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NSE Research Scholar Program

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.


NSE Research Scholar Program 2020

Rank Research Title Authors Presentation Summary Working Paper
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)
Download Download Download
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)
Download Download Download
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)
Download Download Download


NSE Research Initiative

Sr. No. Title Author Year Working Paper
1 Some Preliminary Examination of Predictive Ability of India VIX Debasis Bagchi (George College, Kolkata) 2011 Download
2 Market Integration and Efficiency of Indian Stock Markets: A Study of NSE Prashant Joshi (I-Shou University, Taiwan) 2011 Download
3 Imbalances Created because of Structured Products in Indian Equity markets

Mr.GopiKrishna Suvanam

Mr. Amit Trivedi

2011 Download
4 Determinants and the Stability of Dividends in India

Dr. Manoj Subhash Kamat

Dr. Manasvi Manoj Kamat

2010 Download
5 Do Hetrogeneous beliefs affects trading volume and asset prices

Dr. Sugato Chakravarty (Purdue University)

Dr. Rina Ray (Norwegian School of EBA)

2010 Download
6 Forecasting of Indian Stock Market Index Using Artificial Neural Network

Mr. Manna Majumder

Mr. MD Anwar Hussian

2010 Download
7 Global Stock Futures : A Diagnostic Analysis Of A Selected Emerging And Developed Markets With Special Reference To India Debasis Bagchi (IILM, Noida) 2009 Download
8 Examining Associations between S&P CNX Nifty and selected Asian & US Stock Markets Dr. Saif Siddiqui (Jamia Millia Islamia, Delhi) 2009 Download
9 Dynamic Interaction among Mutual Fund Flows, Stock Market Return and Volatility

Dr. M. Thenmozhi (IITM, Chennai)

Mr. Manish Kumar (IITM, Chennai)

2009 Download
10 Does the stock market overreact? An Empirical evidence of contrarian returns from Indian markets Dr. Mayank Joshipura 2009 Download
11 Optimal Investment Horizons for S&P CNX Nifty and its Components Dr. Pradeep Raje (Adfactors PR Pvt. Ltd.) 2009 Download
12 Stock Market Seasonality: A Study of the Indian Stock Market Mr. Ash Narayan Sah (University of Petroleum & Energy Studies, Gurgaon) 2009 Download
13 Dynamic Relationship between Stock Returns, Trading Volume and Volatility:Evidence from Indian Stock Market

Mr. Brajesh Kumar (IIM, Ahmedabad)

Ms. Priyanka Singh (IIM, Ahmedabad)

2009 Download
14 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)

2009 Download
15 Correlation Dynamics in Equity Markets: Evidence from India

Mr. S. Raja Sethu Durai

Dr. Saumitra N Bhaduri

2009 Download
16 Price Impact of Block Trades and Price Behavior surrounding Block Trades in Indian Capital Market

Mr. Sobhesh Kumar Agarwalla

Mr. Ajay Pandey

2009 Download
17 Price & liquidity effects of stock split: An Empirical evidence from Indian stock market Dr. Mayank Joshipura 2008 Download
18 Risk Return Dynamics of Derivative Based Investment Strategies. Dr. N.S.Malik (Haryana School of Business) 2008 Download
19 Volatility Persistence and the Feedback trading Hypothesis: Evidence from Indian Markets

Dr. Vasileios Kallinterakis (University of Durham)

Ms. Shikha Khurana (MF Global Securities)

2008 Download
20 Pricing of Options on Defty

Mr. Mudit Mehta (IIM, Bangalore)

Mr. Chetan Swarup (IIM, Bangalore)

Mr. Amlan Chaudhari (IIM, Bangalore)

2008 Download
21 Price Limits Are they Worth the Price? Ms. Sreedhari Desai (University of Utah) 2008 Download
22 Under-Pricing and long run performance of Initial Public Offerings in Indian Stock Market Dr. S. Janakiramanan (Singapore Management University) 2007 Download
23 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)

