Faculty

Sudhanshu Pani
Assistant Professor and Programme Chairperson MBA (Law)
Phone : 022-42355886
Email - sudhanshu.pani@sbm.nmims.edu

 

Academic and Professional Qualification

  • Ph.D. in Management (Finance) | NMIMS University, Mumbai (2022)
    • Dissertation: "Essays in Market Microstructure: On the Information Content of Quotes and Continuous Auctions in Order Driven Markets"
  • MBA (Exe-PGP, Ranked first in class) | Indian Institute of Management (IIM), Indore (2008)
    • Focus: Finance & General Management
  • B.E in Metallurgy and Materials Engineering (Graduated with Honors) | Indira Gandhi Institute of Technology (IGIT), Sarang, Utkal University (1999)
    • Distinction: Graduated with Honors

    Data, Programming & Internet Skills

    •  R, Python, Pandas, C, SAS, SPSS, MySQL, Bloomberg, Emergent, Plone, Plomino, Zope, Android, Moodle

Research Specialization & Interests

  • Market Microstructure: High-frequency trading, price discovery dynamics, liquidity architectures, and limit order book modeling.
  • Decentralized Finance (DeFi): Automated Market Makers (AMMs), fee-tier competition, liquidity provision liquidity traps, and decentralized financial intermediation.
  • Financial Regulation & Policy: Impact of Scale-Based Regulation (SBR) on Non-Banking Financial Companies (NBFCs), macroprudential governance, and regulatory design for capital formation.
  • Indian Knowledge Systems (IKS) in Economics: Translating, analyzing, and modeling systemic economic, revenue, and governance frameworks from ancient Sanskrit texts (Sutras, Smritis, and Dharmasutras).
  • Systems Thinking: Application of holistic systems architectural frameworks to business strategy, market structures, and financial ecosystems.
  • Consumer Finance: Application of Household Finance frameworks to consumer finance product design; Wealth Management

Books Authored

  • Pani, S. (2025). The Whole: Systems Thinking for Business Strategy and Design. Vagmi Bharat. [ISBN: 978-81-982395-6-3]
  • Pani, S. (2024). Consumer Finance – Theory, Behaviour & Product Design. Vagmi Bharat. [ISBN: 978-81-982395-7-0]
  • Pani, S. (2016). The Right Cocktail: Asset Allocation and Wealth Management in India. Kousalam Publishers.

Book Chapters

  • Pani, S (2016) Ondc: Digital Public Infrastructure, in Digital Paradigm Shift: Unravelling Technological Disruption in Business, 61
  • Pani, S (2016) Adding Machine Learning Edge To Smart Beta Investing, in Smart Beta Investing: The Cornerstone of Systematic Active Investing, 161

Academic & Professional Experience

  • Area Chairperson, Finance and Accounting Area | School of Business Management, NMIMS University, Mumbai (2025–2026)
  • Program Chairperson, MBA Law Program | School of Business Management, NMIMS University, Mumbai (2022–2025)
  • Assistant Professor (Finance) | School of Business Management, NMIMS University, Mumbai (2022–2025)
  • Lecturer, Indira Gandhi Institute of Technology, Utkal University, Sarang, Odisha, (1999– 2000)

Industry Experience

  • Director & Mentor Vagmi Labs, VagmiBharat, 2024 - present
  • Advisor, Nowa Labs, Singapore, 2019 – 2021
  • ICICI Bank Limited, Mumbai, 2012 – 2018
    • Investment Specialist, Wealth Management, 2016-18
    • Branch Manager, Wealth Management, 2012-16
  • Senior Manager, Imperia Premium Banking, HDFC Bank Limited, Mumbai 2008-12
  • Co-Founder and Partner, Finance Central, Mumbai, 2006-08
  • Sales Development Manager, HDFC Standard Life Insurance, Mumbai, 2005
  • Officer, Wealth Management, Standard Chartered Bank, Mumbai, 2004-05
  • Business Development Manager, Marketing Executive, Bailiwick Solutions Private Ltd., New Delhi, 2000 - 04

