Chairperson – Finance & Economics
Hemant Manuj is a Fellow of the Indian Institute of Management, Kolkata with specialisation in Finance & Control. He joined academics in 2017 after an accomplished professional career spanning 25 years in the banking industry in which he held senior leadership roles in Portfolio Management and Risk Management.
His current research interests include Firm Behaviour, Insolvency Resolution, Capital Markets, and Risk Management. His intellectual contributions have been published in leading journals, including the Journal of Asian Capital Markets, Risks, Emerald Publishing, and ICSI IPA Insolvency and Bankruptcy Journal.
His research is also featured in several media and periodicals such as Mint, Economic Times, Financial Express, Hindu Business Line, Business World, etc. He holds a concurrent position as an ‘area head’ for finance at SPJIMR. He holds Board positions and consults on specialised topics in risk management with several organisations.
Financial Risk Manager, 2004
Major: Risk Management
Fellow in Management, 1993
Focus: Finance & Control
Major: Cost Accounting
Major: Mining Engineering
Manuj, H. K. (2021). Is Gold a Hedge against Stock Price Risk in U.S. or Indian Markets? Risks, 9(10).
Manuj, H. K. (2018). Developmental and policy issues in the Bond Market in India. Nomura Journal of Asian Capital Markets. https://www.nomurafoundation.or.jp/en/capital/NJACM_autumn2018.html
Manuj, H. K. (2018). Liquidation Value in Insolvency Resolution Process – How Relevant is it? ICSI IPA Insolvency and Bankruptcy Journal, 1(5).
Manuj, H. K. (2017). Insolvency Code: Variances in behaviour of stakeholders at the cross with the overall objective. ICSI IPA Insolvency and Bankruptcy Journal, 1(1).
Manuj, H. K. (2019). ‘Bhushan Steel: a creditworthy company turned insolvent’ Emerald Emerging Markets Case Studies, September 2020
Manuj, H. K., ICEBM CONFERENCE, “Supply Chain Management in Banking Industry-Credit Management and NPA Resolution,” BITS Pilani, Pilani. (February 2, 2019).
Manuj, H. K., Trends in Risk Management, “Transfer Pricing,” Asian Development Bank, Hong Kong. (April 2009).
Manuj, H. K., Risk Conference, “Potential Risks in the Markets,” Risk, Sydney. (October 2008).
Manuj, H. K., Risk Conference, “Potential Risks in the Markets,” Risk Minds Asia, Singapore. (March 2008).
Manuj, H. K. (2021). Government can also gain from better corporate governance. Business Today.
Manuj, H. K. (2021). What critics of Insolvency and Bankruptcy Code get wrong about the recovery model. The Print.
Manuj, H. K. (2021). How well will a bad bank work for us?. The Hindu Business Line. https://www.thehindubusinessline.com/opinion/how-well-will-a-bad-bank-work-for- us/article33996400.ece
Manuj, H. K. (2021). Will DFIs give infrastructure projects a boost?. The Hindu Business Line. https://www.thehindubusinessline.com/opinion/will-dfis-resolve-problems-facing- infrastructure-projects/article33882737.ece
Manuj, H. K. (2020). New Mutual Fund Rules: A new way to measure performance. Financial Express.
Manuj, H. K. (2020). A holistic approach for bond funds in India. Mint. https://www.livemint.com/opinion/online-views/a-holistic-approach-for-bond-funds-in-india-2011588153623440.html
Manuj, H. K. (2020). Opinion | Yes Bank’s shadow on the Indian market for AT-1 bonds. Mint.
Manuj, H. K. (2019). Thanks, But No Thanks. The Economic Times. https://economictimes.indiatimes.com/blogs/et-commentary/thanks-but-no-thanks/
Manuj, H. K. (2019). Real estate fund: What govt needs to do to implement it successfully. The Economic Times.
https://economictimes.indiatimes.com/industry/services/property-/- cstruction/real-estate-fund-what-govt-needs-to-do-to-implement-it- successfully/articleshow/71976011.cms
Manuj, H. K. (2019). If Modi Government makes structural reforms now, it will reap benefits before 2024. Financial Express Newspaper.
