Faculty & Research

Misra Centre for Financial Markets and Economy

About the Centre

Financial Markets play an important role in the Indian economy. The study and analysis of financial markets require high quality data, research, and insights to engage in the debate and influence policymakers, institutions, and other stakeholders. In this context, the Misra Centre for Financial Markets and Economy, set up at IIMA, is a Centre of excellence, conducting research on the financial markets and economy in India. This Centre provides the impetus for focused research, teaching, and knowledge dissemination on contemporary issues related to financial markets within the overall economic framework.

Centre's Objectives

Applied Research

The Misra Centre undertakes practical and executable research and produces research papers, case studies, and periodic reports on financial markets and economy (in the Indian context with global markets as the reference/benchmark) that address issues related to formulation of policy, market structure/regulations including central banks' mandate, monetary policy, fiscal developments, microstructure including commodities, banking, bond markets, SME Financing, financial inclusion, insurance, real estate etc. This is to facilitate wider scope for research by faculty and the doctoral students working at the intersection of finance and economics. The Centre also procures global financial data available with other agencies, in addition to building quality data, analytics, and insightful knowledge on the Indian financial markets and economy.

Knowledge dissemination

The Centre widely disseminates research reports/findings to policy makers, academia, industry, media, analysts, and other key stake holders through a variety of channels viz. seminars, conferences, roundtable discussions, authored articles, media outreach, etc. The Centre regularly organizes workshops and seminars on the key issues facing the economy and the financial markets


The Centre engages with key stakeholders, such as industry leaders, academics, government, and policy makers, about the new developments in the economy and financial markets, including the evolving global economic scenario and developments in India’s trading partners. The Centre occasionally invites visitors (Faculty, PhD students, Fellows/Scholars) from universities and organizations in India and abroad for collaborative research.


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IIMA faculty members of the Misra Centre conduct research on a wide range of topics related to financial markets and the economy.


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The research and data reports of the Misra Centre are widely covered in the national dailies, especially in the business media

Working papers


  • Das, A., Mohapatra, S., & Nigania, A. (2022). State-owned banks and credit allocation in India: Evidence from an asset quality review. Link
  • Ram Mohan, M.P., & Gupta, A. (2022). Litigating Barbie: Trade Mark Infringement, Parody and Free Speech. Link
  • Ram Mohan, M.P., & Gupta, A. (2022). Mutation of the trademark doctrine: Analysing actionable use to reconcile brand identities with constitutional safeguards. Link
  • Ram Mohan, M.P., & Wadhwa, M. (2022). Stigma, Corporate Insolvency, and Law: International Practices and Lessons for India. Link


  • Chakrabarti, A., Mishra, A., & Mohaghegh, M. (2021). Targeted interventions: Consumption dynamics and distributional effects. Link
  • Gopalakrishnan, B., Lim, J.J., & Mohapatra, S. (2021). Pandemic Panic? Effects of Health System Capacity on Firm Confidence During COVID-19. Link
  • Gopalakrishnan, B., Joshy, J., & Mohapatra, S. (2021). Government responses, business continuity, and management sentiment: Impact on debt financing during COVID-19. Link
  • Govindan, M., & Ram Mohan, M.P. (2021). Exploring Gender Perceptions of Nuclear Energy in India. Link
  • Raju, R., & Agarwalla, S.K. (2021). Equity portfolio diversification: how many stocks are enough? Evidence from India. Link
  • Ram Mohan, M.P., & Gupta, A. (2021). Intellectual Property licenses in cross-border insolvency: Lessons from In Re Qimonda. Link
  • Ram Mohan, M.P., & Gupta, A. (2021).Right to Research and Copyright Law: From Photocopying to Shadow Libraries. Link
  • Ram Mohan, M.P., & Shah, U. (2021). Tracing Director Liability Framework during Borderline Insolvency & Corporate Failure in India. Link
  • Ram Mohan, M.P., & Gupta, A. (2021).Treatment of Intellectual Property License in Insolvency: Analysing Indian law in comparison with the U.S. and U K. Link
  • Ram Mohan, M.P., & Raj, V. (2021). Section 29A of India’s Insolvency and Bankruptcy Code: An Instance of Hard Cases Making Bad Law? Link
  • Ram Mohan, M.P., & Raj,V. (2021).Insolvency set offs in India: A comparative perspective. Link
  • Ram Mohan, M.P. (2021).The Role of Insolvency Tests: Implications for Indian Insolvency Law. Link
  • Ram Mohan, M.P., Ishizuka, N., & Sharma, S. (2021). Doctrinal Conflict in Foreign Investment Regulation in India: NTT Docomo vs. Tata Sons and the Case for “Downside Protection”. Link
  • Srivastava, P., Joshy, J., & Pandey, A. (2021). A minimum buyback requirement in open market repurchases: Impact on the signalling role. Link


  • Ram Mohan, M.P., Faisal, M.K., Alex, J., & Shiju, M V. (2020). Public perception of courts in India: unmeasured gap between the justice system and its beneficiaries. Link
  • Ram Mohan, M.P., & Raj, V. (2020). Pre-packs in the Indian Insolvency Regime. Link
  • Ram Mohan, M.P., & Kini, E.R. (2020). Compensation for environmental damage: progressively casting a wider net, but what’s the catch? Link
  • Ram Mohan, M.P., & Raj, V. (2020). Merger control for IRPs: Do acquisitions of distressed firms warrant competition scrutiny? Link

Book / Book chapters


  • Kandathil, G., Varma, P., & Turaga, R. M. (2022). A women inclusive emancipatory alternative to corporate capitalism : The case of Kerala state initiated Kudumbashree programme. In R. Varma & D. Vijay (Eds.), Organising resistance and imagining alternatives in India (pp. 318–354). Cambridge, UK: Cambridge University Press.
  • Mohapatra, S. (2022). Global monetary policies and implications for financial flows to India and other emerging markets. In P. Mukherjee (Ed.), Revisiting the Indian financial sector. India Studies in Business and Economics (1st ed. 2022 ed., pp. 75–84). Singapore, Singapore: Springer.