2007 Download
24 Evaluating Corporate Governance Risk: A Fuzzy logic approach

Ms. Sadhalaxmi Rao

Mr Sumit Kumar Bose

2007 Download
25 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) 2007 Download
26 On The New Transformation-Based Approach To Measuring Value-At-Risk: An Application To Forex Market In India Dr. G. P. Samantha 2006 Download
27 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)

2006 Download
28 Understanding the Microstructure in Indian Markets

Dr. Bidisha Chakrabarty

Dr. Pankaj Jain

2005 Download
29 Price and Volume Effects of S&P CNX Nifty Index Reorganization Dr. Srinivas S S Kumar 2005 Download
30 Volatility Spillovers Across Stock, Call Money And Foreign Exchange Markets

H.R. Badrinath (Catholic University of Leuven, Belgium)

Prakash G. Apte (IIM, Bangalore)

2005 Download
31 An Analysis of the Dynamic Relationships Between South Asian and Developed Equity Markets Dr. Asjeet S Lamba (University of Melbourne) 2004 Download
32 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)

2004 Download
33 Corporate Governance and Market reactions

Dr. Vijaya B Marisetty (Monash University)

Dr. Vedpuriswar A V (ICFAI)

2004 Download
34 Improving Index Fund Implementation in India Ms. Kshama Fernandes 2004 Download
35 Corporate Social Responsibility Initiatives by NSE NIFTY Companies - Content, Implementation Strategies & Impact Dr. Bindi Mehta 2003 Download
36 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)

2003 Download
37 Measures for Improving Common Investor Confidence in Indian Primary Market : A Survey Dr. K Santi Swarup 2003 Download
38 Measuring Volumes in the Indian Financial Markets Some Terminological and Conceptual Issues Dr. O.P. Chawla 2003 Download
39 Do Futures and Options trading increase stock market volatility? Dr. Premalata Shenbagaraman (Clemson University) 2003 Download
40 Market Discipline in the Indian Banking Sector: An Empirical Exploration

Dr. Saibal Ghosh

Dr. Abhiman Das

2003 Download
41 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)

2003 Download
42 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

2003 Download
43 Informational Content of Trading Volume And Open Interest ヨ An Empirical Study of Stock Options Market In India Mr. Sandeep Srivastava 2003 Download
44 Evaluating index fund implementation in India Ms. Kshama Fernandes (Goa Institute of Management) 2003 Download
45 Measuring productive efficiency of stock exchanges using price adjustment coefficients Vijaya Bhaskar Marisetty (Monash University) 2003 Download
46 The Extreme Value Volatility Estimators and Their Empirical Performance in Indian Capital Markets Ajay Pande (IIM, Ahmedabad) 2002 Download
47 Short selling and its Regulation in India in International Perspective Dr L.C.Gupta 2002 Download
48 Futures Trading, Information and Spot Price Volatility of NSE-50 Index Futures Contract Dr. (Ms) M. Thenmozhi (IIT, Chennai) 2002 Download
49 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)

Dr. Madhu Kalimipalli (University of Houston)

2002 Download
50 Market Microstructure Effects of Transparency of Indian Banks Dr. Niranjan Chipalkatti (Ohio Northen University) 2002 Download
51 Dividend policy of Indian Corporate Firms : An Analysis of Trends & Determinants Dr. Y. Subba Reddy 2002 Download
52 Improved Techniques for using Monte Carlo in VaR estimation

Dr.Ajay Shah

Prof.Ashok Srinivasan

2002 Download
53 Is the Spread Between E/P Ratio and Interest Rate Informative for Future Movement of Indian Stock Market?

