CTM

Certificate in
Treasury
Management

A 3½ months week-end classroom

programme for Working Executives

CERTIFICATE IN
TREASURY
MANAGEMENT
(CTM)
ADMISSION
ANNOUNCEMENT
2018
CONTENT
01. About the Institute 01
02. About NISM 02
03. School for Securities Education (SSE) 04
04. About Certificate in Treasury Management (CTM) 06
05. Learning Environment 08
06. Academic Team 10
07. Programme Design & Content 14
08. Fee 14
09. Important Dates 15
10. Application for CTM 15
NISM CAMPUS AT
PATALGANGA
ABOUT THE
INSTITUTE
National Institute of Securities Markets (NISM) is a premier educational institution and is
established as a public trust in 2006 by the Securities and Exchange Board of India
(SEBI), the regulator of the securities markets in India. The institute carries out a wide
range of capacity building activities at various levels aimed at enhancing the quality
standards of and increase the participation in the securities markets. The Institute's six
schools of excellence and the National Center for Financial Education work in synergy
towards professionalized securities markets.

The institute has six schools of excellence viz.

- 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)

The National Strategy of Financial Education is being incubated at NISM through the
'National Centre for Financial Education' (NCFE).

Vision
To lead, catalyze and deliver educational initiatives to enhance the quality of securities
markets.

Mission
To engage in capacity building among the stakeholders in securities markets through nancial
literacy, professional education, enhancing governance standards and fostering policy research.

Belief
NISM envisions a catalytic role in promoting securities markets research and education,
through:
– Close interface with policy makers and regulators
– Continuous knowledge creation and dissemination
– Enabling stakeholders to enhance knowledge, skill and awareness through research based
inputs
– Serving as a role model for other institutions in and outside India to enhance the quality of
interaction in securities markets.

01
 BACKGROUND
OF NISM
The Honorable Union Finance Minister, in his budget speech of February 2005, authorized the Securities and
Exchange Board of India (SEBI) to set up an institute for teaching, training and promoting research in the
securities markets. In pursuance, SEBI established the National Institute of Securities Markets (NISM) as a public
trust under the Bombay Public Trusts Act, 1950.

National Institute of Securities Markets enhances the market quality through educational and research initiatives
that support and enable an entire gamut of high quality knowledgeable services in the securities industry. The
need for securities education and research is constantly growing in the country, partly because of the expanding
securities industry and partly because of the regulatory efforts to create Benchmark in competency levels for
securities industry professionals. The institute offers a range of academic programmes, certification programmes,
training and capacity building programmes and management development programmes to address this growing
need. The institute also offers basic financial literacy programmes benefitting a wide spectrum of people from all
walks of life. Being established by the regulator, NISM stands as an apex institute in securities markets in the
country serving not only the securities markets in India but also assuming a pan Afro-Asian purpose.

Board of Governors Academic Council

As on October 01, 2017 As on October 01, 2017

Mr. Ajay Tyagi Dr. Bimal Jalan

Chairman, SEBI Former Governor, Reserve Bank of India
(Chairman, Board of Governors) (Chairman, Academic Council)

Mr. G Mahalingam Mr. Cyril Shroff

Whole Time Member, SEBI Managing Partner,
Cyril Amarchand Mangaldas
Ms. Madhabi Puri Buch
Whole Time Member, SEBI Prof. Samir Barua
Former Director,
Indian Institute of Management (IIM),
Mr. Sanjay Nayar Ahmedabad
Chief Executive Officer,
KKR India Advisors Pvt. Ltd. Prof. Devang V Khakhar
Director, Indian Institute of Technology,
Mr. Y. M. Deosthalee Mumbai
Chairman and Managing Director,
L&T Finance Holdings Ltd. Dr. Shekhar Shah
Director-General,
Mr. Praveen Garg National Council of Applied Economic
Joint Secretary (Financial Markets), Research (NCAER)
Department of Economic Affairs,
Ministry of Finance (GOI) Mr. N. R. Prabhala
Chief Mentor and Head of Research,
Centre for Advanced Financial Research
Mr. Sandip Ghose and Learning (CAFRAL)
Director, NISM
Mr. Sandip Ghose
Director, NISM, Member Secretary

Mr. G. P. Garg
Registrar, National Institute of Securities Markets
Secretary to the Board & Academic Council

