Prof. Varadraj Bapat

CA., Cost Accountant, Ph.D. (Finance) (IITB)
Faculty in Accouting and Finance
Address: 107, SJM School of Management, Indian Institute of Technology, Mumbai – 400076
Phone: +91-22-25767787 / 9892413119
E-mail:, varadraj.iitb[at]
Prof. Varadraj Bapat

Teaching Interests

Financial Accounting, Management Accounting, Indian Economic and Business Model, Yoga

Research Interests

Accounting, Financial Inclusion, Bankruptcy Prediction, Corporate Governance, Family Business, Portfolio Management, Spirituality, Indian Economic Model


  • Ph.D. in Management (Finance), Shailesh J. Mehta School of Management, IIT Bombay
  • Chartered Accountant, Institute of Chartered Accountants of India, New Delhi
  • Cost Accountant, Institute of Cost Accountants of India, Calcutta
  • Information Systems Audit, ICAI, New Delhi
  • Master of Commerce, University of Pune, Pune

Awards and Honours

  • 22nd All India Rank in C.A. final examination in May 1995.
  • 47th All India Rank in C.A. intermediate examination in November 1993.

Professional Assignments

  • Nominee of President of India for Selection of Professors
  • Member of Board of Governors for IIT, Guwahati.
  • Member of Board of Governors for NIT, Manipur.

Teaching Experience

Faculty in Accounting and Finance, Indian Institute of Technology, Mumbai          July 2008 to date                        

Earlier, Faculty in Accounting and Finance, National Institute of Industrial Engineering (NITIE), Mumbai and Somaiya, Vidyavihar, Mumbai


Management Accounting Course (Financial + Cost Accounting) (40 hours)

Corporate Training Programs on Accounting, Finance, Yoga

Research Projects

  • Financial Inclusion – Status and its Impact on Human Development: A Special Focus on North East India (IRCC Sponsored Project)
  • “The Issue of Migration in North East India” (ICSSR Sponsored Project)
  • The impact of Socioemotional Wealth on Succession in Indian Family Firms
  • Understanding Corporate Social Responsibility and Organizational Effectiveness: Unpacking the role of Socioemotional Wealth in the Indian Family Business Context
  • Study of Ethical Funds



  • Financial Accounting-A Managerial Perspective, Tata McGrawHills Publishing, Delhi. (ISBN 978-12-59004889)
  • Management Control Systems, Managerial Accounting, YCMOU, Nasik,
  • Managerial Accounting, YCMOU, Nasik,
  • Securities Analysis and Portfolio Management, YCMOU, Nasik,
  • Direct and Indirect Taxation, YCMOU, Nasik,
  • Investment Analysis & Portfolio Management, Sheth Publishers, Mumbai

            Research papers

  • Nagale, A. and Bapat, V. (2017), “Prediction of Industrial Sickness in India” The Empirical Economic Letters, Vol. 16 No. 1, pp. 497-502 (Ranked ‘C’ by Australian Business Deans Council)
  • Mosumi Prasad, Bapat V., et al. (2017), “Environmental claims in Indian print advertising: an empirical study and policy recommendation”, Social Responsibility Journal, (Ranked ‘B’ by Australian Business Deans Council)
  • Bhanot, D., Bapat, V. (2016), “Multiplier Effect of Self Help Groups”, Economic and Political Weekly, Vol. 51 Issue No. 33, Aug, (Rated as “B” as per Australian Business Dean Council (ABDC))
  • Raithatha Mehul and Bapat Varadraj (2015), “Impact of Corporate Governance on Financial Disclosures: Evidence from India”, Corporate Ownership and Control. (Rated as “B” as per Australian Business Dean Council (ABDC))
  • Nagale, A. and Bapat, V. (2015), “Corporate Bankruptcy Prediction Using Neural Network” The Chartered Accountant Journal, Vol. 64 No. 5, pp. 741-745
  • Nagale, A. and Bapat, V. (2015), “Post IPO performance of Indian Companies”, Journal of Development Research, Vol. 8 No. 2 pp. 29-32
  • Raithatha Mehul and Bapat Varadraj (2014), ” Ranking of Mutual Fund Performance: Comparison of Various Measures”, The Journal, Academy of Taiwan Business Management Review. (Rated as “B” as per Australian Business Dean Council (ABDC)).
  • Raithatha Mehul and Bapat Varadraj (2014), ” Accounting Standards Compliance: Comparison between Manufacturing and Service Companies”, International Journal of Economics and Finance, Vol 6, No. 9, 158-164. (Rated as “C” as per Australian Business Dean Council (ABDC)).
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  • Nagale, A. and Bapat, V. (2014), Bankruptcy Prediction of Indian Listed Companies Using Discriminant Analysis, Logistic Regression and Neural Network. Academy of Taiwan Business Management Review (Ranked “B” by Australian Business Deans Council)
  • Nagale, A. and Bapat, V. (2014), “Comparison of Bankruptcy Prediction Models: Evidence from India”,  Accounting and Finance Research, Vol. 3 No. 4, pp. 91-98 (Ranked “C” by Australian Business Deans Council) (
  • Nagale, A. and Bapat, V.  (2014), An Empirical Analysis of Altman’s and Ohlson’s Model. The Empirical Economic Letters (Ranked “C” by Australian Business Deans Council)
  • Nagale, A. and Bapat, V. (2013), Comparison of Financial Statements prepared as per International Financial Reporting Standards and Indian GAAP, The Chartered Accountant Journal, 61(9), 1406-1411.
  • Raithatha Mehul and Bapat Varadraj (2013), “A Panel Data Analysis of Corporate Attributes and Stock Prices for Indian Manufacturing Sector”, Journal of Modern Accounting and Auditing. (ISSN: 1548‐6583). (Rated as “C” as per Australian Business Dean Council (ABDC)) (
  • Raithatha Mehul and Bapat Varadraj (2013), ” Corporate Disclosures in Financial Statements and its Determinants: An Empirical Study”, The journal, Academy of Taiwan Business Management Review,Vol 9,No 2, Aug 2013. (ISSN is 1813-0534). (Rated as “B” as per Australian Business Dean Council (ABDC))
  • Bhanot, D., Bapat, V. (2013), Sustainability Index of Microfinance Institutions (MFIs) and Contributory Factors, International Journal of Social Economics (Accepted on March 22nd,2014) (Rated as “B” as per Australian Business Dean Council (ABDC))
  • Raithatha Mehul and Bapat Varadraj (2012), “Corporate Governance Compliance Practices of Indian Companies”, Research Journal of Finance and Accounting, Vol 3, No 8, 2012. (ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)) (IC Impact factor 6.26)
  • Bapat Varadraj and Raithatha Mehul (2012), “Off Balance Sheet Disclosures: A Comparison between Indian and US Companies”, Indian Journal of Finance, May. (ISSN 0973-8711) (IC Impact factor 5.09)
  • Disha Bhanot, Varadraj Bapat, Sasadhar Bera, (2012) “Studying financial inclusion in north-east India”, International Journal of Bank Marketing, Vol. 30 Iss: 6, pp.465 – 484 (ISSN: 0265-2323). (Rated as “B” as per Australian Business Dean Council (ABDC))
  • Bapat Varadraj and Raithatha Mehul (2010), “An Empirical Study of Disclosure Practices in Listed Non-Financial Indian Companies”, Prabandhan- Indian Journal of Management, June. (ISSN 0975-2854) (IC Impact factor 5.09)
  • Bapat Varadraj and Raithatha Mehul (2010), “Corporate Transparency through Implementation of Indian Accounting Standards”, International Journal of Management Prudence, March.( ISSN: 0975-6671)
  • Bapat Varadraj and Raithatha Mehul (2010), “Corporate Governance Models and Practices: An International Cross Cultural Comparison,” IMS  Management  Journal, January (ISSN- 0975-0800).

