| 2001 | Should pension funds invest in equities? An analysis of risk-return tradeoff and asset allocation decisions | Ranadev Goswami (IIM, Bangalore) | |
FINANCIAL DEEPENING & HOUSEHOLD FINANCE RESEARCH INITIATIVE (2014-15)
The NSE-IFF Research Initiative on Financial Inclusion is a joint venture of the National Stock Exchange of India (NSE) and IFMR Finance Foundation (IFF). The Initiative invites academics and scholars to submit research proposals for projects in the domain of Financial Inclusion. This joint call for proposals, under the NSE-IFF Financial Inclusion Research Initiative, aims at generating high-quality research on financial inclusion, and fund projects under the broad themes of financial inclusion, financial deepening and household financial behaviour. The objective of this Initiative is to promote the systematic development of a body of work in these areas that can be of benefit to policy makers in the design of financial sector policy and to practitioners as they seek to design products and services for low-income and excluded populations.
| Year | Title | Author |
|---|---|---|
| 2016 | No Policy is an Island: Finance and Food Security in India | Andre Butler and Camille Boudot |
| Quality of investment advice in retail banking in India: An assessment | Renuka Sane and Monika Halan | |
| Quantifying and Predicting pre-payments in the Micro-finance Environment | Nandan Sudarsanam and Dibu John Philip | |
| Examining the adequacy of MFI multiple lending directive by RBI: A study of slum dwellers' loan choices | Kanish Debnath and Priyanka Roy |
| Year | Title | Author |
|---|---|---|
| 2014 | Barriers to Basic Banking: Results from an Audit Study in South India | Amy Jensen Mowl and Camille Boudot |
| How Much Can Asset Portfolios of Rural Households Benefit from Formal Financial Services? | Vishnu Prasad, Anand Sahasranaman, Santadarshan Sadhu, Rachit Khaitan | |
| Economics of the Business Correspondent Model | Lakshmi Kumar and G. Balasubramanian | |
| 2013 | The Role of Transaction costs in access to savings and credit | Amy Jensen Mowl |
| Microfinance Products & the Role of Securities Markets | G. Balasubramanian, Lakshmi Kumar, Ramesh Subramanian | |
| Technology, Financial Inclusion and Securities Market | Lakshmi Kumar, G.Balasubramanian, Ramesh Subramanian | |
| Regulating Microfinance Institutions in India | G. Balasubramanian, Lakshmi Kumar, Ramesh Subramanian |
| Month & Year | Title | Author |
|---|---|---|
| Feb-2015 | Who Gets What? Shareholder Value of Acquirers and Targets in Indian Takeovers | Ajit Kumar |
| Oct-2014 | Understanding the Financial Challenges Faced by Indian Social Enterprises | Anirudh Gaurang and Barkha Jain |
| Indian Microfinance Sector in Capital Markets: Perils and Prospects | Vijeta Singh | |
| Mar-2014 | Financial Market Development and Integration: A look at the Indian story | Sumit Kaur |
| What explains the IPO cycle? | Lishan Du | |
| Performance of ETFs and Index Funds: a comparative analysis | S. Narend | |
| Jan-2014 | Stock Splits: Reasons and valuation effects | Saraswathi Thirunellai |
| Impact of FSLRC on Indian Market and Securities Regulations: Legal implications | Deboshree Banerji |
Recognizing the important role that stock exchanges play in enhancing corporate governance (CG) standards, NSE has organized new initiatives relating to CG. To encourage best standards of CG among the Indian corporates and to keep them abreast of the emerging and existing issues, in December 2012, NSE set up a Centre for Excellence in Corporate Governance (NSE CECG), which is an independent expert advisory body comprising eminent domain experts, academics and practitioners. The expert body discuss CG issues and development from time to time. The ‘Quarterly Briefing’, a note that offers an analysis of one emerging or existing CG issue, is a product emerging from these discussions.
