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PGPSM 2012

PLACEMENTS 2013
POST GRADUATE PROGRAMME IN SECURITIES MARKETS

A portfolio of talent

NATIONAL INSTITUTE OF SECURITIES MARKETS (NISM)
NISM is a public trust established by the Securities and Exchange Board of India (SEBI), the regulator of securities markets in India. It is an autonomous body governed by a Board of Governors. NISM envisions a catalytic role in promoting securities markets research and education, through: Close interface with policy makers, regulators and industry participants Continuous knowledge creation, acquisition and dissemination Collaboration with the larger educational and market infrastructure to reach constituencies relevant to the securities markets

Operational Managers etc. seminars and conferences. .the financial capital. School for Securities Education (SSE) Process: Students are selected from an all-India pool through a written test and interview. Rating Agencies. Students selected by recruiters have an opportunity to familiarize themselves with their work by April or earlier. Since inception. Two notable aspects that make PGPSM students unique are worthy of recall: Sunder Ram Korivi Dean. if required. Advanced Applications and Industry-Integration. the design and delivery processes of this programme have maintained a fine balance of concepts and practice. Our Post Graduate Programme in Securities Markets (PGPSM) is a highly specialized. Stock-Brokers. databases (Bloomberg. They are positioned to take up a wide range of responsibilities. as can be seen from the sterling on-the-job performance of our alumni. the curriculum is under constant review to keep it current and comprehensive. As educators. Welcome to the talent pool of NISM. We welcome you once again to our campus recruitment process and look forward to a longstanding relationship between our organizations. we have perfected the design and delivery mechanisms. simulations. This crucial document serves as a link between academics and practice. Over the past 3 years. Banks etc. suitable for being groomed as key management persons in various organizations in the securities markets. such as Analysts. book reviews. Organizations that will find our students suitable include Analytics firms.WELCOME Dear Recruiter. Investment Managers. Fund Managers. Inputs are spread across three terms. rigorous and intensive 1-year fulltime programme. cases. Students learn from a wide range of modes. covering Concepts. exercises. A project dissertation is to be submitted before June 1 each year. Product: A PGPSM student is equipped to be a complete securities market professional.2012-13. The School for Securities Education (SSE) at NISM is entrusted with the task of providing in-classroom education at the Professional or Master's level in the field of securities markets. Our faculty members are engaged in research and conferences. Our location at Navi Mumbai provides proximity to the intellectual capital from Mumbai . Risk Managers. as a part of the Campus Placement process . viz. Applications. Investment Banks. Prowess). and bring in specialized inputs to the classroom. finance-related film reviews etc. role-plays.

Nagpal . G. S. New Delhi Prof. P K. International Management Institute (IMI). Anil Khandelwal Former Chairman of Bank of Baroda Mr. Ajay Shah Professor. P K. Dr. New Delhi Mr.Associate Dean. Bangalore Dr. Registrar. Board of Governors) Mr. Nagpal . Sanjay Kallapur Senior . Chanda Kochhar Managing Director & Chief Executive Officer. Ms. R. U. SEBI Dr.BOARD OF GOVERNORS As on September 7. P Garg . K. Kotak Mahindra Bank Ltd. M. ICICI Bank Mr. Pritam Singh Director General. National Institute of Public Finance and Policy. Sinha Chairman. Executive Director-SEBI and Director-NISM Mr. NISM Dr. M. Department of Economic Affairs. Ministry of Finance. Prashant Saran Whole Time Member. SEBI Mr. Sahoo Advocate Mr. IDBI Bank Ltd. Director. Thomas Mathew Joint Secretary (Capital Markets). NISM (Chairman. Hyderabad Dr. 2012 Mr. Rajeev Kumar Agarwal Whole Time Member. SEBI (Chairman. Faculty and Research. Uday Kotak Vice Chairman & Managing Director. Indian School of Business. Malla Chairman & Managing Director. New Delhi Mr. Vaidyanathan Professor of Finance Indian Institute of Management. Academic Council) . R.