G P Samanta

Kausik Bhattacharya

2002 Download
54 Equity Market Interlinkages: Transmission of Volatility - A Case Of US and India

K. Kiran Kumar (IISc, Bangalore)

Chiranjit Mukhopadyay (IISc, Bangalore)

2002 Download
55 Achieving an Individual Investor Friendly System using the power of the Internet Karthik Krishnan 2002 Download
56 Empirical investigation of multi-factor asset pricing models using Artificial Neural Network M V Kamath (S.J.M.S) 2002 Download
57 Merger Announcements and Insider Trading Activity in India: An Empirical Investigation

Manish Agarwal (University of Delhi)

Harminder Singh (University of Delhi)

2002 Download
58 Institutional Investors and Corporate Governance in India Pitabas Mohanty 2002 Download
59 Econometric Estimation of Systematic Risk of S&P CNX Nifty Constituents A.V.Lakshmi Narayana 2001 Download
60 Stock Market Development and its Impact on the Financing Pattern of the Indian Corporate Sector Parthapratim Pal 2001 Download
61 Efficiency of the Market for Small Stocks Pitabas Mohanty 2001 Download
62 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)

2001 Download
63 Should pension funds invest in equities? An analysis of risk-return tradeoff and asset allocation decisions Ranadev Goswami (IIM, Bangalore) 2001 Download


NSE Data Room

NSE has set up a cloud-based research facility called the NSE Data Room (NDR) to allow researchers from academia and beyond to access granular market data. A cloud-based facility allows usage of data available within the NSE, and thus provides a platform that enables a wider spectrum of research opportunities.

Researchers would get access to NSE Data Room based on “NSE Data Dissemination and Operational Guidelines”. They can approach NSE’s Economic Policy & Research (EPR) department with their research proposals. All submitted proposals would be subjected to approval by an independent, external committee of referees, consisting of eminent academics in the field, and would be eligible for an NSE Research Grant (NRG) in the form of a time-bound access to the NDR to pursue their research interests.

Such a grant does not involve any other consideration, monetary or otherwise.