Selected Publications & Intellectual Contributions

Peer-Reviewed Journal Articles

  • Pani, S. (2024), On the quadratic variation in limit order markets, Borsa Istanbul Review, 24(4), pp. 710-721. ISSN 2214-8450. DOI: 10.1016/j.bir.2024.04.004. [ABDC “B”, Scopus and WOS (Q1)]
  • Pani, S. (2024), Buy Now, Pay Later, Economic & Political Weekly, 59(10), pp. 30-37. ISSN (Print) 0012-9976 | ISSN (Online) 2349-8846. https://www.epw.in/journal/2024/10/perspectives/buy-now-pay-later.html [ABDC “B”, Scopus Indexed]
  • Pani, S. (2022), House price dynamics under lower leverage: the case of metropolitan cities in India. International Journal of Housing Markets and Analysis, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJHMA-10-2022-0161. [ABDC “B”, Scopus Indexed]
  • Chakravarty, R. R., & Pani, S. (2022), Investigating Intertrade Durations using Copulas: An Experiment with NASDAQ Data. Algorithmic Finance, vol. 9, no. 3-4, pp. 81-102. [ABDC “B”, Scopus Indexed]
  • Chakravarty, R. R., & Pani, S. (2021), A Data Paradigm to Operationalize Expanded Filtration: Realized Volatilities and Kernels from Non-Synchronous NASDAQ Quotes and Trades, Journal of Quantitative Economics, Springer International Publishing, vol. 19(4), pages 617-652, 0971-1554, 2364-1045. [ABDC "B”, Scopus Indexed]
  • Pani, S. (2021), Liquidity in high resolution in limit order markets, International Journal of Financial Markets and Derivatives, Inderscience Enterprises Ltd, Vol 8 No.1 pg no. 23-49, ISSN 1756-7130 (p), 1756-7149 (o), ABDC "C"
  • Chakravarty, R. R., & Pani, S. (2021), Are Asian exchanges outliers? A market quality criterion, Investment Management and Financial Innovations, Business Perspectives Ltd, Volume 18 2021, Issue #2, pp. 64-78, 1810-4967, 1812-9358, ABDC "B", Scopus
  • Pani, S. (2020), A Theory of 'Auction as a Search' in Speculative Markets, International Journal of Financial Markets and Derivatives, Inderscience Enterprises Ltd, Vol.7 No.4, June 2020, (P) 1756-7130, (O) 1756-7149, ABDC "C"

Working Papers

  • Dynamic Currency Hierarchies: A Gold-Based Network Approach
  • Does Scale Proxy for Risk? Evidence from India's Non-Banking Financial Companies on the Limits of Scale-Based Prudential Regulation
    • Co-Author: Chandan Dasgupta (NMIMS University)
  • Adaptive ESG Decision-Making in Sensitive Industries: Balancing Financial Performance and Stakeholder Expectations
    • Co-Author: Satish M.K. (NMIMS University)
  • Regulatory Design and the Economics of Decentralized Intermediation: How Crowd Scale and Regulatory Clarity Determine Financing Viability in the Sub-USD 500,000 Venture Segment
  • The Low-Fee Paradox: Fee-Tier Competition and the Winner-Take-Most Equilibrium in Uniswap v3
  • Structural Regime Shifts in Household Solvency: Housing Floor and Credit Readiness Erosion, 1999–2023
  • Dharma-Artha Balance in Early Bharat's Taxation: Graduated Revenue Principles from the Gautama Dharmasutra and Their Implications for Modern Effective Tax Governance
    • Co-Author: Jasaswini Mishra (VagmiBharat)

    • Technical Proficiencies & Methodology Stack

    • Quantitative Research Tools: R, Python, Pandas, C, Stan, SAS, SPSS, MySQL, Postgres SQL, Bloomberg, Emergent
    • Web & Infrastructure Architecture: React, Django, Multilingual localization systems management, Plone, Volto, Plomino, Zope, Android, Moodle
    • Typesetting & Production: LaTeX, LyX, Quarto

    Professional Portfolios & Registries

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