Centre for Financial Studies (CFS)



  1. Purpose

    SPJIMR’s Centre for Financial Studies (CFS) contributes perspectives and policy advice to the financial services industry in Mumbai and beyond, in the areas of Financial Innovation and Markets & Risk. CFS deploys an extensive network of industry experts and faculty to offer specialised training programs to financial institutions. The Centre’s thought leadership efforts are currently focused on FinTech innovations and on adapting Environmental, Social, and Governance (ESG) frameworks to Indian conditions.

  2. Education

    With rapid changes in the business landscape, driven by technology & global forces, every manager constantly needs to upskill to stay relevant & achieve career growth. CFS has deep expertise in both traditional areas and emerging areas of Finance. Our key focus areas are Financial Innovation and Markets & Risk. Across these focus areas, we cover FinTech, ESG, Capital Markets, Risk, Investment Banking and more.

    We leverage our expertise to offer high-quality short-duration education programs; called Management Development Programs (MDP). SPJIMR’s illustrious faculty, with some of the best scholars and practitioners in the industry, designs and conducts these MDPs

    To date, we have executed over six programmes for 360 hours. These programs have been well received and helped over 200+ participants bridge skill gaps required to take their careers to the next level as well as make an enhanced impact on their organisations.

  3. Management Development Programs (MDPs)

    CFS offers customised and open Management Development Programs (MDPs) for corporates and individuals.

    • Customised MDPs

      CFS partners with leading names in the industry to offer customised Management Development Programs. These programs are designed to meet the unique training & developmental needs of the Corporates. The institute’s world-class infrastructure consisting of modern classrooms, FinTech Lab and Design Thinking Lab provides an excellent learning environment that helps participants to refocus and immerse themselves into the courses designed for them.

      These courses can also be designed and conducted at a mutually convenient date and venue and offered either in online or offline mode.

      Our portfolio of Customised MDPs includes a diverse mix of themes across our focus areas - Financial Innovation and Markets & Risk. Some of these courses cover the following topics:

      • Financial Strategies for CXOs
      • Corporate Finance & Risk Analysis
      • Strategic Perspectives in FinTech and Blockchain
      • Budgeting, Planning, and Forecasting
      • Boot camp in Investment Banking & Capital Markets
      • Credit Analysis & Credit Structuring
      • Advanced course in Capital Markets & M&A Advisory
      • Project Finance & Financial Modelling

      In addition, CFS also partners with world-class faculty from other SPJIMR departments, such as Organisation and Leadership Studies, to offer best-in-class Leadership and Team Management courses. We have engagements with leading corporates to provide customised, combined, functional and leadership courses covering Finance, Team Management and Leadership.

      To know more about these courses, please connect:

      Contact Details

    • Open MDP’s

      SPJIMR also offers several open programmes for individuals to bridge their skill gaps as live virtual certification programmes in FinTech, Block Chain, Financial Analytics, Risk Management & more.

      These courses are sought after by participants ranging across the leadership hierarchy from junior staff to c-suit level.

      Know More

  4. Initiatives

    CFS undertakes Research, Conferences & Webinars, Consulting and Education in Financial Innovation and Markets & Risk. These areas cover some of the most contemporary areas of focus in Finance and CFS is coveted for its thought leadership driven by SPJIMR’s world-class faculty and infrastructure.

  5. Financial Innovation

    Financial services are seeing a spate of innovations and disruptions through technology and innovative concepts in lending, structuring, and risk management.

    At CFS, we have developed thought leadership on some of the leading innovations in Finance. In Fintech, CFS studies new technologies in Payment Systems, Blockchain applications in lending and banking, Artificial Intelligence and Machine Learning Applications in Text Mining, Behavioural Finance, and Credit Scoring, among others. It also emphasises studying the evolving innovations in Lending and Structuring.

