Participants

Ms. Bindu Ananth
Ms. Ananth is currently the President of the IFMR Trust, and serves as the Chairman of the Board at IFMR Capital Finance Pvt. Ltd. She is also the founder of the Centre for Micro Finance at IFMR, where she worked briefly as the Coordinator. Previously, Ms. Ananth served at the ICICI Bank in its microfinance practice from 2001 to 2005, and was the Head of the New Product Development Group within ICICI Bank’s rural finance business in 2007. She has published in the Small Enterprise Development Journal, the Economic and Political Weekly, the OECD working paper series, and the IFMR working paper series. Ms. Ananth holds Masters’ degrees from Harvard University’s Kennedy School and the Institute of Rural Management, Anand, and an undergraduate degree in Economics from Madras University.

Prof. G. Balasubramanian
Prof G. Balasubramanian is a professor at the Institute for Financial Management and Research (IFMR), Chennai and is also the Director of the Institute’s Post Graduate Diploma in Management programme. He has two decades worth of experience in teaching, consulting and research in the areas of accounting, finance and information technology. He has published papers in the areas of capital markets, accounting, information technology and knowledge management. He has also co-authored a book titled, ‘Brain Re-engineering’, published by Sage Publications.

Dr. Rajesh Chakrabarti
Dr. Chakrabarti is an Assistant Professor of Finance at the Indian School of Business (ISB), Hyderabad, teaching the “International Finance” and the “Indian Financial System” courses. Prior to joining the ISB, he was with the Georgia Tech College of Management, and the University of Alberta, Canada. He holds a Ph.D. from the University of California at Los Angeles, and an MBA from the Indian Institute of Management, Ahmedabad.

Mr. Gregory Chen
Mr. Chen is the Regional Representative for South Asia of the Consultative Group to Assist the Poor (CGAP). Mr. Chen works to deepen CGAP’s engagement across eight countries in South Asia, collaborating with regional partners on technology, policy, and funding issues. He has deep experience in microfinance as a practitioner in an MFI, as a manager of a national microfinance association, and as a technical advisor on small business lending. His engagements include extensive policy work with central banks and with many of the region’s leading microfinance institutions and commercial banks. Prior to CGAP, Mr. Chen worked for the Aga Khan Development Network and ShoreBank International. He also has mainstream banking experience with Bank of America in the United States. Mr. Chen holds an undergraduate degree in Economics from Wesleyan University, a Masters in Public Policy from the Harvard Kennedy School of Government.

Dr. Gangadhar Darbha
Dr. Darbha is currently employed as Executive Director, Nomura Securities. Prior to that he was employed at Royal Bank of Scottland and Morgan Stanley in London; Indian School of Business, Hyderabad, National Stock Exchange of India Ltd, Mumbai; National Institute of Public Finance and Policy, New Delhi; University of Pretoria, South Africa; and Free University, Amsterdam. His research interests cover Global Financial markets and Central Banking. He has been a regular columnist in Financial Express, Economic Times and Business Standard. Dr. Darbha holds a Ph.D in Economics from IGIDR, Mumbai and Post-doc in Finance from The Wharton School, University of Pennsylvania. He has an MA in Economics from Gokhale Inst of Politics and Economics, Pune, and BA from Andhra Loyola College, Vijayawada.

Dr. Sankar De
Dr. De is the Clinical Professor and the Executive Director of the Centre for Analytical Finance at the Indian School of Business (ISB), Hyderabad. He teaches Advance Corporate Finance at the Institute. Prior to this, he was Executive Director of the Centre for Professional Development in Finance (CPDF) at University of California, Berkeley, teaching graduate programs at the Haas School of Business. He completed his Ph. D from the same institute, after his MBA at the Indian Institute of Management, Calcutta. Dr. De has also advised several major corporations and government agencies, including the Securities Exchange Board of India (SEBI).

