Motilal Oswal Centre for Capital Markets
Indian Institute of Technology Bombay
A World-Class Centre of Excellence in Banking and Financial Markets Research, Education, and Training
Indian Institute of Technology Bombay
A World-Class Centre of Excellence in Banking and Financial Markets Research, Education, and Training
Indian Financial System
The Indian financial system comprising institutions, markets, and instruments is one of the largest and most diversified in the world. It comprises scheduled commercial banks, non-banking finance companies (NBFCs), cooperative banks, specialized financial institutions, payment banks, mutual funds, pension funds, insurance companies, stock and commodity exchanges, broking firms, credit rating companies, microfinance institutions (MFIs), fintechs, and others.
The Indian financial services sector has been undergoing rapid expansion both in terms of strong growth and consolidation of existing financial services firms and new entities entering the market.
Research & Innovation
The research in the areas of banking and financial markets in India lags behind that in developed countries despite the large number of high-quality institutions in the country. The research in banking is mostly concentrated in RBI (and institutions funded/supported by it or banks) which is not disseminated to general public.
The required research for better understanding and policy making should be carried out at independent institutions for the output to be credible and acceptable. There is also a need to train high calibre professionals to serve the institutions.
The Centre will house all the required resources - expertise, data, analytical tools, softwares, use cases, simulations, etc. It will be the go to place for any support in research, training, and policy formulation in the country.
The Centre will enter into collaborative agreements with similar entities in US and Europe for mutual benefit - faculty and student exchange, joint conferences/workshops, joint research projects, joint academic programmes, etc. The institute promises to make it a world class centre for professionals to look up to for expertise in banking and financial markets.
This will fulfil the long felt need for such a centre in the financial capital of India. The Centre will also encourage and promote startups in the emerging areas such as Fintech, AI/ML in Banking and Finance, Insuretech, Wealth Management, Regtech, Finance Apps, Financial Analytics, Blockchain, Digital Currency, etc.
Associate Faculty of the Centre
Professor-in-Charge
Research Interests: Corporate Finance, Investment Banking, Capital Markets, Mutual Funds, Corporate Governance, Financial Engineering, ESG Investing, and Corporate Social Responsibility.
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Department of Mathematics
Research Interests: Risk-sensitive Control Theory, Stochastic Control, Mathematical Finance.
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IEOR
Research Interests: Machine Learning including Reinforcement Learning and Neural Networks, Markov Decision Models, Queueing Models, Game Theory.
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IEOR
Research Interests: Game theory, Stochastic Control, Probability, Partial Differential Equations, Viscosity Solutions.
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SOM
Research Interests: Financial Derivatives, Investment Management, Market Microstructure, Banking.
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Department of Economics
Research Interests: Financial and Monetary Economics, Macro Economics, Financing Economic Development.
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Department of Economics
Research Interests: Monetary Policy, Financial Markets.
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SOM
Research Interests: Time Series, Applied Statistics, AI/ML with applications in Finance.
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Systems and Control
Research Interests: Game Theory, Information Theory, Stochastic Control and Operations Research.
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SOM
Research Interests: Entrepreneurial Finance, AI in Finance and Entrepreneurship.
View ProfileThe research agenda of the Centre includes the following among others
Financing of SMEs
Regulatory Framework for Microfinance Institutions (MFIs)
Need for and Success of Sector-Specific Financial Institutions such as SIDBI, NABARD, Post Office Savings Bank, etc.
Innovation versus Regulation in Financial Markets
Issues in regulation of banks, other financial institutions, and markets
Disruptive Technologies in Banking and Financial Markets, and the Lessons for Regulation
Sophisticated Models for Pricing of Derivatives
Algorithmic Finance – Algorithmic trading, AI/ML, optimal trading strategies, etc.
Continuous Time Finance (CTF) – Applications of Deep Learning to CTF
Market Microstructure – Intra-day market modelling, impact of algorithmic trading on market stability and liquidity
Financial Stability and Systemic Risk – network models, contagion in financial markets, systemic risks in banking systems
Computational Finance – Monte-Carlo Methods, Martingale Methods, Portfolio Optimization, Credit Risk Modelling, Order Book Modelling
Use of AI/ML to predict asset prices, volatility, credit scoring models, fund management, insurance
Performance of AI powered mutual funds, use of AI/ML to improve the performance of hedge funds, Fraud detection and security of financial transactions
Fintech, Crypto assets, Digital Finance
LLMs in Finance
At least one of the following criteria must be met:
(i) Four year Bachelor degree
Four year Bachelor degree in Engineering/Technology, Science, Mathematics, Economics, Management, Statistics with 60% marks/6.5 CPI (55% marks/6.0 CPI for SC/ST) and at least two years work experience.