    Another segment of financial innovation focuses on ESG/Sustainable Finance. Sustainable Finance integration Environmental, Social, and Governance (ESG) criteria into financial services. By integrating Sustainability and ESG factors into the business models and culture, Sustainability Reporting has become a standard practice in finance. The ESG segment of the Centre for Financial Studies at SPJIMR aims to accelerate the transition to a more sustainable economy, by promoting the finance community’s contribution to realising the SDGs. The Centre aims to include meaningful world experiences for learners, develop collaborative faculty research to generate new knowledge about the pressing challenges in emerging economies and connect leaders to form peer networks for developing innovative programs.

  6. Markets & Risk

    Markets & Risk covers some of the mainstay areas of finance such as Capital Markets, M&A Advisory, Alternative Investments, Project Financing, Risk Analytics & Quantitative Finance and Risk Advisory.

    The Academic Council for Markets & Risk works with the Advisory Council to produce high-quality white papers & thought leadership covering contemporary problems and topics seeking ideation and debate in these areas.

    For more information on these initiatives, please connect

    Contact Details

  7. Research







    29-Sep-22Life at an Investment BankMr. Shantanu Sahai - Former MD & Head of Debt at NomuraClick to watch
    12-Jul-22Srini Sriniwasan & Ananth Narayan Speak On SEBI Lens On Alternate Investment FundsSrini Sriniwasan & Ananth NarayanClick to watch
    12-Jul-22G Padmanabhan And Ananth Narayan Shares Their Views On RBI Steps To Boost RupeeG Padmanabhan And Ananth NarayanClick to watch
    7-Jul-22Ananth Narayan expects India Inflation to peak at 8% in Aug/Sept 2022Prof. Ananth NarayanClick to watch
    7-Jul-22State Of The Economy: RBI Liberalises Forex Rules. How Will It Impact The Rupee?Prof. Ananth NarayanClick to watch
    1-Jul-22Insights into Financial Markets - July 2022B Prasanna - Head of Global Markets, ICICI BankClick to watch
    29-Jun-22Reflections on investments, risk management, and financial markets -Sriram Mahadevan, Azim Premji FoundationClick to watch
    30-Oct-21A fireside chat with a custodian of trustMr. Rajnish Kumar – Former Chairman SBI

    Click to watch

    Press Coverage

    23-Apr-21Value Me, You Must – A Jedi Guide to ValuationProf. Aswath Damodaran, Kerschner Family Chair in Finance Education and Professor of Finance at Stern School of Business,New York University.Click to watch
    12-Dec-20Corporate Governance and India’s Financial SectorMr. Amit Tandon – MD and Founder - Institutional Investor Advisory Services India Limited (IiAS). Mr. Sandeep Hasurkar - Investment Banker. Mr. Tamal Bandyopadhyay - Consulting Editor - Business Standard

    Click to watch

    Press Coverage

    19-Nov-20The COVID Policy Window; Progress and Opportunities.Mr. Manish Sabharwal, Chairman and Co-Founder of Teamlease Services

    Click to watch

    Press Coverage

    10-Nov-20Third Generation Reforms for India's Growth & Development Click to watch
    21-Oct-20India's Third Pillar - The Way Forward.Dr Raghuram Rajan - former Governor RBI and former Chief Economist of the IMF.

    Click to watch

    Press Coverage

    29-Aug-20MSME’s – Breaking out of the ChakravyuhDr. Nirvikar Singh, Distinguished Prof of Economics, University of California, Santa Cruz. Mr. Varadhan TR, MD, Mascot Systems Pvt Ltd. Mr. Manish Jaiswal, MD & CEO of Magma Housing Finance & SME Business

    Click to watch

    Press Coverage

    18-Aug-20Reflections on Banking & Governance in India Click to watch
    1-Aug-20Quest for Restoring Financial Stability in IndiaDr Viral V. Acharya,Former Deputy Governor, Reserve Bank of India

    Click to watch

    Press Coverage

    14-Jul-20Reviving India’s Economy - What the Pundits SayDr. Pronab Sen: Country Director, India Programme of the International Growth Centre (IGC) and former Chief Statistician of India. Dr. Venkatraman Anantha Nageswaran: Member, Economic Advisory Council to the Prime Minister, Government of India. Dr. Rathin Roy:Director and Chief Executive at National Institute of Public Finance and Policy. Ms. Ira Dugal: Editor - Banking, Finance & Economy Bloomberg Quint