This involves the development of knowledge and skill base of all stakeholders. such intervention would follow the twin approaches of accessing and disseminating the relevant existing knowledge and creating new knowledge that is more specific and appropriate for developing markets. These include. School for Investor Education and Financial Literacy (SIEFL) School for Certification of Intermediaries (SCI) School for Securities Information and Research (SSIR) School for Regulatory Studies and Supervision (SRSS) School for Corporate Governance (SCG) School for Securities Education (SSE) . In pursuance of this mandate.The mission for NISM is to add to market quality through educational and research initiatives that would support. the Honourable Union Finance Minister announced that the Securities and Exchange Board of India (SEBI) would establish an institute to undertake securities markets education and research. Given the uniqueness of India and other developing markets.ABOUT NISM In his budget speech of February 2005. VISION To be a hub of knowledge initiatives for playing a strategic role in quality enhancement and capacity building for transforming the securities markets in India and the Asia-Pacific region. SEBI established the National Institute of Securities Markets (NISM) in Mumbai as a public trust under the Bombay Public Trust Act. professional education. A market for securities education and research is gradually emerging in India and abroad – partly due to the buoyancy in the securities industry and partly because of the regulatory efforts to create minimum competency levels for securities industry professionals. enable and expedite an entire gamut of high quality knowledge services in the securities industry. certification. INSTITUTE'S PHILOSOPHY NISM's activities are dedicated towards enhancing the quality of participation in securities markets. enhancing governance standards and fostering policy research. The Institute's philosophy embodies the spirit of commitment to these objectives. NISM stands uniquely poised to become an institution that would not only serve the securities markets in India but could also assume a pan-Asian purpose. NISM intends to play a catalytic role in addressing these needs. MISSION To engage in capacity building among stakeholders in the securities markets through financial literacy. With no other institute in the Asian region that seeks to address as wide a canvas. 1950. The activities at NISM are carried out through its Six Schools.

This demand has been spurred by the challenges posed by the growing Indian economy and the expanding securities market. With the Indian economy growing consistently at over 5%. the Indian stock exchanges. Considering the capacity building needs of securities industry. NISM.ABOUT THE SCHOOL FOR SECURITIES EDUCATION (SSE) NISM articulates and implements its mission of improving market quality through its six schools. SSE is uniquely positioned to provide educational programmes that will create new age securities markets professionals. mutual funds. The last few years have seen a demand for securities professionals who are equipped with a wider repertoire of knowledge and skills. With its proximity to policy makers and professionals in the securities markets community. This has necessitated a greater need for corporations to access the securities markets. analysts and stock brokers would play an even more vital role in meeting the enhanced expectations of various stakeholders. merchant bankers. The role of the School for Securities Education (SSE) is to provide education for preparing competent professionals who will serve the securities markets. each having a specific domain presence within the securities markets. The overall economic growth has also witnessed many Indian corporations attracting domestic and foreign investments through listings in India and overseas. under its School for Securities Education (SSE) offers four longduration programmes as under: . As the Indian economy grows and as Indian investors seek to participate increasingly in the capital markets. many Indian companies are scaling up their activities in India and abroad.

as a joint initiative to attract bright and experienced talent for taking up a career in banking and financial services with ICICI Bank and its associate companies and to transform them into skilled professionals in these fields. intermediaries and analytics firms. will be joining ICICI Group at a compensation level of `12. modular basis. This flagship programme was launched in 2010-11 and currently. banks.50 lacs. investment banking and other functions in the securities markets. CFERM is offered in two formats . The first batch commenced in July 2011 and students joined ICICI Group in July 2012.weekend as well as on a residential. . It is a highly quantitativeoriented programme aimed at grooming risk management professionals. 4) CERTIFICATE IN SECURITIES LAW (CSL) CSL is a six-month week-end programme for working executives and students of other post-graduate and professional programmes in Finance or Law. at NISM. Students of the first two batches are working in the securities industry in various entities including credit rating agencies. It is a preplaced batch and students. 3) CERTIFICATE IN FINANCIAL ENGINEERING AND RISK MANAGEMENT (CFERM) CFERM is a nine-month week-end programme for working executives for equipping skills and nuances of advanced financial engineering aspects. the third batch is under way.BOUQUET OF PROGRAMMES 1) POST GRADUATE PROGRAMME IN SECURITIES MARKETS (PGPSM) PGPSM is a one-year full-time post-graduate programme. Their performance on the job has been rated as excellent. It equips participants to understand and apply securities laws and regulations in compliance. 2) POST GRADUATE CERTIFICATE IN SECURITIES MARKETS (PGCSM) NISM and ICICI have entered into an arrangement for offering an exclusive programme one-year full-time programme titled “Post Graduate Certificate in Securities Markets”. NISM launched this programme in 2009-10. brokerages. after successfully completing the programme. and the fourth batch of CFERM is currently under way.