(ii) Masters degree
Masters degree in Management, Accounting, Finance, Economics, Financial Markets, Capital Markets, Banking, Insurance, Securities Markets, Mathematics, Statistics, Engineering/Technology (MBA/M.Tech./M.S./M.Sc./M.A./M.Com./M.Phil., etc.) or 2 year PG Diploma in Management from institutions / universities incorporated by an act of parliament or state legislature in India or other institutions declared to be deemed as University under Section 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the Ministry of Education, Government of India or AICTE or UGC or AIU or reputed foreign university with 60% marks/6.5 CPI (55% marks/ 6.0 CPI for SC/ST).
(iii) Executive MBA
Executive MBA of at least one year duration from IITs/IIMs or institutions / universities incorporated by an act of parliament or state legislature in India or other institutions declared to be deemed as University under Section 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the Ministry of Education, Government of India or AICTE or UGC or AIU or reputed foreign university with 60% marks/6.5 CPI (55% marks/ 6.0 CPI for SC/ST).
(iv) Professional qualification
CA with 60% marks/ 6.5 CPI (55% marks/ 6.0 CPI for SC/ST) in the preceding degree/Bachelors Degree (B.Sc./ B.Com./ BA/ BS/ BBA).
At least one of the following criteria must be met:
(i) Four year Bachelor degree
Four year Bachelor degree in Engineering/Technology, Science, Mathematics, Economics, Management, Statistics with 60% marks/6.5 CPI (55% marks/6.0 CPI for SC/ST) and at least two years work experience.
(ii) Masters degree
Masters degree in Management, Accounting, Finance, Economics, Financial Markets, Capital Markets, Banking, Insurance, Securities Markets, Mathematics, Statistics, Engineering/Technology (MBA/M.Tech./M.S./M.Sc./M.A./M.Com./ /M.Phil., etc.) or 2 year PG Diploma in Management from institutions / universities incorporated by an act of parliament or state legislature in India or other institutions declared to be deemed as University under Section 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the Ministry of Education, Government of India or AICTE or UGC or AIU or reputed foreign university with 60% marks/6.5 CPI (55% marks/ 6.0 CPI for SC/ST).
(iii) Executive MBA
Executive MBA of at least one year duration from IITs/IIMs or institutions / universities incorporated by an act of parliament or state legislature in India or other institutions declared to be deemed as University under Section 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the Ministry of Education, Government of India or AICTE or UGC or AIU or reputed foreign university with 60% marks/6.5 CPI (55% marks/ 6.0 CPI for SC/ST).
(iv) Valid GMAT
The candidate should have valid GMAT score
Candidates holding foreign passports (including persons with OCI or PIO cards) will be eligible to apply in this category.
For Ph.D. Application Form: http://www.ir.iitb.ac.in/?page_id=26
A research proposal (1000-1500 words) on a topic of interest instead of Statement of Purpose (SOP). It should contain:
Applications without research proposal will not be considered.
Note 1: The candidates with four year Bachelor degree should have valid CAT/GMAT/GATE/GRE score to be eligible for financial support.
Note 2: Criteria for awarding Teaching Assistantship, and application categories are as per the guidelines mentioned in A.6 of the Ph.D. admissions brochure.
The eligible candidates will be shortlisted based on their performance in the screening test comprising quantitative ability, data sufficiency, data interpretation, research aptitude. The final selection will be based on performance in the interview.
The candidates are required to complete a minimum of 52 credits over two or three semesters irrespective of their last qualification, and the confirmation of Ph.D. will be subject to satisfactory performance during course work.
Undergraduate Minor Program
The Centre proposes to offer the UG minor in Financial Markets. The students are required to complete a minimum of 30 credits by choosing from the following list of courses to be eligible for the minor. The registration limit will be 40 for the courses proposed by the centre, and the (UG) students will be selected based on CGPA.
Online Post Graduate Diploma with In-Person Evaluation
The Centre proposes to offer the online PG Diploma in Financial Markets with evaluation in person. The candidates with a degree in any discipline are eligible to apply for admission. The students are required to complete a minimum of 36 credits by choosing from the following list of courses to be eligible for the diploma.
| Type of Course | Credits | Details |
|---|---|---|
| Core courses - 5 | 30 | Financial and Cost Accounting, Economics of Financial Markets, Corporate Finance, Investment Management, Financial Institutions and Markets |
| Elective courses - 3 | 6 | Management of Banking and Financial Services, Security Analysis and Portfolio Management, Derivatives and Risk Management |
| Total credits | 36 | Five core courses, and one elective |
Eligibility Criteria for Direct Recruitment
Ph.D. with a first class or equivalent (in terms of Grades) in the preceding degree in the relevant discipline (Financial Markets, Financial Economics, Finance, Banking, Insurance, Financial Analytics, Fintech, Application of AI/ML in Finance, etc.) and a good academic record throughout. The candidates applying for a faculty position in Accounting should have CA with Ph.D. in Accounting or Finance.