Quarterly Briefings
Advisory Committee Members of NSE CECG
| Name | Designation |
|---|---|
| Deepak M. Satwalekar | Former MD & CEO, HDFC Standard Life Insurance Company Ltd. |
| Nawshir Mirza | Professional Independent Director |
| Sharad Abhyankar | Commercial Lawyer and M&A Partner, Khaitan & Co. |
| Subrata Sarkar | Professor, IGIDR |
| Umakanth Varottil | Assistant Professor, National University of Singapore |
| Vikramaditya Khanna | Professor, University of Michigan Law School |
| Tirthankar Patnaik | Member Secretary, NSE CECG |
| Month & Year | Title | Author |
|---|---|---|
| Aug-2013 | Corporate Governance Issues in Executive Compensation: The Indian experience (2008–2012) | Bala N. Balasubramanian, Samir Kumar Barua, D. Karthik |
| Building the Women Directorship Pipeline in India: an exploratory study | Vasanthi Srinivasan & Rejie George | |
| An Analysis of Related-Party Transactions in India | Padmini Srinivasan | |
| Corporate Sustainability Initiatives Reporting: A study of India’s most valuable companies | P.D. Jose & Sourabh Saraf |
| Year | Title | Author | White Paper | Working Paper |
|---|---|---|---|---|
| 2017 | Corporate Governance Reform and Risk-taking: Evidence from an Emerging Market | Santosh Koirala, Andrew Marshall, Suman Neupane and Chandra Thapa | |
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| 2017 | Motives and Consequences of Related Party Transactions Before Initial Public Offerings | Srinivasan Rangan, Prabhu Venkatachalam | |
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| 2017 | Law and Finance: How the Xinfang System Influences Modern Finance in China | Jiafu An, Jo Danbolt, Wenxuan Hou and Ross Levine | |
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| 2017 | Block Trades, Market Reaction, and Monitoring Role: Evidence from India | Kavitha Ranganathan, Poonam Singh | |
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| 2017 | Women on Audit Committees and the relationship between Related Party Transactions and Earnings Management: Evidence from India | S.G. Badrinath, Akanksha Jalan | |
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| 2017 | Academic Directors on Bank Boards: Do They Really Add Value? | Saibal Ghosh, Nishant Vats | |
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| 2016 | Monitoring by Institutional Investors and its Influence on Equity Issue | Dr. Supriya Katti , Dr. B.V. Phani | |
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| 2016 | The Decision to Go Public: Does Business Group Affiliation matter ? | Suja Sekhar, Jijo Lukose P.J | |
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| 2016 | The Role of Corporate Governance for Acquisitions by the Emerging Market Multinationals: Evidence from India | Burcin Col, Kaustav Sen | |
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| 2016 | An Analysis of Corporate Insider Trading and Earnings Announcements in India | Murugappa Krishnan, Srinivasan Rangan | |
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| 2016 | Do Bank Boards Focus Adequately On Risk ? | Samanvaya Agarwal, Saipriya Kamath, Krishnamurthy Subramanian, Prasanna Tantri | |
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| 2016 | Women on Board and Performance of Family Firms: Evidence from India | Jayati Sarkar, Ekta Selarka | |
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| 2014 | Board characteristics, ownership structure and the market for corporate control in India | Bipin Dixit | |
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| 2014 | Impact of Board Characteristics on Firm Performance: A comparison of private sector firms with SOEs in India | Dr. Sangeetha Gunasekar, Ms. K G Sofi Dinesh | |
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| 2014 | Impact of business group affiliation on the cost of debt: Evidence from India | Narahari Hansoge | |
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| 2014 | Tie-in-Agreements in IPOs: Evidence from India | Suman Neupane, S. Ghon Rhee, Madhu Veeraraghavan | |
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| 2014 | Role of Audit Committee and Audit Quality on the Earnings Informativeness in India | Krishna Prasanna, Geeta Ramanathan, Bharat Arora | |
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| 2014 | Bank Ownership, Board Characteristics and Performance: Evidence from Commercial Banks in India | Jayati Sarkar, Subrata Sarkar | |
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Updated on: 22/03/2024