    Click to watch

    Press Coverage

    5-Jul-20Economy & Markets: Is there a Dichotomy?Mr. Taher Badshah President and CIO (Equities) Invesco Mutual Fund Mr. Mrinal Singh Dy CIO: Equity, ICICI Prudential Asset Mgmt. Co Mr. Aashish Agarwal Country Head – Jefferies India Pvt LtdClick to watch
    26-Jun-20Editors Speak - Reflections On Economics And JournalismMs. Latha Venkatesh Banking Editor at CNBC TV18 Ms. Menaka Doshi Managing Editor at Bloomberg Quint Ms. Monika Halan Consulting Editor at Mint, HT Media Mr. Tamal Bandyopadhyay Consulting Editor at Business StandardClick to watch
    27-May-20Indian Economy: Navigating through a CrisisDr. Duvvuri Subbarao - Former Governor, RBI Dr. Montek Singh Ahluwalia - Former Deputy Chairman, Planning Commission

    Click to watch

    Press Coverage

    10-May-20A session on Nifty by SPJIMR's Centre for Financial Studies (CFS)Mr Umeshkumar Mehta - Research Head at SAMCO Securities & Founding team member of Indian Trading LeagueClick to watch
    24-Feb-20Dr Sam Priyadarshi- session with SPJIMR students & finance industryDr Sam PriyadarshiClick to watch
    24-Feb-20SPJIMR CFS session on market risk management by Dr Sam PriyadarshiDr Sam PriyadarshiClick to watch
    9-Nov-19CFS - Panel Discussion 'Savings - The Rocky Road Ahead' - Part -2Mr Prateek Pant (Co-Founder-Head of Products and Solutions at Sanctum Wealth Management), Mr Suraj Kaeley (Former Group President, Sales & Marketing at UTI Mutual Funds), Mr Harsh Roongta (Investment Advisor), Pritam Kumar Patnaik (Business Head - Reliance Commodities Ltd. & Head PCG Sales).Click to watch
    9-Nov-19CFS - Panel Discussion 'Savings - The Rocky Road Ahead' - Part -1Mr Prateek Pant (Co-Founder-Head of Products and Solutions at Sanctum Wealth Management), Mr Suraj Kaeley (Former Group President, Sales & Marketing at UTI Mutual Funds), Mr Harsh Roongta (Investment Advisor), Pritam Kumar Patnaik (Business Head - Reliance Commodities Ltd. & Head PCG Sales).Click to watch
    10-Oct-19CFS launch - Panel DiscussionMs Latha venkatesh Mr Samiran Chakraborty Mr Nimesh Shah Mr Ketan Dalal Mr Alok Kshirsagar Mr Prof. Ananth NarayanClick to watch
    10-Oct-19CFS launch - Fireside chat by Ms Arundhati BhattacharyaMs Arundhati BhattacharyaClick to watch
    10-Oct-19CFS launch - Key address by Mr Deepak ParekhMr Deepak ParekhClick to watch
    10-Oct-19CFS launch - Introduction to CFSProf Neeraj Swaroop & Dr Ranjan BanerjeeClick to watch
    13th - 15th December 202112th Emerging Markets Conference Organised by xKDR Forum, SPJIMR's Centre for Financial Studies and Vanderbilt Law SchoolConferenceClick to watch