Research supported/financed by Centre

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  • Bansal, A., Gopalakrishnan, B., Jacob, J., & Srivastava, P. (2022). Impact of Operational Fragility on Stock Returns: Lessons from COVID ‐19 Crisis. International Review of Finance. Link
  • Bhachech, J., Chakrabarti, A., Kaizoji, T., & Chakrabarti, A.S. (2022). Instability of Networks: Effects of Sampling Frequency and Extreme Fluctuations in Financial Data. The European Physical JournalLink
  • Chakrabarti, A., & Sen, R. Copula Estimation for Nonsynchronous Financial Data. (2022). Sankhya B, 1-34. Link
  • Chakrabarti, A., & Chakrabarti, A.S. (2020). Fractional Differencing: (In)stability of Spectral Structure and Risk Measures of Financial Networks. Journal of Network Theory in FinanceLink
  • Singh, G.K., & Bandyopadhyay, T. (2022). How Informative Are Quantified Survey Data? Evidence from RBI Household Inflation Expectations Survey. The Singapore Economic Review 1-17. Link

Working Papers

  • Chakrabarti, A, & Sen, R. (2022). Limiting Spectral Distribution of High-Dimensional Hayashi-Yoshida Estimator of Integrated Covariance Matrix. Link
  • Chakrabarti, A., & Chakrabarti A.S. (2021). Sparsistent Filtering of Comovement Networks from High-Dimensional Data. Link

New Research Projects

Coming soon!

Media Coverage

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Advisory Board

Name University
Prof. Raghuram Rajan University of Chicago Booth School of Business
Prof. Manju Puri Duke University, Fuqua School of Business
Prof. Maitreesh Ghatak London School of Economics
Mr. Neelkanth Mishra Credit Suisse 
Dr. Prachi Mishra International Monetary Fund


Advisory Board

Prof. Raghuram Rajan

University of Chicago Booth School of Business

Prof. Manju Puri

Duke University, Fuqua School of Business

Prof. Maitreesh Ghatak

London School of Economics

Mr. Neelkanth Mishra

Credit Suisse

Dr Prachi Mishra

International Monetary Fund

Governing Committee

Prof. Bharat Bhasker Director, IIMA
Prof. Sanket Mohapatra Chairperson
Prof. Ajay Pandey Faculty representative
Mr. Peeyush Misra Donor representative

Centre Chairperson

Prof. Sanket Mohapatra Economics Area


Executive Committee

Prof. Sanket Mohapatra Economics Area
Prof. Anindya Chakrabarti

Economics Area

Prof. Ellapulli Vasudevan Finance and Accounting Area
Prof. Joshy Jacob Finance and Accounting Area
Prof. Naman Desai Finance and Accounting Area
Prof. M.P. Ram Mohan Strategy Area 


Members of the Centre

Prof. Sobhesh Agarwalla Finance and Accounting Area
Prof. Anirban Banerjee Finance and Accounting Area
Prof. Anindya Chakrabarti

Economics Area

Prof. Abhiman Das Economics Area
Prof. Prashant Das Finance and Accounting Area
Prof. Satish Deodhar Economics Area
Prof. Naman Desai Finance and Accounting Area
Prof. Balagopal Gopalakrishnan Finance and Accounting Area
Prof. Joshy Jacob Finance and Accounting Area
Prof. Tarun Jain Economics Area
Prof. Ankit Kariya Finance and Accounting Area
Prof. Adrija Majumdar Information Systems Area
Prof. Mohsen Mohaghegh Economics Area
Prof. M.P. Ram Mohan Strategy Area
Prof. Sanket Mohapatra Economics Area
Prof. Ajay Pandey Finance and Accounting Area
Prof. Jeevant Rampal Economics Area
Prof. Pranav Singh Finance and Accounting Area
Prof. Ramanathan Subramaniam Marketing Area
Prof. Poornima Varma Centre for Management in Agriculture Area
Prof. Ellapulli Vasudevan Finance and Accounting Area


Members are collaborating with the following researchers

Name Designation Email ID
Poorvi Anchalia Research Associate poorvia@iima.ac.in 
Divesh Pandey Research Associate diveshp@iima.ac.in
Meera Unnikrishnan Research Associate meerau@iima.ac.in
Abhinav Sharma PhD Student, Finance and Accounting phd16abhinavs@iima.ac.in
Pranjal Srivastava PhD Student, Finance and Accounting phd18pranjals@iima.ac.in
Abinash Mishra PhD Student, Economics phd18abinashm@iima.ac.in
Dhruv Goel PhD Student, Economics phd17dhruvg@iima.ac.in
Sumit Saurav PhD Student, Finance and Accounting phd19sumits@iima.ac.in


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Misra Centre for Financial Markets and Economy