Assistant Professor Grade I
A minimum of three years of post-Ph.D. teaching/research/professional experience, excluding the experience gained while pursuing Ph.D. The candidate should have demonstrated research capabilities in terms of publications in reputed journals and conferences.
Assistant Professor Grade II
Candidate satisfying all criteria of Assistant Professor Grade I, except the post-Ph.D. experience criterion, may be appointed as Assistant Professor Grade II with appropriate pay based on the number of years of post-doctoral experience.
Candidate should have published a minimum of 3 papers in reputed journals, of which at least 1 in B or higher-level journals listed in ABDC, ABS journal list (level 2 and above).
Ph.D. with a first class or equivalent (in terms of Grades) in the preceding degree in the relevant discipline (Financial Markets, Financial Economics, Finance, Banking, Insurance, Financial Analytics, Fintech, Application of AI/ML in Finance, etc.) and a good academic record throughout. The candidates applying for a faculty position in Accounting should have CA with Ph.D. in Accounting or Finance.
A minimum of 6 years post-Ph.D. teaching/research/professional experience of which at least 3 years should be at the level of Assistant Professor Grade I in IIMs, IITs, IISc, IISERs or at an equivalent level in any other Indian/Foreign Universities/ Institutions/Industries of comparable level and reputation.
Candidate should have published a minimum of 8 papers in reputed journals, out of which at least 4 in B or higher-level journals listed in ABDC, ABS journal list (level 2 and above).
The candidate should have taught core and elective courses in the MBA programme (or other Masters Programmes in Finance/Financial Markets), and should be able to teach doctoral (Ph.D.) courses in financial markets. The candidates with industry experience are exempt from this.
The candidate should be the supervisor of at least one Ph.D. student, who has graduated or is in advanced stage. The candidates with industry experience are exempt from this.
Ph.D. with a first class or equivalent (in terms of Grades) in the preceding degree in the relevant discipline (Financial Markets, Financial Economics, Finance, Banking, Insurance, Financial Analytics, Fintech, Application of AI/ML in Finance, etc.) and a good academic record throughout. The candidates applying for a faculty position in Accounting should have CA with Ph.D. in Accounting or Finance.
A minimum of 10 years post Ph.D. teaching/research/professional experience of which at least 4 years should be at the level of Associate Professor in IIMs, IITs, IISc, IISERs, or at an equivalent level in any other Indian/Foreign Universities/Institutions of comparable level and reputation.
Candidate should have published a minimum of 12 papers in reputed journals, out of which at least 6 in B or higher-level journals listed in ABDC, ABS journal list (level 2 and above).
The candidate should have taught core and elective courses in the MBA programme (or other Masters Programmes in Finance/Financial Markets), and should be able to teach doctoral (Ph.D.) courses in financial markets. The candidates with industry experience are exempt from this.
Candidate should be the supervisor of at least two Ph.D. students, who have graduated (defence viva-voce successfully completed).
The following criteria may be taken into account when considering the case of candidates applying for the position of Associate Professor and Professor. These are desirable criteria and NOT the essential criteria for shortlisting.
Administrative responsibilities assigned by academic units/institute and participation in institute level activities (e.g. Faculty Coordinator/GATE/JAM/JEE related activities).
Externally visible R&D related activities such as peer-review processes, membership of national and/or international committees of importance, associate editorship/ editorship of national and international journals of repute/presenting papers in national/international conferences, sponsored research projects, etc.
Contribution to outreach activities such as executive training programmes, MDP/CEP courses, conducting workshops, research symposiums, conferences, activities of professional organizations, consultancy projects, membership of boards of organizations, etc.
The shortlisted candidates will be invited to present a research seminar, and may be invited for selection interview based on the seminar feedback. The candidates may note that mere fulfilment of eligibility criteria does NOT entitle them to be shortlisted. The decision of the institute shall be final and will be subject to requirements of the time.
Fellow (IIM, Ahmedabad)
Professor-in-Charge
Motilal Oswal Centre for Capital Markets
Head, Shailesh J. Mehta School of Management