For further details, please write to

Download Press Release

NYU Stern

S.No. Title Author Presentation Working Paper White Paper
1. Bank Deposit Franchise, Interest Rate Risk, and Default Risk Nirupama Kulkarni (CAFRAL) and Akshat Singh (University of Oxford)   Download Download
2. Does the type of settlement matter? Evidence from Indian Derivatives Market Prachi Jain (Indian Institute of Management Indore) Download Download Download
3. What happens when ratings shopping is visible? Evidence from unaccepted ratings disclosure in India Sanjay Kallapur (Indian School of Business), Abdul Khizer (Indian School of Business), Hariom Manchiraju (Indian School of Business) and Rajesh Vijayaraghavan (University of British Columbia)   Download Download
4. Do Too Many Cooks Spoil the Broth? Multiple Politicians, Firm Entry and Economic Growth Harsha Dutta (Hong Kong University of Science and Technology), Pulak Ghosh (Indian Institute of Management Bangalore), Arkodipta Sarkar (Hong Kong University of Science and Technology) and Nishant Vats (Booth School of Business, University of Chicago)   Download Download
5. Identifying HFT Activity without Proprietary Data Bidisha Chakrabarty (Saint Louis University), Carole Comerton-Forde (UNSW Sydney) and Roberto Pascual (University of the Balearic Islands) Download Download  
6. Effectiveness of Additional Surveillance Measures–Empirical study using Indian market data Latha Chari (National Institute of Securities Markets) and Mohd Merajuddin Inamdar (National Institute of Securities Markets)   Download Download
7. Winds of Change: Gender Quota on Boards in the Face of Patriarchy Lakshmi Naaraayanan (London Business School) and Kasper Nielsen (Copenhagen Business School)   Download  
8. Bank Presence and Health Kim F Cramer (Columbia Business School) Download Download  
S.No. Title Author Presentation Working paper White Paper
1 The Conflict Induced Costs of Lending Mrinal Mishra and Prof. Steven Ongena (University of Zurich)   Download Download
2 The Power of a Financially Literate Woman in Intra-Household Financial Decision-Making Dennis Philip, Anurag Banerjee and Kamlesh Kumar (Durham University Business School) and Iftekhar Hasan (Fordham University) Download Download Download
3 Do Government Guarantees Help Financial Stability? Evidence from an Emerging Market Madhu Kalimipalli (Wilfrid Laurier University), Vijay Marisetty (University of Hyderabad) and Prof. R. L, Shankar (Case Western Reserve University) Download Download Download
4 Correlated Portfolio Inventory Risk of Liquidity Providers: Frictions and Market Fragility Pradeep Yadav (University of Oklahoma), Roman Kozhan (University of Warwick) and Vikas Raman (Lancaster University) Download Download Download
5 Speculation Price Limits and IPO Markets Evidence from a natural experiment Rama Seth (Copenhagen Business School & IIM Calcutta), Vladimir Gatchev, Ajai Singh (University of Central Florida) and Prof. Vishwanath S R (Shiv Nadar University) Download Download Download
6 What Explains Geographic Variation in Corporate Investment? Nishant Vats and Shohini Kundu (University of Chicago) Download Download Download
S.No. Title Author Summary Working Paper White Paper Presentation
1 Algorithmic traders and volatility information trading Anirban Banerjee (IIM Kozhikode) and Ashok Banerjee (IIM Calcutta) Download Download Download Download
2 Fintech and credit scoring for the millennial generation Alok Shashwat (Indian School of Business), Sumit Agarwal (National University of Singapore), Pulak Ghosh (IIM Bangalore) and Sudip Gupta (Fordham University) Download Download Download Download
3 Disclosure transparency and voting outcomes Wen He (University of Queensland), Ankit Jain (University of Queensland) and Shyam Sunder (University of Arizona) Download Download Download Download
4 Rules vs discretion: Impact of trading rules on market quality and trader behavior Nidhi Aggarwal (IIM Udaipur), Surbhi Bhatia (Mint) and Bhargavi Zaveri (Finance Research Group) Download Download Download Download
5 Textual disclosures and retail investors Ankit Jain (University of Queensland), Abdul Khizer (Indian School of Business) and Rambhadran Thirumalai (Indian School of Business) Download Download Download Download
6 Do social ties trump collateral in determining loan performance? Sumit Agarwal (National University of Singapore), Prasanna Tantri (Indian School of Business) and Nitin Vishen (Indian School of Business) Download Download Download Download
7 Unearthing zombies: Regulatory intervention to aid bankruptcy reform Nirupama Kulkarni (CAFRAL), S. K. Ritadhi (RBI), Siddharth Vij (University of Georgia) and Katherine Waldock (Georgetown University)   Download   Download
8 State-owned banks in India Golaka Nath (CCIL), Nagpurnanand Prabhala (Johns Hopkins University Carey Business School) and Nishant Vats (University of Chicago Booth School of Business)       Download
S.No. Title Author Working Paper Presentation
1 Insiders' Other Trades Prachi Deuskar (Indian School of Business), Aditi Khatri (University of Arizona) and Jayanthi Sunder (University of Arizona) Download Download
2 Are algorithmic traders distracted? Evidence from Indian financial markets Ashok Banerjee and Kamran Quddus (Indian Institute of Management Calcutta) Download Download
3 Violence and investor behavior: Evidence from terrorist attacks Vikas Agarwal (Georgia State University), Pulak Ghosh (Indian Institute of Management Bangalore) and Haibei Zhao (Lehigh University) Download Download
4 How Good are Bank Loan Ratings in India for Listed and Unlisted Firms? Yadav Gopalan (Indiana University), Radhakrishnan Gopalan (Washington University) and Kevin Koharki (Purdue University) Download Download
5 How do Debt Market Reacts to Mandatory CSR? Evidence from the Indian Companies Act 2013 Jitendra Aswani, N. K. Chidambaran, Iftekhar Hasan (Fordham University) Download Download
6 Can Preferential Allotment of Equity Mitigate the Underinvestment Problem in Emerging Markets? Theory and Evidence V. Ravi Anshuman, Venkatesh Panchapagesan (IIM Bangalore) and Marti Subrahmanyam (NYU Stern)   Download
7 The growing impact of US monetary policy on emerging financial markets: Evidence from India Aeimit Lakdawala (Michigan State University) Download Download
8 A new order of financing investments: Evidence from acquisitions by India's listed firms Varun Jindal (IIM Calcutta) and Rama Seth (Copenhagen Business School) Download Download