Research guidance

Doctoral research guidance

Name Completed/ongoing Thesis topic
   Mehul Raithatha Completed Financial Reporting by Indian Companies: Disclosures required by Accounting Standards
Currently Associate Professor, IIM Indore
   Abhay Nagale Completed A Cross Model Study of Bankruptcy
Currently Associate Professor, National Institute of Securities Market (by SEBI)
   Disha Bhanot Completed Financial Inclusion in India: A Study on Sustainability of Self Help Group (SHG) Bank Linkage Programme
Currently Post-Doctoral Research Fellow at IIT Bombay
   Mousami Prasad Completed Assessment of Corporate Environmental Sustainability in Indian Context
   Ajinkya Navare Ongoing Ethics and Management – KarmaYoga Model
   Bhaskar Chhimwal Ongoing Financial Markets
   Nidhi Batta Ongoing Corporate Governance
   Juili Ballal Ongoing Family Business Management

Masters’ research guidance

Thesis topic

  • Developing Credit Rating Model
  • Feasibility of Social Capitalistic Models on Indian Infrastructure Projects
  • Disclosures by Banking Companies
  • India Equity Mutual Fund: Performance Evaluation
  • Corporate Disclosures GAAP in India and Canada
  • Performance of Close and Open-ended Funds
  • A study of Efficiency and Sustainability of Microfinance Institutions
  • A study of Cost structure of Educational Institutions

Proposed Areas:

  1. Ethical funds particularly Hindu Funds
  2. Indian Business Model
  3. Indian Economic Model
  4. Spirituality and Management

Visit to Cornell University, U.S.A under Exchange Programme

Visited Cornell University, U.S.A. on an invitation from Parker Centre for Investment Research, Johnson School of Management, Cornell University, New York, U.S.A. (Spring Semester 2004)

Presented papers at various National and International Conferences

  • Speaker for lectures/ interviews on TV channels and various other forums
  • Conducted various corporate training programs/ MDPs for several leading companies’/ Government organisations, NGOs. Topics include Finance for Non Finance Executives, Indian Economy, Understanding Self, How to achieve health and wealth, Corporate Governance, Demographic Dividend

Social Interests

  • Keen Interest in educational/ social activities, Sanskrit, Yoga, BrahmaVidya and spirituality
  • He is Yoga Teacher and BrahmaVidya Sadhak.
  • Large number of recorded videos on YouTube.
  • Has participated in various Finance/ Budget/ Taxation/ Career sessions including on many TV channels.
  • President of Yuva Vikas Society (It is Non-Government Organization (NGO), actively involved in Skill Development. It is Affiliated Training Partner for National Skill Development Corporation (NSDC) and Pradhan Mantri Kaushal Vikas Yojana).
  • Trustee of Enviro-Vigil (It is NGO, working for environmental issues. Has undertaken several innovative activities and projects to create environmental awareness incl. BioMedical Waste Disposal, Paryavaran Shala) (
  • Managing Committee Member of Vanavasi Vidyarthi Vikas Yojana. (It is NGO, actively involved in assisting disadvantaged students particularly Tribals. Operates many training and awareness programmes for Education).
  • Advisor and Auditor of several trusts and charitable organisations.