Manuj, H. K. (2019). View: Why it is high time to review credit rating agencies regulation. The Economic Times. https://economictimes.indiatimes.com/news/economy/policy/view-why-it-is-high-time-to-review-credit-rating-agencies-regulation/articleshow/70682175.cms?from=mdr&utm_source=contentofinterest&utm_mediu m=text&utm_campaign=cppst
Manuj, H. K. (2019). A Robust Regulatory Framework For Credit Rating Agencies. BW Businessworld. http://www.businessworld.in/article/A-Robust-Regulatory-Framework-For- Credit-Rating-Agencies/21-07-2019-173647/
Manuj, H. K. (2019). Are stock markets poised for a meltdown?. Financial Express Newspaper. https://www.financialexpress.com/opinion/are-stock-markets-poised-for-a-meltdown/1556016/
Manuj, H. K. (2019). Failure of the regulatory system: Need to freshly look at CRA-based risk assessment framework. https://www.financialexpress.com/opinion/failure-of-the-regulatory-system-need-to-freshly-look-at-cra-based-risk-assessment-framework/1527346/
Manuj, H. K. (2018). Why is govt avoiding money markets? Govt can’t ask corporate borrowers to increase their borrowings from bond markets. Financial Express. https://www.financialexpress.com/opinion/why-is-govt-avoiding-money-markets-govt-cant-ask-corporate-borrowers-to-increase-their-borrowings-from-bond-markets/1382050/
Manuj, H. K. (2018). Heed Withdrawal Symptoms ( What successful banks do differently, and where PNB failed). Economic Times
Manuj, H. K. (2018). Bond markets & NPA resolution. Financial Express. http://www.financialexpress.com/opinion/bond-markets-and-npa-resolution-all-you-need-to- know/1067935/
Manuj, H. K. (2017). Unreasonably Untouchable. The Economic Times
Manuj, H. K. (2017). NPA resolution: well begun but half done. Mint.
Manuj, H. K. (2017). Assessing the new rules to solve the NPA problem. Mint. http://www.livemint.com/Opinion/lo1MF7a1CY3hYdyYzzG58N/Assessing-the-new-rules-to- solve-the-NPA-problem.html
Manuj, H. K. (2017). Governance in the Age of AI. SPJIMR Reference Code: 1718-11
Manuj, H. K. (2017). NPAs crisis and bad bank: A national asset reconstruction company can be formed to buy a large part of stressed assets.
Manuj, H. K. (2020). SO-20-3622 – Post-acquisition Performance of Firms: An Empirical Study Based on UK Acquiring Firms.
Manuj, H. K. (2020). DFI Is Not The Solution For Infrastructure Projects. Businessworld.
Manuj, H. K. (2020). Will The Restructuring Of Loans Help Small Borrowers?. BW Businessworld. http://www.businessworld.in/article/Will-The-Restructuring-Of-Loans-Help- Small-Borrowers-/10-08-2020-306945/
Manuj, H. K. (2020). SO-20-1522 – Corporate characteristics and leverage: evidence from Gulf countries.
Manuj, H. K. (2020). SO-20-4202 – Bank regulation in the economies in transition.
Manuj, H. K. (2020). The Banking & Credit Response To Covid-19 (pp. Page No. 33). Bankers’ Weekly.
Manuj, H. K. (2020). The Banking & Credit Response To Covid-19. BW Businessworld. http://www.businessworld.in/article/The-Banking-Credit-Response-To-Covid-19/15-05-2020- 192188/
Manuj, H. K. (2020). The Markets Should Not Be Closed. BW Businessworld. http://www.businessworld.in/article/The-Markets-Should-Not-Be-Closed/06-04-2020-188294/
Manuj, H. K. (2020). What Can We Learn From The Failure Of Yes Bank?. BW Business World. http://www.businessworld.in/article/What-Can-We-Learn-From-The-Failure-Of-Yes-Bank-/27- 03-2020-187396/
Manuj, H. K. (2020). Dividends – To Tax Or Relax ?. BW Businessworld. http://www.businessworld.in/article/Dividends-To-Tax-or-Relax-/16-02-2020-184247/
Manuj, H. K. (2019). How Can The Government Revive The Economy?.
Manuj, H. K. (2019). Portfolio Management Industry – Let’s Make it More Robust. BW Businessworld. http://www.businessworld.in/article/Portfolio-Management-Industry-Let-s-Make-It-More-Robust/03-08-2019-174058/
Manuj, H. K. (2019). The need to make portfolio management more robust. Forbes India. http://www.forbesindia.com/article/spjimr/the-need-to-make-portfolio-management-more- robust/54587/1
Manuj, H. K. (2019). Bhushan Steel: a creditworthy company turned insolvent. Emerald Publishing Limited.
