CFA Society – Workshop on ‘Dealing with Ethical Dilemmas and Ethical Decision Making in the Investment Management Industry’

IIMB has an active association and a MOU with CFA Institute.  As a part of this collaboration, the Centre for Capital Markets and Risk Management/Finance Lab organizes a 90 minutes talk on ethics on October 18, 2018.  The details of the workshop and profile of the speaker are given below.

‘Dealing with Ethical Dilemmas and Ethical Decision Making in the Investment Management Industry’, by Michael McMillan

Date –  18th October 2016,

Indian Institute of Management, Bangalore

Time: 3.30 p.m. to 5.00 p.m. 

Venue:  To be announced

Being able to work successfully with ambiguity is increasingly cited as a critical skill in modern workplaces.  Ambiguity presents numerous challenges, among them the ability to identify reliable principles to base decision making on, and the ability to apply a process through which to systematically evaluate options for action.

Ethical dilemmas are a form of workplace ambiguity, readily generated by the competing priorities in finance and investment businesses.  It is a common misperception that unethical action is an uncommon occurrence, performed by already bad people. On the contrary, ethical dilemmas are entirely commonplace occurrences, and often result in perfectly good people deciding to do questionable things.

CFA Institute is a not-for-profit organization that has had ethics at the core of its mission and programs for over 50 years; its mission is to raise professional and ethical standards so that the investment industry serves the greater good of society. Michael McMillan, CFA would be conducting a 90 minutes case based workshop, which will broadly have 3 goals:

–         Encourage you to become more conscious about your thoughts and behaviors so that you are more likely to notice, and act upon ethical issues before they become a problem

–         To recognize that ethical dilemmas are a normal and predictable part of most jobs

–         To discuss and practice approaches for dealing with ethical issues

About Michael McMillan:

Michael McMillan, CFA, is Director of Ethics and Professional Standards at CFA Institute, where he is responsible for creating, sourcing, and developing educational content for CFA Institute members and investment professionals in the area of ethics and professional standards. Previously, he was a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business. Prior to his career in academia, McMillan was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and at Merus Capital Management. He is a certified public accountant (CPA) and a chartered investment counselor (CIC). McMillan holds a BA from the University of Pennsylvania, an MBA from Stanford University, and a PhD in accounting and finance from George Washington University.

Derivatives Workshop

Srinidhi Raghavendra from SGX is scheduled to present a 2 hour commidty derivatives workshop on March 9, 2016. This will be in conjunction with Prof. Shashidhar Murthy’s PGP derivatives class.

The top challenges facing U.K. Sinha

MINT ASIA- FEBRUARY 19, 2016

The top challenges facing U.K. Sinha

S.G. BADRINATH CHAIRPERSON, CENTRE FOR CAPITAL MARKETS AND RISK MANAGEMENT, IIM-B VENKATESH PANCHAPAGESAN ADJUNCT PROFESSOR, FINANCE AND CONTROL AREA, IIM-B

Now that U.K. Sinha has gotten one more year as chairman of the Securities and Exchange Board of India (Sebi), what should he do? While it is tempting to continue the trodden path—more rules, more enforcements and so on—we believe that he can do something else that will have far more impact on the future of Sebi and for India’s financial markets. It is the transformation of Sebi itself from a bureaucratic, ad-hoc and reactive regulator to an agile, research-driven and proactive regulator. Obviously, this effort cannot be completed in a year but he can at least set it in motion. At Sebi now, rule-making is often arbitrary and appears to be based upon strongly held opinions rather than an evidence-based determination arrived at after weighing competing arguments. Enforcement actions are selective and often not commensurate with the size and nature of the offence. The process seems to be reactive, not proactive. The recent financial crisis exposed the shortcomings of the reactive, piecemeal approaches of regulators worldwide and led to calls for a coordinated, data-intensive, proactive approach that seeks to isolate risks before they materialize and destabilize markets. Without the capability to understand complex new financial products and the research that makes them possible, regulators can hardly be expected to do their jobs effectively in an integrated financial marketplace. In other words, it is critical that tomorrow’s regulator be agile, flexible, data-driven, research-friendly and tech-savvy. Transforming Sebi in this manner is, in our opinion, the most important task ahead for the chairman. You are probably wondering why we do not mention specific challenges such as investor protection (from practices such as misselling of financial products or fraudulent investment schemes) or in market development (such as corporate bonds). It is because we believe that the effectiveness of everything that Sebi does, including addressing these urgent priorities, depends on the quality of its rule-making and enforcement framework. Our aim is, therefore, to highlight the need for structural reforms at Sebi and, we suspect, at other regulators as well. A reformed Sebi would make for a more successful regulator, one that is not structurally behind the entities that it regulates, one that has processes in place to address current and potential regulatory transgressions more effectively. Such a transformation must start with people. According to its recent annual report, only a quarter of its workforce has any legal training or accounting background while there are almost no economists on its payroll. In contrast, nearly half of its employees carry general purpose MBAs. Enforcement actions originating from such a workforce are more likely to lack legal basis and may not stand up i n the courts of l aw. Rules without proper enforcement promote moral hazards and increase costs of trading, and eventually cost of capital for our firms. Good policies require good data and research to guide them. While it is not unusual to see global regulators put out data and encourage academic assistance in analysing the data, Sebi has been markedly reserved in this effort. Most of its research is conducted in-house and rarely shared with the broader research community. Without transparency, it is hard to determine whether Sebi’s proposals are really rooted in sound economic rationale or are just a simple response to a complex problem that could potentially do more harm than good. The backtracking by Sebi on its safety net proposal for retail investors in an initial public offering is one such example of a proposal backed by in-house research that did not pass muster either with experts or market participants. Given that there are significant costs to be borne by market participants, it is absolutely critical for Sebi to base its decision-making on transparent, data-driven research. Regulating India’s financial markets is still a work in progress. Globally, organizations such as the Bank for International Settlements, the US Securities and Exchange Commission and the European Securities and Markets Authority routinely engage academic researchers in creating and advising on their regulatory initiatives. India’s approach has been to rely on the recommendations of expert committees with limited academic inputs. Greater provision of data could help address this shortage and catalyse data-driven policymaking. Increased participation of the research community facilitates deeper understanding of issues and allows regulators to assess the true costs and benefits of regulation, objectively using the best-of-breed scientific tools and techniques.