02
SCHOOL FOR
SECURITIES
EDUCATION
(SSE)

03
 School for Securities
Education (SSE)
Increasingly large, complex, dynamic and challenging The School with its team of dedicated academicians
scenario of capital markets demand wide repertoire of and industry experts imparts knowledge based on
knowledge and skill-sets from the market professionals to in-depth research and constant interaction with the
meet enhanced expectations of various stakeholders. This policy makers in the industry at the highest level.
demand is spurred by the growing economy and the
expanding markets. The School has perfected the design and delivery of
globally benchmarked curriculum, as evident from
The School for Securities Education (SSE) offers a bouquet of the sterling on-the-job performance of the alumina.
uniquely positioned academic programmes that prepares new
age market professionals with well-rounded and holistic
understanding of the markets and equips existing
professionals with expertise in various functional domains like
Treasury, Compliance, Advisory, Research Analyst, Fund
Management, Financial Planner, Forex Manager & Adviser,
Dealer etc.

Bouquet of programmes offered by the School for Securities

Education:
- Post Graduate Diploma in Management
(Securities Markets) - AICTE Approved Programme
- Post Graduate Programme in Securities Markets (PGPSM)
- Post Graduate Programme in Financial Engineering and
Risk Management (PGPFERM)
- Post Graduate Diploma in Quantitative Finance (PGDQF)*
- Post Graduate Diploma in Data Science (PGDDS)*
- Post Graduate Certificate in Capital Market (PGCCM)
- Certificate in Securities Law (CSL)
- Certificate in Treasury Management (CTM)

*Joint programmes along with Department of Economics (Autonomous),

University of Mumbai

NISM was presented with the B-School

Leadership Award for Excellence in education,
leadership and training, at the World Education
Congress held at Mumbai on June 29, 2012.

04
CERTIFICATE IN
TREASURY
MANAGEMENT
(CTM)

05
 analysis, forex, research analysis, regulation & policy
About CTM making, etc.

The Certificate in Treasury Management (CTM) is

The above organizations may be benefitted from the
designed to provide a detailed insight into the
knowledge enhancement of their in-house
treasury functions and managing treasury activities. It
executives through this course.
will provide a wide range of managerial, technical
and behavioral skills to the participants to prepare
themselves for the role of a treasury professional.
Assessment
The treasury function exists in every business. In small
The course Certification in Treasury Management
firms it may be part of a department that's
(CTM) contents 8 modules. Module 101 to 106 will
responsible for other functions, such as accounting
be of 100 marks each and Module 107 & 108 will be
or company secretarial work, etc. but in larger
of 50 marks each. In total the assessment will be for
organizations it is likely to be a separate department
700 marks. The assessment for the course CTM is a
reporting to the chief financial officer, but it needs to
blend of both assignments and examinations.
communicate well with the rest of the organization
to provide an effective service.
For more details, participants will be provided
additional information separately during the classes.
The practice of establishing a specialist treasury
function can be traced back to the late 1960s.
Technological developments, increasingly volatile
interest rates and exchange rates, combined with the
Suitable Candidates
globalization of business, etc. have all created greater
1. Working executives in the financial markets
opportunities and risks for businesses over the past
domain facing exposure to the following areas
five decades. To survive in today's complex financial
– Treasury Operation,
environment, businesses must be able to manage
– Fund Management,
both their ability to take these opportunities and
– Credit Analysis,
their exposure to the risks they create.
– Research analysis,
– Risk Management
The Treasury function in any corporate has always
– Financial Advisory Services,
been important in making sure that the business has
– Trading in Fixed Income and Currency
sufficient liquidity to meet its obligations, whilst
Market,
managing payments, receipts and financial risks
– Regulatory Compliance,
effectively.
– Regulation & Policy Making, etc.
2. Those who wants to begin their career in the
The continuous growth and development of capital
areas mentioned in sub-para 1 above.
market in India has created enormous demand
3. Faculties of Management Colleges, Trainers,
for professionals with proficiency in Treasury
Management Students, Investors, Consultants,
Management.
Financial Reporters, etc.
The CTM programme will also serve as continuing
The basic eligibility for the course is graduation
professional development programme and update
in any discipline from any university recognized
the knowledge of the participants.
by UGC or equivalent.
The participants of the CTM course may seek to start
their career with the following organizations:
Uniqueness about CTM:
Banks, NBFCs, other Financial Institutions, Insurance
• A 3½ months, week-end classroom programme
Companies, Large Corporates & Industry Groups,
for Working Executives.
Long term Pooled Investment Vehicles like Pension
• Convenient schedule across 16 Saturdays/Sundays
Funds, Provident Funds, Gratuity Funds, etc. Mutual
and timings from 10.00 am to 5.30pm.
Funds, Alternative Investment Funds (AIFs), Portfolio
• Core faculty team would be a mix of NISM Faculty
Management Services (PMS), Credit Rating Agencies
and Industry Experts, Professionals, etc.
(CRAs), Foreign Portfolio Investors (FPIs), Brokers
• Interface with industry experts
(Debt), Dealers, Investment Advisors, Wealth
• Globally benchmarked curriculum
Managers, Stock and Commodity Exchanges,
• Policy-research based inputs, based on past
Regulators, Policy Makers, etc. in the areas of
experience
treasury operations, fixed income and currency
• Inputs on regulation from senior officers from
trading, fund management, risk management, credit
SEBI and RBI
06
LEARNING
ENVIRONMENT