Dr. Kshama Fernandes
Dr. Fernandes heads the Risk Management team at IFMR Capital. She has extensive experience in the capital markets space, and has been previously involved in financial advisory, consulting and academia. Prior to joining IFMR Capital, she was a Professor and Head of Finance at the Goa Institute of Management. She has worked on consulting assignments for the World Bank, the Chicago Mercantile Exchange, the Government of India (Ministry of Finance), and NSE.IT, and was a core committee member of the Percy Mistry Committee on ‘Making Mumbai an International Financial Centre’. She has also developed the SEBI mandated certification programme for derivatives for the National Stock Exchange and NCDEX. Dr. Fernandes holds a Ph.D. in Finance, an MBA, an FRM certification from GARP, and an undergraduate degree in Mathematics.

Dr. Ashima Goyal
Dr. Goyal is currently a Professor at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai and is widely published in institutional and open economy macroeconomics, international finance and governance and has participated in research projects with WB, GDN, RBI, ADB, and UN ESCAP. She teaches a course on International Finance at IGIDR, is co-editor of a Routledge journal in Macroeconomics and International Finance, has received many fellowships, national and international awards, is active in the Indian public debate, has served on several boards and policy committees and contributes a monthly column to the Hindu Business Line. She has been a visiting fellow at the Economic Growth Centre, Yale University, USA, and a Fulbright Senior Research Fellow at Claremont Graduate University, USA. Dr. Goyal holds a Ph. D from Bombay University, an M.A and M. Phil from the Delhi School of Economics, and a bachelors’ degree in Economics from Delhi University.

Mr. Joshua Felman
Mr. Felman heads the International Monetary Fund’s (IMF) research in Washington, D.C. on Asia-centric issues. He was the head of the IMF office in India from 2006 – 2008, and has represented the IMF in various other countries as well, including the Philippines, Indonesia and South Korea. Mr. Felman completed his graduate studies at Oxford.

Mr. Puneet Gupta
Puneet Gupta serves as a Senior Vice President at the IFMR Trust, and as the CEO of  IFMR Mezzanine Finance Pvt. Ltd.  Puneet has been with the IFMR Trust since October 2007, prior to which he worked at the ICICI Bank for a period of 6 years in the areas of education, microfinance and rural finance. He was responsible for identification and development of new channels and products for delivering microfinance and financial services to rural households. He was also involved in developing models for attracting private equity investment in the microfinance sector. Puneet is a commerce graduate with a master’s degree from the Institute of Rural Management, Anand (India).

Ms. Kalpana Kochhar
Ms. Kochhar is currently the Chief Economist for the South Asia Region at the World Bank. Prior to joining the World Bank in December 2010, she held the position of Deputy Director in the Asia and Pacific Department since August 2008 leading the IMF’s work on Japan, India, Sri Lanka, Maldives, Bhutan, Nepal. During her Fund career, she has also worked in the Policy Development and Review department (now known as the Strategy and Policy Review Department) and in the Fiscal Affairs department. Ms. Kochhar’s research interests and publications have mainly focused on studies of Asian economies, including India and China. Most recently, her research has focused on issues related to India’s growth, financial and fiscal policies. She holds a Ph.D. and an M.A. in Economics from Brown University and an M.A. in Economics from Delhi School of Economics in India. She has a B.A in Economics from Madras University in India.

Dr. Bruce Kogut
Dr. Kogut is the Sanford C. Berstein & Co. Professor of Leadership & Ethics, and the Director of the Sanford C. Berstein Center for Leadership & Ethics at the Columbia Business School, New York. He teaches the core course on Strategy in the MBA and EMBA programs at the business school. Prior to joining Columbia, he was a member of the faculty at the Wharton School at the University of Pennsylvania, Philadelphia. He also currently serves on the board of 3i Infotech, and on the boards of several research institutes in Europe and Russia. He received his Ph. D from the MIT Sloan School of Management and holds an honorary doctorate from the Stockholm School of Economics.