Manuj, H. K. (2019). Loan Against Shares (LAS) – Appreciating The Risk To The Lender. BW Businessworld. http://www.businessworld.in/article/Loan-Against-Shares-LAS-Appreciating-the-Risk-to-the-Lender-/03-03-2019-167706/
Manuj, H. K. (2018). Appropriate Economic Capital for Banks-What Does It Take?.http://www.businessworld.in/article/Appropriate-Economic-Capital-For-Banks- What-Does-It-Take-/09-12-2018-164912/
Manuj, H. K. (2018). Asset Liability Management In Financial Institutions. BW Businessworld. http://www.businessworld.in/article/Asset-Liability-Management-In-Financial-Institutions/04-11-2018-163493/
Manuj, H. K. (2018). Government Should Not Interfere In The Prompt Corrective Action.
Business World. http://www.businessworld.in/article/Government-Should-Not-Interfere-In- The-Prompt-Corrective-Action-/02-10-2018-161209/
Manuj, H. K. (2018). Why Is The Government Working At Cross Purposes With The Reserve Bank Of India. BW Businessworld.
Manuj, H. K. (2017). Towards a better environment (pp. 49). Business India.
Financial Risk Management
Securities and Portfolio Management
Associate Professor – Finance & Economics
Chairperson, Finance & Economics, Business School.
Senior Director & Head – Early Warning Signals (Enterprise Risk Management) (Apr 2015 – Jan 2017)
Senior Director & Head – Portfolio Management & Market Risk (June 2011 – Mar 2015).
Director/ Senior Director & Head –Market Risk, Mumbai. (June 2005 – May 2011).
Assistant Vice President –Market Risk, Mumbai. (Oct 1998 – May 2005).
Officer – Foreign Institutional Investors and Mutual Funds
For-profit organisation, a leading credit rating agency, Mumbai – refinement of credit Rating model. (May 1, 2017 – October 31, 2017)
For-profit organisation, a leading credit rating agency, Mumbai – refinement of credit rating model (May 1, 2017 – October 31, 2017)
For-profit organisation, a non-banking finance company, New Delhi – risk management training (November 2017)
For-profit organisation, a large public sector mining company, Chennai – risk management training (July 2020)
For-profit organisation, an all-India financial institution, Mumbai – risk management model (June – December 2020)
For-profit organisation, a leading credit rating agency, – refinement of credit rating model Mumbai. (April 1, 2019 – March 31, 2021)
A leading consulting firm (Multiple occasions)
Management/Executive Development, Bharti Axa Insurance. (October 18, 2017 – October 20, 2017)
Management/Executive Development, Child Fund India. (November 15, 2017 – November 18, 2017)
Management/Executive Development, Reserve Bank of India. (May 3 – 7, 2021)
The Economic Times November 27, 2017)
The Mint. (June 27, 2017)
The Mint. (June 1, 2017)
Financial Express. (April 24, 2017)
Financial Express. (April 6, 2017)
Innoviti SME Lending Private Limited, a wholly owned subsidiary of Innoviti Payment Solutions Private Limited (September 2018 onwards)
Indian Clearing Corporation Limited, a wholly-owned subsidiary of BSE Limited (September 2021 onwards)
Emerald Emerging Markets Case Studies – Member, Editorial Advisory Board (January 2022 onwards)
SAGE Open Publications – Peer-reviewed journal articles, Multiple
Emerald Emerging Markets Case Studies – Peer reviewed case studies, multiple
SAGE Open – Peer reviewed journal articles, multiple
Member, Finance Committee, Sardar Patel College of Engineering. (April 2018 – Present)
Member – Screening Committee, Central Government Trust for Medium and Small Enterprises. (January 2018 – December 2018)
Independent External Person – Nomination and Remuneration Committee, Indian Clearing Corporation Limited (ICCL), Mumbai, Maharashtra. (August 17, 2020)
Ph.D. Advisory Committee expert panel member, Symbiosis International University, Pune, Maharashtra. (Multiple, ongoing)
Workshop Organizer, SPJIMR, Mumbai, Maharashtra. (September 29, 2018)
Workshop Organiser, SPJIMR, Mumbai, Maharashtra. (September 23, 2018)
Workshop Organiser, SPJIMR, Mumbai, Maharashtra. (August 13, 2018)