07
 Learning Environment
NISM Bhavan, Vashi State-of-the-art Campus:
NISM's new campus at Patalganga spread over 70
Classes will be conducted at the institute's own acres of land on the scenic Mumbai-Pune Express-
campus at NISM Bhavan, Vashi, Navi Mumbai. It is way has state-of-the-art infrastructure that creates
equipped with a state-of-art classrooms and a library an ideal environment conducive to contemplative
with a rich collection of books and periodicals learning. The eco-friendly campus is Wi-Fi enabled
exclusively dedicated to the financial markets. It is and features well-equipped class-rooms, modern
conveniently connected by road and rail to various auditorium and a vast amphitheatre. The campus
parts of Mumbai and Pune. also has impressive residential blocks with separate
hostel facilities for male and female participants.
NISM Campus, Patalganga
Recreation Facilities:
NISM, with its proximity to the policy-makers and the The participants enjoy the luxury of modern
industry, draws upon the cream of academia and recreation facilities like swimming pool, squash
industry providing cutting-edge inputs in the court, gymnasium with modern equipments, table
securities markets domain. tennis and badminton halls, yoga hall, cafeteria and
more. The recreation blocks pose a refreshing
A wide range of pedagogical approaches is deployed environment offering a balance to the academic
– case-studies, role-plays, group discussions, trading rigor of the programme.
simulations, etc. The learning environment is further
stimulated by industry interface, finance lab with
modern technological infrastructure, state-of-the-art
campus, extensive library and other recreation
facilities. Book reviews, films related to Wall Street
and experiential sharing sessions with industry
experts complement the learning process.
Industry Interface: The institute organizes visits to
exchanges, depositories and various market
intermediaries providing exposure to industry
paradigm. NISM also invites a number of
practitioners from the industry for interaction with
the participants to share their experiences. These
platforms provide opportunities to the participants
to develop keen insights to industry practices and
nuances. Under the Leadership Series, senior
executives from top organizations and SEBI share
their experiences.

Finance Lab:
The trading simulation lab with streaming market
data is a key highlight of the programme. The one-
of-its-kind finance lab provides access to the
participants to databases such as Bloomberg,
Prowess, etc. and application software such as
MATLAB, SAS, R, WinRATS, E-Views, etc.

Extensive Library:
The institute boasts one of the biggest specialized
libraries for Finance, which holds a rich collection of
over 9500 books on securities markets, domestic and
international magazines, newspapers, journals, etc.
The Through Science-Direct, the library provides
access to all leading academic journals in Finance,
Economics, Business and Management.

08
ACADEMIC
TEAM

09
 Academic Team
Prof. Sunder Ram Korivi various matters before Central Information Commission
Dean & Chair Professor (CIC), New Delhi. He had also worked with NABARD for
more than 3 years. At NABARD, he had worked in
Prof. Sunder Ram Korivi is an MA (Economics & Political District Planning Department (DPD) and Micro Finance
Science) and PhD (Business Policy & Administration) and Innovation Department (MCID).
from the University of Mumbai. He is a CA Rank-holder
and Fellow of the Institute of Chartered Accountants of
Dr. Latha Chari
India. Additionally, he is also an Associate member of
the Institute of Cost &
Dr. Latha Chari is a Doctorate in Finance from BITS
Management Accountants of India and the Insurance
Pilani, Post Graduate in Commerce and a FCMA (Fellow
Institute of India he was a full-time faculty member at
Member of the Institute for Cost Accountants of India).
SP Jain Institute of Management, and later, a Professor
She has an experience of about two decades equally
at NMIMS University, where he also served as the Head
divided between academia and industry. She started her
of the Departments of Finance and Economics. His
academic career as a Fellow with IILM, Lodhi Road, New
interests are in the fields of Financial Institutions &
Delhi.
Markets and Fixed Income Securities. He has been
nominated to the Board of Advanced Studies, ICMAI
Before joining NISM, Dr. Chari has worked with Institute
and as a subject expert at LNJP Institute of Criminology
for Technology and Management and ITM Institute of
and Forensic Science and the Board of Studies - Finance
Financial Markets for more than a decade. She joined
at the University of Kashmir. He has conducted policy-
ITM as lecturer and grew up the hierarchy to become
oriented research for the Central and State
the Deputy Director, heading ITM Institute of Financial
Governments and for SEBI. An adjunct faculty at IIM
Markets. During her academic tenure she has published
Kozhikode, he has also lectured at IIT Bombay, NIBM,
papers in various national and international journals
NIA, NITIE, BSE and other institutes of national
and has conducted MDPs in the areas of financial asset
importance. He has been with NISM since 2008. He has
valuation, strategic cost management, trading and
prior work experience with Business India as a
Corporate Researcher, Tata Industrial Finance
Corporation as a Merchant Banker and also with operations in equity markets, performance evaluation
Axiomé as a Merchant Banker. of mutual funds and the like.