Dr. K.P. Krishnan
Dr. Krishnan is an Indian Administrative Service Officer from the 1983 Karnataka Cadre, and currently serves as the Secretary of the Economic Advisory Council of the Prime Minister of India. Prior to this, he served as the Joint Secretary of Capital Markets Division of the Department of Economic Affairs, Ministry of Finance, Government of India, where he sent out various regulatory frameworks governing securitisation and the Pension sector for Parliamentary approval. He has also served as an advisor to the Executive Director of the World Bank in Washington D.C. He received his Ph. D in Economics from the Indian Institute of Management (IIM), Bangalore, and an M.A. in Economics from the University of Mysore.

Mr. S. Krishnan
Mr. S. Krishnan is a member of the Indian Administrative Services (IAS), from the 1989 Tamil Nadu cadre, and currently serves as Secretary( Expenditure), Finance Department, Government of India. Prior to this, he was the Commissioner, Commercial Taxes, Tamil Nadu. He was posted as a Senior Advisor to the Executive Director for India, International Monetary Fund (IMF), in Washington D.C. Prior to that, he has served as a Private Secretary to the then Union Finance Minister, Mr. P. Chidambaram.

Ms. Roopa Kudva
Ms. Kudva is the Chief Executive Officer and Managing Director of Crisil Ltd., and the Region Head, South Asia for Standard & Poor’s. She is also a member of Standard & Poor’s Asia-Pacific Executive Committee. She joined CRISIL in 1992. She has worked in emerging markets in the Mediterranean and Middle Eastern countries during her secondment to Standard & Poor’s, Paris, as Director, Financial Institutions Ratings. Prior to joining CRISIL, she worked at the Industrial Development Bank of India (IDBI) for six years in the Project Finance department. She holds an MBA from the Indian Institute of Management, Ahmedabad and an under-graduate degree in Statistics.

Mr. S. G. Anil Kumar
Mr. Anil serves as a Senior Vice President at the IFMR Trust, and as the CEO of IFMR Rural Finance where he spearheads the establishment of a nationwide network of region-focussed financial institutions called Kshetriya Gramin Financial Services (KGFS). He has been in the rural banking and microfinance space since 2005, when he served as the head of the Micro Finance Institution Development Team at ICICI Bank which was behind the creation of a footprint of over 200 MFIs across the country for ICICI Bank. Mr. Anil holds a master’s degree in management from the Asian Institute of Management, Manila and a bachelor’s degree from Osmania University, Hyderabad.

Dr. Nachiket Mor
Dr. Nachiket Mor is the founder of the IFMR Trust.  Before leaving to establish the Trust, he worked with the ICICI Bank from 1987 to 2007 in a variety of positions, including Corporate Planning, Project Finance, Rural Finance and Treasury, and was a member of its Board of Directors from 2001 to 2007. From October 2007 to August 2010, he assisted ICICI in setting up a philanthropic foundation, the ICICI Foundation for Inclusive Growth and served as its founding President. He is now the Chairman of the Boards at Sughavazhvu Health Care, at CARE India and at the IFMR Trust, and is closely involved in the evolution of these three organisations. He is currently also an independent member of a few other Boards, including CRISIL, the IKP Centre for Technologies in Public Health, and the Institute for Financial Management and Research (IFMR). He is also a member of three Union Government committees: the High Powered Expert Committee on Urban Infrastructure, the Technical Advisory Group on Unique Projects and the Committee to Review Implementation of Informal Sector Pension. In the past, he has served as the Chairman of the Fixed Income Money Market and Derivatives Association of India for two years, and as a Board Member of Wipro Limited for five years. He is a Yale World Fellow; has a Ph.D. in Economics from the University of Pennsylvania with a specialisation in Finance from the Wharton School (during which time, he was associated with a Philadelphia based hedge fund, Quantitative Financial Strategies, for three years); an MBA from the Indian Institute of Management, Ahmedabad; and an undergraduate degree in Physics from the Mumbai University.