    Click to know more


    Faculty NameTopic/TitlePublicationPublished DateWeblink
    Dr. Pragya GuptaDid the Indian Debt Markets Miss a Game Changer Opportunity Again?Financial ExpressOctober 30, 2022Link
    Ms. Mansi GuptaIs ESG at the risk of becoming a smokescreen?Forbes IndiaSeptember 27, 2022Link
    Dr. Tulsi Jayakumar'India’s startup ecosystem should adapt to tight money conditions'MintSeptember 18, 2022Link
    Prof Ananth NarayanA large chunk of RBI's forex reserves is funded by less durable flowsMoneyControlAugust 23, 2022Link
    Dr. Preeta George and Chinmay JoshiRupee internationalisation, a step in right direction by RBI; must look at long term, sustainable solutionsThe Financial ExpressAugust 12, 2022 Link
    Mr. Manoj MohanRBI governor’s recipe for banks of the future: Oodles of social media, new tech & a dash of human touch PublicationBusiness InsiderAugust 2, 2022Link
    Dr Hemant ManujRBI recommends banning cryptocurrencies, industry shows concernIndian TelevisionJuly 26, 2022Link
    Prof Ananth NarayanA relook at RBI's extraordinary steps in 2013 to stabilise rupeeMoneyControlJuly 26, 2022Link
    Prof. Ananth NarayanA relook at RBI's extraordinary steps in 2013 to stabilise rupeeMoneyControlJuly 26, 2022Link
    Dr. Hemant ManujShould you invest in the stock market right now?Forbes IndiaJuly 19, 2022Link
    Prof Ananth NarayanRBI allows payments for international trade in rupeeThe TelegraphJuly 12, 2022Link
    Prof Ananth NarayanRBI allows settlement in rupee to settle trade with Russia, Sri LankaBusiness StandardJuly 12, 2022Link
    Prof Ananth NarayanRupee Settlement For International Trade: What Changes?BQ PrimeJuly 11, 2022Link
    Prof Ananth NarayanUnhedged exposure via external commercial borrowing new threat to rupeeBusiness StandardJuly 11, 2022Link
    Prof Ananth NarayanA jump in forward premiums could ease pressure on RupeeThe Economic TimesJuly 08, 2022Link
    Prof Ananth NarayanRBI dangles carrot, but NRI deposits might not match upMintJuly 08, 2022Link
    Prof Ananth NarayanImpossible trinity returns to test RBIEconomic TimesJuly 08, 2022Link
    Prof Ananth NarayanImpossible trinity returns to test RBIEconomic TimesJuly 08, 2022Link
    Prof Ananth NarayanRBI's market operations helped banks in funding during Covid, says studyCNBC TV18July 07, 2022Link
    Dr R. K. PattnaikAre we headed for an external sector crisis?The Hindu Business LineJuly 07, 2022Link
    Prof. Ananth NarayanWhy India needs retail participation in fixed income markets, and how July 05, 2022Link
    Prof. Ananth NarayanRedemption pressure of Short-term debt to add to RBI's forex management challengesThe Economic TimesJuly 05, 2022Link




    Faculty NameTopic/TitleDateWeblink
    Ananth NarayanAre there large open positions in India’s currency markets?August 23, 2022 Link
    Ananth NarayanShould the banking system “raise more deposits”?August 10, 2022Link
    Ananth NarayanThe 2013 RBI FCNR(B) Swap Window - Review & TakeawaysJuly 26, 2022Link
    Sapna MalyaA relook at RBI's extraordinary steps in 2013 to stabilise rupeeJune 22, 2022Link




  8. Community
    • Key Leadership

      Mr. Manoj Mohan

      Manoj Mohan is the Executive Director of the Centre for Financial Studies. He has been in the corporate world for close to two decades. In his 15+ years at Standard Chartered, Manoj has undertaken varied roles in Investment Banking. His latest leadership role at Standard Chartered was as Executive Director, Loan Syndicate & Distribution. He is an expert in Credit, Structuring and Institutional Sales with deep expertise in handling C-suite relationships. He was also amongst the founding directors on the Board of Secondary Loan Market Association (SLMA).

      Mr. Mohan is passionate about Personal Finance & Life Skills education and has promoted his start-up, My Tenth Cent. He regularly writes and produces YouTube content on these topics on his blog/channel - My Tenth Cent. He is an alumnus of the PGDM programme of SPJIMR and graduate from IIT (BHU).