PGPSM thus seeks to prepare students to become Fund Managers. The faculty. Institutional Sales Persons. the market regulator. consisting of academicians and practitioners. students would be able to: • Abstract the building blocks of the securities markets. The required skill-sets could be grouped as follows: (1) Fund Management.POST GRADUATE PROGRAMME IN SECURITIES MARKETS (PGPSM) For students interested in pursuing a career in securities markets. Analysts. Analysis and Dealings (2) Sales. Informal estimates indicate that the securities markets would require about 32. Dealers. Product Management and Brand Management (3) Operations and Services (4) Information Technology (5) Compliance and (6) Financial Advice and Planning.000 professionals every year. Risk Management Officers. VALUE ADDITION FROM PGPSM By completing the PGPSM. Product Designers. ABOUT POST GRADUATE PROGRAMME IN SECURITIES MARKETS (PGPSM) PGPSM is a one-year full time Post-Graduate Programme aimed at creating next generation securities markets professionals. the PGPSM is an extremely unique opportunity to obtain first-hand knowledge. and Investment Advisors in the securities markets. has the capability to deliver a high-quality programme to the students looking for knowledge and skill-sets as a solid foundation. from an institute established by SEBI. Compliance Officers. Operations Managers. both theoretical and practical. complete understanding of securities markets TARGET AUDIENCE The target audience includes: • Graduates and post-graduates aspiring for careers in securities markets • Executives seeking careers or career switches related to securities markets . understand them conceptually. and develop the capability to design solutions that meet specific requirements • Upgrade knowledge and skill sets necessary to perform the key technical activities in the securities markets • Develop a well-rounded. Investment Bankers.

it is to be submitted before May 31. Behavioural Finance etc. Each credit would mean approximately 30 hours of classroom inputs. During Terms I to III. In Term IV. Students are free to join their respective organizations on or after April 16 each year. The Project Dissertation which carries 2 credits. students are expected to study a total of 19 courses of 1 full credit each. . the programme is a balanced blend of theory and practice. students gain exposure through several workshops on contemporary topics such Simulated Trading. students are required to undertake an internship project with an organization where they are placed as executives/interns in the securities industry.Theory & Practice Mergers. Acquisitions & Corporate Restructuring Financial Modelling Corporate Governance Special Topics (incorporating Behavioural Finance) Principles & Practice of Management Term IV Industry Interaction Phase Internship Project Dissertation Seminars In addition to the above.PROGRAMME ARCHITECTURE Divided into four terms. the concluding day of Term IV. These four terms lay emphasis on the following: • Conceptual Phase • Application Phase • Advanced Application Phase • Industry Interaction Phase Term I Conceptual Phase Economics Mathematics for Finance Statistics for Finance Financial Accounting & Reporting Financial Institutions & Markets Corporate Finance Term II Application Phase Fixed Income Securities Securities Analysis & Valuation Econometrics & Time Series Analysis Portfolio Management Derivatives & Risk Management Mutual Funds Term III Advanced Application Phase Global Financial Markets Regulation . commencing from April 16.

PhD (Mumbai). R) and Simulated Trading with streaming data. Application Software (Matlab. PhD (IISc) MSc (Econ). Prowess). The faculty-team is comprised of the following: Sunder Ram Korivi S Rachappa Kiran Kumar Poonam Mehra Akhlaque Ahmad Kavitha Ranganathan Shobana Balasubramaniam Rachana Baid (Adjunct) (Rank Holder) PhD (Osmania) MA. Portfolio Theory NISM also draws upon the cream of academia. Additionally. Financial Reporting Financial Reporting. AIII (Rank Holder). Regulation. together with multiple pedagogy. FCA. Pursuing PhD (Derivatives) Pursuing PhD (Behavioral Finance) Fixed Income Securities. . Corporate Finance Quantitative Finance. Financial Analysis. Financial Markets. securities markets and related areas with an up-to-date collection of books and scientific journals. MPhil (Econ). The learning environment is further stimulated by use of technology such as Databases (Bloomberg. Financial Engineering Economics. PhD (Osmania) MA. PhD (IGIDR) (Math). the library is exclusively dedicated towards finance. Financial Engineering. Students are provided with internationally benchmarked textbooks. Econometrics & Time Series.LEARNING ENVIRONMENT The PGPSM programme is strengthened by sound delivery by expert faculty. Financial Modelling Behaviourial Finance Economics Financial Markets. AICWA. SAS. industry and SEBI for providing cutting-edge inputs in the securities markets domain. Life Insurance Statistics. Forensic Accounting.

