Established in the year 2006, National Institute of Security Markets is an Indian Public Trust and an educational institute and staff college of SEBI. The institute carries out a wide range of capacity building activities at various levels aimed at enhancing the quality standards in securities market. The institute also offeres academic and training programs in security markets. Read here to know more about the institute.

NISM and SEBI Organizes Public Interest Directors’ Conference 2020

National Institute of Securities Markets

Date: May 19, 2020

Securities and Exchange Board of India (SEBI) and NISM – the educational initiative of SEBI are jointly organising a two-day conference of all Public Interest Directors (PIDs) of Market Infrastructure Institutions (MIIs) at NISM campus Patalaganga. MIIs such as stock exchanges, clearing corporations and depositories are gateways to capital market services in our country and being first level regulators help in the delivery of regulatory goals. MIIs assume a very critical role in the efficient and orderly conduct of capital markets in our country as they facilitate all market processes and make available all the capital market related products and services.

Considering the pivotal role MIIs play, there is an increasing need for constant interaction between SEBI and the Governing Board of MIIs and especially the PIDs of all MIIs. This is a unique opportunity created by NISM for PIDs of MIIs to interact amongst themselves. The conference will discuss the whole gamut of issues that are important for MIIs such as SECC Regulations, corporate governance issues, recent developments like interoperability, delivery of securities for settlement of derivative trades, algorithmic trading, use of AI and Machine Learning by MIIs in different functions, technology deployed by financial services industry, emerging risks for capital markets, cyber security issues.

The discussions will be led by eminent dignitaries having expertise in their domain including former Chairman, SEBI, Mr Damodaran, Professor J R Verma, Professor IIM-Ahmedabad and Chairman, Secondary Market Advisory Committee, SEBI, Mr Sharad Sharma of iSPIRT and also MD & CEOs of Stock Exchanges and Clearing Corporations. Senior Officials of SEBI such as WTMs, Executive Directors and Chief General Managers shall also be associated with this conference. This conference will help PIDs to connect with SEBI as well as one another and understand diverse viewpoints first hand which will help them taking informed decisions during subsequent Board deliberations.

SEBI and NISM organizes Joint Conference on Changing Landscape of Securities Market

National Institute of Security Markets

Date: May 19, 2020

Securities and Exchange Board of India (SEBI) and National Institute of Securities Markets (NISM) had jointly organised a Research Conference on “Changing Landscape of Securities Market”  at NISM Campus, Patalganga, Near Navi Mumbai. In the recent past, there have been several changes in securities markets viz., market micro structure, in capital market processes like IPO, in corporate governance regulations, in regulations relating to MIIs and market intermediaries, introduction of new regulations relating to interoperability, several changes in mutual fund regulations, etc. Keeping all these changes, it was felt that it is an appropriate time for the research conference.

Research papers were invited from academicians, research students and industry participants by issuing call for papers on all prominent research platforms on various themes like Corporate Finance, Issuance of capital, Corporate Governance, Technological solutions for secondary markets, Corporate Bonds, Nurturing Economy through Mutual Funds, Role of Futures Markets in price discovery of Agricultural Commodities and Foreign Portfolio Investments in India. There was an overwhelming response to ‘call for papers’. In all about 151 papers were received from researchers from Institutions in India viz., IIMs, IITs, post graduate colleges, professionals engaged in securities industry, etc. Papers were also received from researchers from foreign universities viz., Germany, USA, Canada, Australia and Netherlands. All the papers were reviewed by independent academic reviewers on various parameters as relevance of the paper to the conference theme, robustness of research methodology applied etc.

Finally, 56 papers were accepted for presentation at the Conference. A compendium of accepted papers was released at the conference after taking consent from authors. The conference began with pre-conference networking dinner on 22nd January, 2020. The conference was inaugurated by Sri Ajay Tyagi, Chairman SEBI . The galaxy of speakers at the conference includes Shri S.K. Mohanty, Director, NISM, Shri Anantha Nageshwaran, former Dean, IFMR, KREA University, Shri G. Mahalingam, WTM, SEBI, Smt Madhabipuri Buch, WTM, SEBI, Shri Vijay Paul Sharma, Chairman, Commission for Agricultural Costs and Prices (CACP), Government of India, Professor Ashok Jhunjhunwala, IIT, Chennai, Shri Ashish Gupta, Head Equity Research, Asia Pacific, Credit Suisse, Shri A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited. A six-member jury (consisting of eminent academicians, regulators and practitioners) judged the papers and presentations at the conference.

The best three papers were given cash awards of Rs 30,000, Rs 25,000 and Rs 20,000. The topics of the best three papers selected are as follows:

1. Operationalizing algorithmic explainability in the context of risk profiling done by robo financial advisory apps
2. Heterogeneity of Cash Markets at Physical Delivery Points and the Hedging Effectiveness of Agricultural Commodity Futures in India – Lessons for Contract Optimization
3. Effect of Perception Differences in Money Communication between Parent-Adolescents on Financial Autonomy: An Experimental Study using Financial Education Workshops

All the paper presenters were awarded certificates of appreciation. Valedictory speech for the conference was delivered by Prof. G. Sethu, former Director, NISM.