Ms. Sucharita Mukherjee
Ms. Mukherjee serves as a Senior Vice President at the IFMR Trust, and as the CEO of IFMR Capital. She led the origination and structuring effort in credit derivatives and structured finance for corporates at Morgan Stanley in London before she joined IFMR Trust. Her work included developing innovative asset-backed financing structures in such areas as intellectual property and health-care receivables. She was also part of the credit derivatives team at Deutsche Bank in London, structuring credit-derivatives-linked repackaged investments for financial institutions. Sucharita holds an MBA from the Indian Institute of Management, Ahmedabad.

Mr. C.R. Muralidharan
Mr. Muralidharan worked as a whole-time member at the Insurance Regulatory Development Authority (IRDA), looking after regulatory compliance by insurers. Earlier, he worked with the Reserve Bank of India (RBI) for over 30 years in various capacities, including as head of the Department of Banking Operations and Development (DBOD) where he was responsible for developing a regulatory framework for Indian banks which promoted a competitive banking system consistent with emerging international practices. He has also assisted the International Monetary Fund (IMF).

Mr. Ravi Narain
Mr. Narain is currently the Managing Director and CEO of the National Stock Exchange of India Limited. He is the Chairman of National Securities Clearing Corporation Ltd. (NSCCL) and NSE.IT Ltd. He also serves as a Director of the National Securities Depository Ltd. and National Commodity & Derivatives Exchange Ltd. He is a member of the Central Listing Authority. He is also associated with various committees of the Securities & Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). He has been associated with Industrial Development Bank of India in various capacities and was a member of the core team which did the initial work for the establishment of the Securities and Exchange Board of India (SEBI). Mr. Narain has a degree in economics from Cambridge University, UK and a degree in business administration (Finance) from Wharton School, University of Pennsylvania, USA.

Mr. Saurabh Narain
Mr. Narain is the Chief Executive of the National Community Investment Fund (NCIF). Prior to this, he worked at the Bank of America, with experience in capital markets, risk management, and dealing with financial institutions, global multinational corporations and governments in several countries in Asia. In addition, he is a member of the Steering Committee of the Professional Risk Managers’ International Association, Chicago. He has management degrees from the ABA Graduate Stonier School of Banking and the Indian Institute of Management, Ahmedabad, and a Bachelor’s Degree in Economics from St. Stephen’s College, Delhi.

Dr. Rupa Rege Nitsure
Dr. Nitsure is the Chief Economist at the Bank of Baroda. Prior to this, she was the Senior Economist with Industrial Credit & Investment Corporation of India (ICICI) (erstwhile Development Finance Institution), and with the ICICI Bank. Her areas of specialisation include Macroeconomics and financial intermediation. She holds a Ph. D in Macro-Econometric Modelling, an M.A. (Economics) and an M. Phil (Economics) from the Gokhale Institute of Politics & Economics, Pune.

Dr. Ila Patnaik
Dr. Patnaik is a Professor at National Institute of Public Finance and Policy since 2006. Prior to this, she worked as the Economics Editor with Indian Express. She has also worked as a Senior Economist at National Council of Applied Economic Research and as a Senior Fellow at Indian Council for Research in International Economic Relations. She was also a visiting Scholar at IMF, Washington D.C. Her main area of interest is open economy macroeconomics. Dr. Patnaik holds an undergraduate degree in economics from Hindu College, M.A and M.Phil. in economics from Jawaharlal Nehru University, and Ph.D in economics from University of Surrey.

Dr. Ajay Shah
Dr. Shah is a researcher at the National Institute of Public Finance and Policy (NIPFP), New Delhi. He co-leads the Department of Economic Affairs’ Research Programme, undertaken in collaboration with the NIPFP. He has previously been involved with the Centre for Monitoring Indian Economy (CMIE) and the Indira Gandhi Institute for Development Research (IGIDR). Dr. Shah holds a Ph. D in economics from the University of Southern California, Los Angeles, and an engineering degree from the Indian Institute of Technology Bombay.