Dr. Chari's areas of research interests include strategic

Mr. Jitendra Kumar cost management, corporate valuations, shareholder
Faculty Member value enhancement and similar studies. She has special
interests in establishing finance labs and in design,
Mr. Jitendra Kumar is a BA (Honours) in Economics from development and delivery of lab based courses in the
Ramjas College, Delhi University and MA (Economics) areas of banking and financial markets.
from Jawaharlal Nehru University (JNU), New Delhi. He
has done LL.B from Mumbai University and Post
Graduate Diploma in Securities Law from Govt. Law
College (GLC), Mumbai. Besides, he has also done UGC
(NET) in Economics and CAIIB from Indian Institute of
Banking and Finance (IIBF).

Before Joining NISM on deputation, he has worked with

Securities and Exchange Board of India (SEBI) for more
than a decade. His work profile at SEBI included
Investigations related to securities market manipulation,
registration/regulation/ inspection/ policy works related
to the Portfolio Manager, Alter- native Investment Fund
(AIF), Investment Adviser, Foreign Venture Capital
Investor (FVCI) and Corpo- rate Bonds. He has also
worked in RTI Cell of the SEBI and represented SEBI in

10
Dr. Akhlaque Ahmad
Dr. Akhlaque Ahmad holds Ph.D. (Quantitative
Finance), M.Phil (Cryptography), M.Sc. (Applied
Mathematics) and Postgraduate Diploma in Financial
Engineering (PGDFE). He has been Research Fellow of
Department of Science Technology (DST), Ministry of
Science and Technology (Govt. of India).
At NISM, Dr. Ahmed is associated with School of
School of Securities Education and School for Securities
Information and Research and teaches Mathematical
Finance, Computational Finance and Machine Learning
Methods in Finance. He is programme director of Post
Graduate Diploma in Quantitative Finance (PGDQF) and
Post Graduate Diploma in Data Science (PGDDS) jointly
conducted by NISM and University of Mumbai.
Prior to joining NISM, Dr. Ahmed was teaching
Financial Mathematics, Statistics and Finance at
international programmes conducted in India by the
London School of Economics and Political Science (LSE).
Visiting Faculty
Our visiting faculty team is drawn from a large pool
of industry experts, such as Fund Managers, Treasury
Professionals, Risk Managers, Credit Analysts,
Officials from Regulatory Boards, etc. Who are
practitioners cum academicians. This adds immense
value in terms of practical learning for the
Participants of the programme.
Support Team
Rajshekhar Torgal
Deputy Manager, Programme Office
Mr. Torgal is a BBA from Karnataka University with a
First class he is a Post-Graduate in Industrial
Relations and Personnel Management. He has a total
of 13 years of experience, of which 3 years were in
Industry (Sugar Industry) and 3 years as a District
Manager in the e-governance project of Government
of Karnataka. Prior to joining NISM, he worked with
He was also a visiting faculty at ICT, NITIE,
University of Mumbai and its various B-Schools at
postgraduate level over a decade and was teaching
Mathematical Finance, Data Mining, Time Series
Modeling, Derivatives and Risk Management, Portfolio
Theory, Corporate Finance, Decision Sciences,
Operations Research and Commodity Markets.
Dr. Ahmed's area of research interest is Financial
Engineering, Data Sciences and Financial Derivatives.
He has delivered talks and presented research papers at
University of Oxford, UK, National University of
Singapore, Singapore, Royal Flemish Society of Science
and Arts, Belgium, Bradley University, Boston
University, USA, National Research University, Russia,
Osaka University, Japan and in several prestigious
national and international conferences. He has
published research work in the area of Financial
Engineering, Financial Economics and Financial
Derivatives in journals of international repute.
ICFAI University and Pearson education. His
experience in the education sector totals 7 years.
Sachin Dhuri
Programme Assistant, Programme Office
Mr. Dhuri is a B.A. from the University of Mumbai.
Prior to NISM, he has worked in a
telecommunication company. He looks after the day-
to-day running of academic calendar for SSE.
Ema Garg
Academic Associate, NISM
Ms. Ema has done MBA in Finance from Manav
Rachna. Prior to NISM, she has worked as an
Assistant Professor in Management Department,
S.I.E.S College of Commerce and Economics,
Mumbai University for 3 Years and Commerce
Department, Keshav Mahavidhyalya, Delhi University
for 2.5 years. She has worked as a Finance Executive
with Henley Infrastructure Pvt. Ltd, Delhi for 1 year.
11
 PROGRAMME
DESIGN &
CONTENT