Venkateshwarlu Shripad Wagle Surendra Sundararajan B. Compliance and Legal at Edelweiss Corporate Finance. Venkatesh Sameer Chinchanikar Poonam Tandon B.VISITING FACULTY M. Pursuing PhD (Regulation) MA (Econ). CFA (USA). ICWA. Behaviourial Finance Functional Aspect of Banking Fixed Income Securities Corporate Laws. FICWA Full time faculty Member at NITIE Dept of Economics and Statistics. PhD MA (Econ). Tata Services Ltd Full time faculty at M S University of Baroda Founder Director of Navera Consulting Chief Representative of KBC Bank (Belgian Bank) Board Member of KBC Union AMC Senior Fund Manager. PhD FCS. FRM (GARP) MBA (IIM Lucknow) MBA (XLRI). Valuation Statistics Derivatives and Risk Management Mutual Funds. LLB. MBA (Finance). Ranganathan MCom. Securities Markets Regulation. IndiaFirst Life Insurance Senior Vice President. PhD CA. Mergers & Acquisitions .

Liases Foras Mr. from various segments of the financial markets. President. Director. Pankaj Kapoor. Arup Mukherjee. In order to provide our students with the best blend of theory and practice.Finstream Mr. DSP Blackrock Mr. Vice President. Head-Derivatives. Vikas Khemani. ING Mr. During the Term (Term II). Aditya Agarwal. National Stock Exchange Mr. V Shanmugham. Some of the speakers NISM include: Mr. for blending in with the conceptual inputs. Principal Retirement Solutions Mr. Morningstar India Mr. Head-Fixed Income. NISM has obtained confirmations from speakers who have agreed to deliver lectures on their subject of expertise from end-November onwards. India Ratings It is hoped that valuable insights will be gained by the students through the Leadership Series. Country-Head. MD & CEO. Alex Varghese. it is proposed to invite some of the senior-most executives and finest professionals to deliver guest lectures under the title “Leadership Series”. CEO. Sundaresan Nagnath. Director . Atul Joshi.GUEST LECTURES UNDER THE “LEADERSHIP SERIES” NISM Bhavan's location on the outskirts of Mumbai enables access to some of the finest professionals in Mumbai. Director. MCX-SX Mr. Edelweiss Mr. CEO. Rajan Ghotghalkar. CLSA Mr. . Shobhit Gupta. Principal Retirement Solutions Mr. Deutsche Bank Mr. Sridhar Srinivasan. and to build industry-academia partnerships. CEO. Gopi Suvanam. Chief Economist. Sudipto Roy.

. The PGPSM will be awarded on the basis of the student's performance in the following components: • Pre-class reading and preparation • Class participation • Quizzes • Term papers/projects/assignments • Mid-term and end-term examinations • Any other component of evaluation that the Institute may prescribe from time to time • A student is expected to obtain the minimum passing grade of 50% in each of the courses listed above.STUDENT PERFORMANCE AND EVALUATION CRITERIA PGPSM is a rigorous programme pegged at the level of post graduation. leading to the award of PGPSM. The programme is specially designed to raise the professional standards of students.

Batch Profile 2012-2013 BATCH AT A GLANCE WORK EXPERIENCE Freshers Experienced (0-12 Months) Experienced (13-24 Months) Experienced (25-36 Months) Experienced (More than 36 Months) SECTOR WISE COMPOSITION BFSI IT/ITES Manufacturing and Construction Others EDUCATION BACKGROUND Graduates (Commerce & Science) Engineers Post Graduate (Business) Post Graduate (Banking. Finance) .