Keynote Speech

Title Author Downloads
Global Spillovers: Managing Capital Flows and Forex Reserves Dr. Viral Acharya, Deputy Governor of RBI Download
Developing Corporate Bond Market – The Unfinished Agenda Shri Ajay Tyagi, Chairman SEBI Download


S.No. Title Author Working Paper Presentation
1 Digital Payments Adoption by Indian Households and Retailers Post Demonetization: Combined TAM and Decomposed TPB Approach Anubhuti Dwivedi (Asian Business School) Download Download
2 Order Exposure in High Frequency Markets Bidisha Chakrabarty (Saint Louis University), Terrence Hendershott (Berkley Haas School of Business), Samarpan Nawn (Indian Institute of Management Udaipur) and Roberto Pascual (University of the Balearic Islands) Download Download
3 On the Interconnectedness of Financial Institutions: Emerging Markets Experience Sanjiv R. Das (Santa Clara University) and Madhu Kalimipalli (Wilfrid Laurier University) Download Download
4 Informativeness of Orders in Electronic Limit Order Book Markets: A Revealed Preference Framework Sudip Gupta (Gabelli School of Business, Fordham University), Vikas Raman, (University of Lancaster) and Pradeep Yadav (Price College of Business, Oklahoma University) Download  
5 Does Piggybacking on Insider Trades Benefit Brokers? Aditi Khatri (University of Arizona) Download Download
6 Does Judicial Efficiency affect Corporate Investment? Nishant Vats (University of Chicago Booth School of Business) Download Download
7 The Relationship Dilemma: Organizational Culture and The Adoption of New Technology by Banks in India Prachi Mishra (IMF), Nagpurnanand Prabhala (University of Maryland) and Raghuram Rajan (University of Chicago) Download Download
8 Costs and Benefits of Regulatory Interventions in Stock Markets: A Case of Minimum Public Shareholding Rule in India V. Ravi Anshuman and Venkatesh Panchapagesan (IIM Bangalore)   Download
S.No. Title Author Working Paper White Paper
1 Uncovered Equity “Disparity” in Emerging Markets Ana-Maria Fuertes, Kate Phylaktis and Cheng Yan Download Download
2 Liquidity Shocks and Arbitrageur Activity V. Ravi Anshuman, Prachi Deuskar, Krishnamurthy V. Subramanian and Ramabhadran S. Thirumalai Download Download
3 The role of insider trading in the market reaction to news releases: Evidence from an emerging market Francois Brochet, Paul Lee and Suraj Srinivasan Download Download
4 Stock market participation in the aftermath of an accounting scandal Renuka Sane Download Download
5 Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India Viral V. Acharya and Siddharth Vij Download Download
6 How Do Small Investors Impact Derivative Markets? Evidence From A Policy Experiment Ankit Jain, Mrinal Mishra and Prasanna Tantri Download Download
7 Creditor Rights and Corporate Labor Policy: Evidence from a Policy Experiment Shashwat Alok, Ritam Chaurey and Vasudha Nukala Download Download
S.No. Title Author Working Paper White Paper
1 Central Banks and Dynamics of Bond Market Liquidity Prachi Deuskar (Indian School of Business), 
Timothy C. Johnson (GIES College of Business, University of Illinois)
Download Download
2 Do Derivatives Matter?: Evidence From A Policy Experiment Deepak Agrawal (ISB, Hyderabad), K R Subramanyam (USC Marshall School of Businesss), Prasanna Tantri (ISB, Hyderabad),
and Ramabhadran S Thirumalai, (ISB, Mohali)
Download Download
3 Do Programs Mandating Small Business Lending Disincentivize Growth? Evidence From a Policy Experiment Gursharan Bhue (University of Chicago), Nagpurnanand Prabhala (CAFRAL) and Prasanna Tantri (ISB, Hyderabad) Download Download
4 Financial Development and Occupational Choice Rajeev Dehejia (New York University) and Nandini Gupta (Kelley School of Business, Indiana University) Download Download
5 Foreign Institutional Investor Trading and Future Returns: Evidence From an Emerging Economy Murugappa (Murgie) Krishnan ( William Paterson University) and Srinivasan Rangan (Indian Institute of Management Bangalore) Download Download
6 Non-rating revenue and conflicts of interest Ramin P. Baghai (Stockholm School of Economics) and 
Bo Becker (Stockholm School of Economics)
Download Download
S.No. Title Author Working Paper White Paper
1 A Model of Infrastructure Financing Viral Acharya (NYU Stern) and Suresh Sundaresan (Columbia University) Download  
2 Auctioning the Underwriting Spread: Implications for Information Production and Insurance Sudip Gupta (Kelley School of Business, Indiana University),
Rangarajan K. Sundaram (NYU Stern) and M. Suresh Sundaresan (Graduate School of Business, Columbia University)
Download Download
3 Do Insiders Who Pledge their Shares Manipulate Reported Earnings? Aman Asija (Indian Institute of Management, Shillong), 
Vijaya B. Marisetty (RMIT University) and Srinivasan Rangan (Indian Institute of Management, Bangalore)
Download Download
4 Do regulatory hurdles on algorithmic trading work? Nidhi Aggarwal (IGIDR), Venkatesh Panchapagesan (IIM Bangalore) and Susan Thomas (IGIDR) Download Download
5 "Government guarantees and bank vulnerability during the Financial Crisis of 2007 – 09: Evidence from an Emerging Market" Viral Acharya (NYU Stern) and Nirupama Kulkarni (Haas School of Business, Berkeley) Download Download
6 How do High-Frequency Traders Trade? Nupur Pavan Bang (ISB, Hyderabad) and Ramabhadran S. Thirumalai (ISB, Mohali) Download Download
7 Leverage constraints and liquidity C. Bige Kahraman (Oxford Said Business School) and Heather Tookes (Yale School of Management) Download Download
8 Man vs. Machine: Liquidity Provision and Market Fragility Vikas Raman (Warwick Business School), Michel Robe (Kogod School of Business, American University) and Pradeep K. Yadav (Price College of Business, University of Oklahoma) Download Download
9 Soft Information and the Cost of Job Rotation: Evidence of loan Officer Rotation Krishnamurthy Subramanian, Prasanna Tantri and Subhendu Bhowal (ISB) Download Download