      Email: manoj.mohan@spjimr.org
      P: 022 - 022 - 61464321

      Prof. Vidhu Shekhar

      Vidhu Shekhar is the Associate Head of the Centre for Financial Studies and SPJIMR faculty in the Area of Finance, specialising in Fintech and Financial Economics. He is a Ph.D. from IIM Calcutta, MBA from IIM Calcutta, and B. Tech(H) from IIT Kharagpur. Post his MBA, he spent six years working in the Financial Services Industry across Investment Banks and Hedge Funds. He is also a co-founder of a stealth mode FinTech start-up that is currently building an Automated Conversational Financial Advisor for the Indian market.

      Email: vidhu.shekhar@spjimr.org
      P: 022 - 61464390 (direct)

    • Key Administrators

      Ms. Mrunmai Brid
      Centre Manager- Centre for Financial Studies (CFS)
      Email: mrunmai.brid@spjimr.org
      Telephone: 022 - 61464265(direct)

      Research Team

      Dr. Pragya Gupta
      Research Associate - Centre for Financial Studies (CFS)
      Email: pragya.gupta@spjimr.org

      Ms. Mansi Gupta
      Research Associate - Centre for Financial Studies (CFS)
      Email: mansi.gupta@spjimr.org

      Ms. Manali Phatak Dharap
      Research Analyst - Centre for Financial Studies (CFS)
      Email: manali.phatak@spjimr.org

  9. Advisory Councils

    CFS endeavours benefit from the views of world-class Advisory Councils associated with each of these areas. These Advisory Councils have leading experts who work closely with our Academic Councils to advance the Research and Education endeavours.

    Markets and Risks
    Hardik Shah
    Partner at KKR & Co. Inc on the Asia-Pacific Infrastructure team
    Raghav Sud
    Chief Financial Strategy & Governance at Tata Steel
    Rajan Gupta
    Executive VP & Group Head – Project Advisory & Structured Finance Group at SBICAP


  10. Academic Councils

    An Academic Council governs each of the CFS focus areas. It consists of SPJIMR faculty and visiting Faculty Affiliates. These world-class thought leaders are responsible for our Research and Education efforts in Financial Innovation and Markets & Risk.

    In addition to Academic Council, CFS also has a Research Associate & Research Analyst Fellowship program offering opportunities to some of the brightest talents to pursue research at SPJIMR. Our Research Fellows work closely with the Faculty on Academic Council to produce white papers and other thought leadership work in the key focus areas.

    Academic Council

    Markets and RisksFinancial Innovation
    Dr. Hemant Kumar Manuj
    Associate Professor - Finance, Department Head- Finance & Economics (F&E)
    Dr. Varun Nagaraj
    Dean, SPJIMR
    Dr. Anshul Verma
    Professor-Finance, Chairperson PGEMP
    Dr. Vidhu Shekhar
    Assistant Professor- Finance, Associate Head- CFS
    Dr. Saswat Patra
    Assistant Professor - Finance, Head - Central Examination
    Dr. Vinay Goyal
    Associate Professor- Finance
    Mr. Manoj Mohan
    Executive Director - Centre for Financial Studies
    Arunima Haldar
    Assistant Professor Finance & Economics
    Dr Kunjana Malik
    Assistant Professor - Finance & Economic Dept
    Shalini Talwar
    Associate Professor Finance & Economics
     Prof. Milind Kamat
    Asso. Prof Information Management & Analytics, Chairperson -GMP
     Prof. Varun Yadav
    Asst. Professor - Finance & Economic Dept
     Mr. Manoj Mohan
    Executive Director - Centre for Financial Studies


Bhavan's Campus
Munshi Nagar | Dadabhai Road,
Andheri West | Mumbai - 400 058, India Reception: +91 22 61454200
Email: info@spjimr.org 
Delhi Centre
Bharatiya Vidya Bhavan Campus, 
3rd Floor Gate No. 4, Copernicus Lane
Kasturba Gandhi Marg, New Delhi-110001
Telephone: 011-23073121, 011-23006871
Direct Line: 011- 23383563

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