Tech (Electronics & Communication) Steel Hub India Ltd (36 months) ABHISHEK SAHU B. (Instrumentation) TATA Consulting Engineers (15 months) Webtutour (12 months) ANUJ GOYAL MBA (Finance) B. Ltd.E (Information Technology Engineering) Accenture Services Pvt.Sc. (22 months) . (15 months) Mphasis .E (Information Technology) Infosys Ltd. Ltd. (Biotechnology) Goldman Sachs Services India Pvt. (10 months) AVINASH NADAKUDITY B.PGSPM: 2012-13 .BATCH PROFILE ABHINAV GANESHAN B. (Chemical Engineering) Capgemini India Pvt. (48 months) ANKUR CHAUDHARI B.Tech. Ltd.Com (Accounting and Finance) BHUMIKA GAUR B.An HP Company (8 months) JAY SHAH B.E.Tech (Civil Engineering) L&T Construction (10 months) ADITYA IYER B.

Tech (Mechanical Engineering) Angel Broking Ltd. (Business Administration) MONA AGARWAL MBA (Marketing) BBA HSBC Bank (63 months) Citibank (6 months) PRASAD NARVEKAR B. (Advanced Accounting) ICICI Bank Ltd (43 months) ICICI Prudential Life Insurance (7 months) SIDDHARTH B. (Computer Science and Engineering) Infosys Ltd (10 months) MAHESH NAIR B.Tech.PGSPM: 2012-13 .Sc (Statistics Hons. Com.BATCH PROFILE KAUSHAL PATEL PGDB (Banking) B. (19 months) Capital IQ (12 months) MANOJ UPRETI MCM (Computer Science) B.Sc (Mathematics) ICICI Securities Ltd. (Accounting) Annik Technology Services pvt Ltd (23 months) WNS Global Services pvt Ltd (40 months) PARVEZ MEHTA B.Com.) Mercados Energy Markets India Private Ltd. (6 months) M-inent (12 months) NANDITA RAMAKRISHNA M. Finance (Investment Banking) B. (43 months) Bar Code India (53 months) .S.Com.

(Computer Science and Engineering) Karur Vysya Bank (23 months) SHYAM NAYMA PGDM (MBA) Marketing B. Ltd.Com.Com.Com. (Corporate Accounting & Financial Management) B. (48 months) SHAM CHANDAK B. (18 months) Infosys Technologies Ltd.Sc.A.E. (Cost & Works Accounting) SHASHANK GUPTA B.E. (7 months) RAJANI A M.PGSPM: 2012-13 . (Computer Science) ICICI Lombard GIC Ltd.E.) Financial Management .) Financial Management PricewaterhouseCoopers Pvt. (Hons. (Electronics & Telecommunication Engineering) Proficient Commodities Pvt.BATCH PROFILE RAHUL KOLI B. (Economics) State Bank of India (42 months) SWATI KHERA B.Com. (Hons. (Mechanical Engineering) Larsen and Toubro Ltd. Ltd. (27 months) RITU AGRAWAL PGDIB (International Business) B. (24 months) RAJAVAGEESHWARAN R B.

Com.) Financial Management PLACEMENTS Our alumni have given a sterling performance in the following organisations: •AK Capital •Asit C Mehta Intermediaries •Bank of America-Merill Lynch •Capgemini •CARE •Credit Suisse •E-Clerx •ICICI Bank •ICRA Management Consulting •IRIS Business Solutions •JMN Investment Research •Nomura •Port Tariff Authority •SWIFT •Syntel •TCS . (Hons.BATCH PROFILE YUKTI JAIN B.PGSPM: 2012-13 .

Deputy Manager. Programme Office.in Student Representatives: Kaushal Patel: +91 8976246426 | Bhumika Gaur: +91 8286272358 . 2013 onwards 15 days from date of final interview 15 days from date of offer • Above placement schedule is indicative only and it can be tailored to suit the requirement of the companies. 2012 onwards December 1. Rajshekhar Torgal. • Placement activities and processes are conducted in collaboration between a Student's Placement Committee and a Council of Faculty Members Please contact or write to: • Mr.PLACEMENT PROCESS Placement Schedule: Invitation to recruiters for Pre-placement talks Scheduling of Pre-placement interactions Short-listing of CVs Campus selection process and interviews Offer letters Acceptances November 15.ac. 2012 onwards January 9. • Companies are welcome to visit our campus and interact with students for pre-placements throughout the year. NISM • Phone: 022 66735125 (Direct) and 022 66735100-105 (Board) • Email : placement@nism. 2012 November 21.

