Second SEBI-NISM Research Conference on Behaviour of Securities Markets-Sighting of Black Swan

(February 25-26, 2021 | Jointly Organised by SEBI & NISM)

Securities and Exchange Board of India (SEBI) and National Institute of Securities Markets (NISM) had jointly organised the Second SEBI-NISM Research Conference on “Behavior of Securities Markets – Sighting of Black Swan”. The conference was held in the webinar mode during 25-26 February, 2021.

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 Securities Market Response to Black Swan Events, Corporate Finance Response to COVID-19, Regulatory Response to Black Swan Events, Impact of Pandemic on Corporate Governance and Disclosure Standards and Impact of Technology on Economy and Markets during COVID-19.

There was an overwhelming response to ‘call for papers’. In all about 151 abstracts were received from researchers from Institutions in India viz., IIMs, IITs, post graduate colleges, professionals engaged in securities industry, foreign universities etc. 98 Full Papers were received from researchers from Indian Universities and foreign universities viz. USA, Saudi Arabia, Oman etc. 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, 16 papers were accepted for presentation at the Conference. 15 Papers were presented at the conference. A compendium was released after taking consent from authors.

The conference was inaugurated by Sri Ajay Tyagi, Chairman SEBI on 25th of February, 2021.  The galaxy of speakers at the conference includes Shri S.K. Mohanty, Director, NISM, Smt. Madhabi Puri Buch, WTM, SEBI, Shri Siddharth Tiwari, Chief Representative for Asia and Pacific, Bank for International Settlements, Dr. S. P. Kothari, Former Chief Economist and Director, DERA, SEC, USA, Mr. Ashley Ian Alder, SBS, JP CEO, Securities and Futures Commission, Hong Kong Chair of Board, International Organization of Securities Commissions, Dr. Suraj Srinivasan, Harvard Business School.

A five-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 ₹30,000, ₹25,000 and ₹20,000.  The topics of the best three papers selected are as follows:

1. COVID-19 and Corporate India
2. Effect of COVID-19 Lockdown on the profitability of firms in India
3. Comparing energy contagion of the Indian industries across global financial crisis and COVID 19

All the paper presenters and participants were awarded certificate of presentation and participation respectively. Valedictory speech for the conference was delivered by Mr. Amarjeet Singh, Executive Director, SEBI, Mr. Sunil Kadam, Registrar, NISM, Prof. G. Sethu, former Director, NISM.