Program Partnership with the CFA Institute

 

IIM Bangalore welcomed into CFA Institute University Program Partner initiative

 

MUMBAI, 20 January 2016 –  The CFA Institute is pleased to announce that the Indian Institute of Management Bangalore (IIMB) is the first business school in India to become a University Program Partner.

 

The Post Graduate Programme in Management (PGP), offered by IIMB is one of the most renowned in the country. Therefore it is no surprise that over 70% of the content of relevant courses in that program conforms to the CFA Programme Candidate Body of Knowledge.  The PGP program emphasis on ethics also reflects the CFA Institute Code of Ethics and Standards of Practice.

 

The CFA Program sets the standard for developing the skills, standards, competence, and integrity of financial analysts, portfolio managers, investment advisers, and other investment professionals worldwide. It is widely considered the investment profession’s most rigorous credentialing program.

 

Entry into the CFA Institute University Program Partnership signals potential students, employers and all stakeholders that IIM Bangalore’s PGP curriculum is in sync with professional practice globally. As a result of this partnership, in each fiscal year, IIMB is entitled to award scholarships to a fixed number of PGP students to take up the CFA Program.

 

“For several decades, the CFA Institute has been committed to building a better investment management profession. It mixes the best of investment analysis theory and practice while training individuals with the highest ethical and professional standards. We look forward to collaborations between the CFA Institute, IIM’s Centre for Capital Markets and Risk Management (CCMRM) and the Finance and Accounting area. IIM-Bangalore is pleased to become the CFA Institutes’ first Indian program partner.“ Sushil Vachani, Director, IIM-Bangalore.

 

“We are delighted to welcome IIM Bangalore as the first Program Partner in India.  We hope to work together to build a program of research and outreach that will have an impact on financial market development in India. We see significant synergy between the two institutions, and we believe that our efforts will contribute to the creation of a strong talent pool for India’s investment management profession,” said Vidhu Shekhar, Country Head, India, at CFA Institute.


About CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has nearly 135,000 members in 145 countries and territories, including 128,500 CFA charterholders in 144 countries, and 147 member societies in 73 countries/regions. For more information, www.cfainstitute.org/india

 

 

 

About CFA Program

The CFA Program sets a standard for developing the skills, standards, competence, and integrity of financial analysts, portfolio managers, investment advisers, and other investment professionals worldwide. It is widely considered the investment profession’s most rigorous credentialing program. Administered in English, the CFA curriculum and examinations are identical worldwide. Fewer than one in five candidates who begin the program successfully complete it and go on to earn the coveted CFA charter, the “gold standard” for investment professionals.

 

About IIM Bangalore

The Indian Institute of Management Bangalore (IIMB) believes in building leaders through holistic, transformative and innovative education. IIMB is an acknowledged hub of academic activity in India and globally. We are Equis accredited. The accreditation is an indication that recognized institutions satisfy international standards. Our programs are all very highly placed in global rankings by the Financial Times.

Recognizing the tremendous power of disruptive technology, we became the first IIM to partner with the world’s most respected Massive Open Online Course (MOOC) platform, the Harvard-MIT joint venture, edX. With technology, we have reached out to over 120,000 learners in 189 countries till date.

For more information, www.iimb.ernet.in
For more information on the partnership, contact:


Salil Jayakar

CFA Institute

+91-70456 87041
salil.jayakar@cfainstitute.in

 

Kavitha Kumar

IIM Bangalore

+91-9845201011
Kavitha.kumar@iimb.ernet.in

Bloomberg for Education: Global Financial Data Crowd Sourcing Project for University Students

Dear IIMB students,

Leah Dodell ldodell2@bloomberg.net and Sheil Naik snaik16@bloomberg.net from the Bloomberg Global Data Team at Princeton invite you to this very interesting, educative and hopefully challenging online project on Industry classifications.