Prelude to Working Paper Series

Brief Summary of Working Paper Series

S.No. Title Author Working Paper White Paper
1 Foreign Fund Flows and Stock Returns: Evidence from India Viral V. Acharya (NYU Stern), V. Ravi Anshuman, (IIM Bangalore) and Kiran Kumar (NISM) Download Download
2 Liquidity Provision and Market Fragility Mila Getmansky (University of Massachusetts), Ravi Jagannathan (Kellogg School of Management), Loriana Pelizzon (University of Venice) and Ernst Schaumburg (Federal Reserve Bank of New York) Download Download
3 Low latency trading and the comovement of order flow, prices,and market conditions Ekkehart Boehmer (Edhec Business School) and R. L. Shankar (IFMR) Download Download
4 Anchor Investors in IPOs Amit Bubna (ISB), and Nagpurnanand Prabhala (University of Maryland) Download Download
5 Do Indian Business Group Owned Mutual Funds Maximize Value For Their Investors? Pulak Ghosh (IIM Bangalore), Jayant R. Kale (Georgia State University) and Venkatesh Panchapagesan (IIM-Bangalore) Download Download
6 Pricing of International 144 A Debt: Evidence from the US Secondary Bond Market Alan G Huang (University of Waterloo), Madhu Kalimipalli, Subhankar Nayak (Wilfrid Laurier University) and Latha Ramchand (University of Houston) Download Download
7 Dividend Tax Effects – Evidence from India Shobhit Aggarwal (IIM Bangalore) Download -

Download Consolidated Working Paper Series

Download Consolidated White Paper Series

Quarterly Briefing on:
ESG Rating Agencies in the Regulatory Cross Hairs (.pdf)