Dr. Shekhar Shah
Dr. Shah is currently serving as the Director-General of the National Council of Applied Economic Research (NCAER). Prior to this, he was the World Bank’s Regional Economic Adviser for South Asia. He was also part of the Bank’s development research complex in Washington, D.C. and a principal author of the 2004 World Development Report, the Bank’s annual flagship research publication, on Making Services Work for Poor People. Before joining the World Bank in 1989, Shekhar was the Ford Foundation’s Program Officer for International Economics for South Asia. Dr. Shah received his Ph.D. and M.A. in Economics from the Columbia University, and his B.A. in Economics from Delhi University.

Prof. R.L.Shankar
Prof. Shankar heads the Centre for Advanced Financial Studies at the Institute for Financial Management and Research. He is also the Program Director for the niche two-year Financial Engineering Program offered by IFMR. Shankar’s research focuses on derivatives pricing models, term structure modelling, non-parametric risk measurement techniques and impact of market imperfections on derivatives markets. He has taught courses on Derivatives and Risk Management, Bond Markets, Stochastic Interest Rate and Credit Models, Financial Engineering, Advanced Risk Measurement Techniques, Simulation Techniques etc. He has rich experience in offering customised courses for bankers, analysts, regulators and other market participants. He holds an MS in Computational Finance from the Carnegie Mellon University, and a B.Tech from the Indian Institute of Technology Madras.

Dr. Krishna Srinivasan
Dr. Srinivasan is currently an Assistant Director in the IMF’s Research Department, responsible for multilateral surveillance of systemically important economies and providing analytical support for the G-20, including for its Mutual Assessment Process (MAP). He has been a key contributor to the IMF’s policy work on the prevention and resolution of financial crises, the sovereign debt restructuring mechanism (SDRM), sovereign wealth funds (SWFs), capital account liberalization, and private sector involvement (PSI) in debt restructuring and crisis resolution. Prior to joining the IMF, he was a consultant to the World Bank and the Planning Commission of India, and a Research Associate at the Center for Policy Research. He holds a Ph.D. from Indiana University, Bloomington, and a Masters from The Delhi School of Economics.

Dr. Rangarajan (“Raghu”) K. Sundaram
Dr. Sundaram is Yamaichi Faculty Fellow and Professor of Finance at New York University’s Stern School of Business, teaching courses such as Derivatives Pricing & Risk Management. Previously, he was at the University of Rochester. His areas of focus mainly include agency problems, executive compensation, corporate finance, amongst others. He holds a Ph. D in Economics from Cornell University, an MBA from the IIM, Ahmedabad and a Bachelors’ Degree in Economics from the University of Madras.

Dr. Suresh Sundaresan
Dr. Sundaresan is the Chase Manhattan Bank Foundation Professor of Financial Institutions at the Columbia Business School, teaching elective courses on Debt Markets and Advanced Derivatives. His areas of experience include treasury auctions, credit risk models, valuation and risk management, amongst others. He has worked formerly as a senior strategist at Lehman Brothers in their Fixed Income Division, and has also consulted for Morgan Stanley Asset Management. He holds a Ph. D from the Carnegie Melon University.

Dr. Susan Thomas
Dr. Thomas is currently a faculty member at the Indira Gandhi Institute for Development Research (IGIDR), Bombay. She has also served as a member/chair of various committees constituted by the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the National Stock Exchange (NSE) on secondary markets, government securities and foreign exchange to name a few. She completed her graduate studies in engineering from the Indian Institute of Technology (IIT), Bombay, and her Ph. D in Econometrics from University of Southern California, Los Angeles.

Mr. Dave Wallack
Mr. Wallack is a Senior Vice President at the IFMR Trust. He has previously served as a marketing and HR strategist for various private sector and political clients in the USA. He specialises in building and motivating organisations to operate effectively in rapidly changing environments. Mr. Wallack holds an MBA from the Stanford Graduate School of Business.