Students can hone their research skills and put them to practical, industry-relevant use by supporting Bloomberg. And they can do this from wherever they are!

While this invitation has been extended to only the select group of schools that subscribe to Bloomberg, the students working on it do not need to have access to the Bloomberg terminal to work on this project.

For any queries, Please reach out to Leah Dodell ldodell2@bloomberg.net and Sheil Naik snaik16@bloomberg.net who are managing this project.

WHO SHOULD PARTICIPATE?
Students and research scholars across all years can participate. This is irrespective of branch of study.

WHY TO PARTICIPATE
– Be part of an elite team support Bloomberg’s best-in-class Global Data product
Get a prestigious certificate of completion from Bloomberg’s Global Data team
Gain valuable insights into global classification standards for companies.
– Add value to your classroom learning by developing research skills relevant to industry needs
– Earn bragging rights for having supported Bloomberg to make the terminal richer and more accurate

WHY TO PARTICIPATE
– Be part of an elite team supporting Bloomberg’s best-in-class Global Data product
Get a prestigious certificate of completion from Bloomberg’s Global Data team
Gain valuable insights into global classification standards for companies.
– Add value to your classroom learning by developing research skills relevant to industry needs
– Earn bragging rights for having supported Bloomberg to make the terminal richer and more accurate

HOW TO PARTICIPATE?
-> Step 1: Sign up for the Crowdflower Elite Platform at https://elite.crowdflower.com/?view=register to create a login to perform the tasks.
-> Step 2: Go to https://www.surveymonkey.com/r/8PF36LG and fill in your name, email, Crowdflowerlogin, and school so that we have these for our records.
This is essential for us to be able to create the electronic certificates for you. Please remember that you are responsible for entering your details accurately. We will not be responsible if the login name you enter in the form doesn’t match your actual crowdflower login, or if there are spelling mistakes in your name or School name.
-> Step 3: Login as a CONTRIBUTOR at
-> https://elite.crowdflower.com/?view=login
This will inform Crowdflower of your role in the project
-> Step 4: Start your Tasks! Click the link – http://bit.ly/bbginsttype
This is where you will actually perform!

WHEN TO PARTICIPATE (Deadlines)
October 18, 2015: Complete Steps 1-3 above October 19,2015: Project Starts November 15,2015: Project ends November 23,2015: Certificates Issued for successful participants

HOW TO PARTICIPATE SUCCESSFULLY
To be eligible for the Certificate of completion from Bloomberg’s Princeton-based Global Data Team you will need
TASKS: over 300 completed
ACCURACY: Over 85%

A detailed description of the project is attached with this mail.

Thank you.Bloomberg

Bloomberg Training

The Centre for Capital Markets and Risk Management would like to invite you to a Bloomberg Training Session on September 30, 2015 from 3:00-4:15 Pm, in Room K-21. Roshni Saigal from Bloomberg will be conducting this workshop.  Please confirm your attendance.

S.G. Badrinath and Akanksha Jalan

Talk by Srinivas Pulavarti on The Investment Climate and Asset Allocation Frameworks in Global Financial Markets

The Centre for Capital Markets and Risk Management is pleased to invite you to a talk by Srinivas Pulavarti, titled

THE INVESTMENT CLIMATE AND ASSET ALLOCATION FRAMEWORKS IN GLOBAL FINANCIAL MARKETS

Srinivas “Srini” Pulavarti, is President and Chief Investment Officer, UCLA Investment Company. Mr. Pulavarti is responsible for defining the strategic vision for management of the UCLA’s portfolios while directing the UCLA’s staff and overseeing more than 100 external investment managers. Previously, Mr. Pulavarti served as president and chief investment officer of Spider Management Company, which as of July 2012 managed $1.9 billion for the University of Richmond in Virginia and $1.1 billion for 23 other entities, for a total pool of approximately $3 billion. Under Mr. Pulavarti’s leadership, the Spider endowment was consistently ranked as one of the nation’s best-performing among universities. Among his previous positions, Mr. Pulavarti served as director of global investment strategy for Citigroup Pension Investments; director of investments for Johns Hopkins University; investment manager for Lockheed Martin Investment Management Company, and senior analyst of fixed income and sovereign debt for the Howard Hughes Medical Institute.

VENUE: Room C-13 on Thursday,  September 24, 2015 from 4:15-5:30 PM. Refreshments afterwards.

Talk by Dr. Alex Frino, Dean, Macquarie School of Management

MGSM-Alex-FrinoThe Centre for Capital Markets invites you to a talk by Dr. Alex Frino, Dean and Professor of Finance, Macquarie Graduate School of Management, Sydney Australia. Prior to his role as Dean, Alex most recently served as the CEO of the Australian Capital Markets Cooperative Research Centre, an initiative of the Australian Federal Government.
Dr. Frino will be speaking on high-frequency trading and its impact on stock-futures arbitrage. His paper titled “The Impact of Latency Sensitive Trading on High Frequency Arbitrage Opportunities” is available on request.
The presentation will be held on Tuesday, May 5th 2015 from 3:00 PM to 4:30 PM at the IIMB Campus.(