. India has a Current Account and Fiscal Deficit problem.CONFERENCES ORGANISED BY NISM MORNINGSTAR INVESTMENT CONFERENCE 2012 Taking Stock of Global Economy In US. so a primary strategy of passive investing won't work. apply a Bottom-Up approach to relatively small sectors and Top-Down approach to relatively grown sectors. then new indices will be introduced to cover broader markets. Debt is rising at alarming level in OECD nations. investing can be through ETF in global markets. There is a need to lower their overhead cost. In Europe. Panel: Global Investing Looking Beyond India There is a need to invest globally. for India. In Europe one man’s debt is another man’s asset and all currencies tied together. A Ringside View of Indian Fund Industry The fund industry needs to change its culture from sales driven to stewardship driven. Cost is a great concern for an active fund. The industry must move from a commissionbased model to fee-based business. productivity in China is driven by debt. Panel: Stock Market-Where to Invest Information is coming very fast which is deluging investment. Emerging markets like India and China will contribute 2/3 of future growth. Panel: Active or Passive? The debate in Indian context There is always some Alpha in India. India needs long-term FDI and investment in the manufacturing sector. so that funds can give better performance. Panel: Stock Markets 2013-Outlook and Factors to Watch For For investing. Also. For the India growth story to be intact. there is concern of Sovereign crises. Passive investing is good. Also. If passive funds grow rapidly. Look out for companies with sustainable businesses. fall in commodity prices is necessary. A return of 18% CAGR can be expected from Indian Stock Markets in the long run. as it will help in diversification. Also. oil prices remain a huge concern. Housing expansion and policy dependency along with deleveraging of housing loan will hold key to global economy. The route for that can be international fund offerings through feeder funds. China has a problem of credit bubbles as after 2008-09. Balance Sheet analysis is very important for second line of a company's valuation.

I-peritus . issuances have declined to one-sixth of the levels seen in the pre-crisis period. This has led to guidelines on Minimum Holding Period (MHP).INDIA SECURITIZATION SUMMIT 2012 Inaugural Session Shri U K Sinha. Most of the transactions in India are Asset Backed Securitizations (ABS). by definition. In US. issuances have come down by 30%.Rajesh Pawar. as the cash flows are taxable in the hands of the investor. the SPV by itself is not a taxable entity. especially in Pass-through structures. London Ms. VP Marketing . Director. Keeping this point in mind. TESTIMONIALS OF RECRUITERS Very impressed with the calibre of candidates. delivered the inaugural address. whereas in Europe. Hence. Panel III: Market Making Securitized instruments could also be traded on the exchange platform by bringing more transactions into the public domain.Nosheen Khan. Pallavi Jain of 1st Batch of PGPSM joined us. structured as simple Pass-through-Certificates (PTCs).Markit. There is also the need to attract retail investors towards debt instruments. Globally. Panel II: Guidelines on Securitization There is an in-built moral hazard problem in the originate-to-distribute model. he mentioned that removal of the uncertainty of taxation is needed required to facilitate an environment for securitization. and securitized paper could be one such option. we are quite keen to continue the relationship . pools of (say) 1000 borrowers. She is fast learner. going by the popularity of debt IPOs in recent times. the moral hazard of originate to distribute coincides with the difficulty in monitoring. On the subject of taxation of issuer SPVs. SPVs are not taxed. Minimum Retention Ratio (MRR) issued by RBI. Panel I: Taxation of Issuer SPVs If the SPV entity is a trust. it exists to serve the investors. as compared to the pre-crises period. Retail investors could be attracted by the inflation-adjusted returns that securitized debt instruments may offer. In securitization. but the beneficiaries are taxed. intelligent and picking up her job well. RBI expects banks to monitor loan portfolios. taxation of the SPV would be tantamount to double-taxation. . Chairman-SEBI.

PGPSM 2012 PLACEMENTS 2013 POST GRADUATE PROGRAMME IN SECURITIES MARKETS .

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+91-22-66735125 Board: +91-22-66735100-05 Fax: +91-22-66755710 www.400 703 Phone: Mr Rajshekhar Torgal. Sector-17 Vashi.ac.NATIONAL INSTITUTE OF SECURITIES MARKETS Plot No. Navi Mumbai .in .nism. 82. NISM Bhavan.