Quarterly Briefing

Chief Contributor: Paul Smith, Kubra Koldemir, Andrea Webster and Ayse Kasikci

October 2022


Archives of Quarterly Briefings

1 Mandatory Board Governance in India: Lessons from new regulatory regime Ekta Selarka Mar 2022
2 Related Party Transactions: Implications for Investor Protection Poonam Singh and Vikas Kumar Feb 2022
3 Shares with Differential Voting Rights Bala N Balasubramanian May 2020
4 Takeover and Corporate Governance in India Poonam Singh Feb 2020
5 The Audit Committee's Responsibility to the Auditor Nawshir Mirza Nov 2019
6 Caution: Independent Directors – Hairpin Turns Ahead! Bala N Balasubramanian Apr 2019
7 Environmental and Social Reporting by Indian Companies Umakanth Varottil Jan 2019
8 Global Asset Managers and the Rise of Long Term Sustainable Value Vikramaditya S. Khanna Oct 2018
9 Nomination and Remuneration Committee (NRC) - A Modest Proposal to Improve its Effectiveness Asish K Bhattacharyya and Nirmal Mohanty Jul 2018
10 Statutory CSR under Companies Act - Stylized Facts and Way Forward Subrata Sarkar Apr 2018
11 The Stakeholder Responsibility of Corporate Boards Umakanth Varottil and Mihir Naniwadekar Jan 2018
12 An Indian Stewardship Code : Imperatives and Challenges Guy R. Jubb & Nirmal Mohanty Oct 2017
13 Board and Director Independence in Controlled Companies Bala N Balasubramanian Jun 2017
14 The Insolvency and Bankruptcy Code: Implications for Corporate Governance Sharad Abhyankar and Nirmal Mohanty Apr 2017
15 Board and Audit Committee Meetings under Regulations – Compliance in Letter or Compliance in Spirit Subrata Sarkar Jan 2017
16 Issues in Board and Director Independence Bala N Balasubramanian Oct 2016
17 Risk Management and the Board of Directors in Indian Firms Afra Afsharipour Jul 2016
18 The Long and Short of Insider Trading Regulation in India Umakanth Varottil Apr 2016
19 Independent Directors under the new dispensation Jamil Khatri Jan 2016
20 Indian Corporate Board Structure: Moving Towards Best Practices? Subrata Sarkar Oct 2015
21 "Gender Diversity on Boards" N Balasubramanian and Nirmal Mohanty Jul 2015
22 "Corporate Governance in State-Owned Enterprises" Umakanth Varottil Apr 2015
23 Related Party Transactions Vikramaditya Khanna Jan 2015
24 Board Evaluations N Balasubramanian Oct 2014
25 Corporate Social Responsibility Under Companies Act, 2013 Subrata Sarkar Jul 2014
26 Directors' Duties and Liabilities in the New Era Umakanth Varottil Apr 2014
27 Comply or Explain: An Alternate Approach to Corporate Governance Nawshir Mirza and Nirmal Mohanty Jan 2014
28 Mergers & Acquisitions and Corporate Governance Vikramaditya Khanna Oct 2013
29 Audit Committee Regulations and Market Response Subrata Sarkar Jul 2013
30 Emergence of Shareholder Activism in India Umakanth Varottil Apr 2013

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.

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

Indian Institute of Management Bangalore

Indira Gandhi Institute of Development Research (IGIDR)


NSE-IGIDR Corporate Governance Research Initiative 2017

S.No. Title Author White Paper Working Paper
1 Corporate Governance Reform and Risk-taking: Evidence from an Emerging Market Santosh Koirala, Andrew Marshall, Suman Neupane and Chandra Thapa Download Download
2 Motives and Consequences of Related Party Transactions Before Initial Public Offerings Srinivasan Rangan, Prabhu Venkatachalam Download Download
3 Law and Finance: How the Xinfang System Influences Modern Finance in China Jiafu An, Jo Danbolt, Wenxuan Hou and Ross Levine Download Download
4 Block Trades, Market Reaction, and Monitoring Role: Evidence from India Kavitha Ranganathan, Poonam Singh Download Download
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Updated on: 09/05/2023