12
Programme Design and Content
The CTM programme is conveniently spread across 16 Saturdays/Sundays (3½ months duration at
a stretch) and shall be conducted for 6 hours each day, totaling to 96 hours, as under:

Course Code Course Class Hours

Treasury – Operation
– Organization Structure
101 – Types 15
– Process
– Operation, etc.

Treasury Market - 1
– Classification of Treasury Market
102 15
– Money Market
– Bond Market

Treasury Market - 2
– Capital Market
103 15
– Commodity Market
– Forex, etc.

Treasury Mathematics
– Time Value of Money
– Technical Analysis
– Yield Curve Analysis
– Valuation of Bonds
104 15
– Risk Measures and Analysis
– Financial Statement Analysis
– Investment Appraisals
– Effciency Ratios vs. Valuation Ratio, etc.
With hands-on in excel

Investment Analysis, Strategies & Risk Management

– Investment Analysis
– Investment Strategies
105 15
– Risk Management, etc.
Through Bloomberg Terminal and Simulation Lab, if required

Treasury Monitoring
– Role of IT in Treasury management
– Accounting
106 15
– Audit
– Taxation,
– Regulation, Supervision and Compliance, etc.

Activity-based Learning
107 – Expert Talk on current Investment Environment 06
– Group Presentations

108 Project Dissertation 00

Fee
The course fee, inclusive of course materials will be `42,500/- plus GST @ 18%
The entire fee is payable on receipt of the admission letter, not later than January 15, 2018.

Particulars Fee

Tuition Fee 40,000

Examination Fee 2,500
Total 42,500

13
 Refundable Deposits
The participants are required to pay refundable deposits, subject to terms and conditions, as detailed below:

Particulars Fee

Library Deposits 5,000

The deposits are refundable subject to adjustment of any dues from the students.

Important Dates
Last date for online registration January 10, 2018

Intimation to short-listed candidates Continuous basis

Last date for payment of fee January 15, 2018
Commencement of programme January 21, 2018

Upon selection, the short listed candidates will need to produce their original documents in respect of
their graduation degree and other documents in support of their application, along with photocopies of
the same, 3 passport size photographs, for verification at the time of admission.

Application for CTM

The prospectus and application form can be downloaded from the Institute's website: www.nism.ac.in

Candidates can also obtain the application form along with prospectus from the Institute's office at Vashi
(Mumbai).

Application Forms, duly filled in all respects, along with a demand draft of `500/- (Rupees five hundred
only) drawn in favour of “National Institute of Securities Markets” payable at Mumbai, should be sent to
CTM Admissions Office, NISM at the address given on the last page (with the name of the programme on
top of the envelope).

National Institute of Securities Markets (NISM)

NISM Bhavan, Plot No. 82, Sector 17, Vashi
Navi Mumbai - 400703 Maharashtra

Ph No: 022- 6673 5206 | 022- 6673 5135

Email: ctm@nism.ac.in

Incomplete forms and forms received after the due date will not be accepted. Please do NOT enclose copies of
any certificate along with the application form.

Alternatively, the scan copy of the completed application form may also be sent by email to
latha.chari@nism.ac.in / or ctm@nism.ac.in

Online Application
Applicants can submit online application through the following link:
https://nism.wufoo.eu/forms/ctm-2018-registration-form/

Pay application fee online through the following link:

https://www.onlinesbi.com/prelogin/icollecthome.htm?corpID=636455

Programme Director
Dr. Latha S. Chari
Ph No: 022 6673 5135/5206 | Mo. 9819647165
Email: latha.chari@nism.ac.in, ctm@nism.ac.in

14
NISM BHAVAN

NATIONAL INSTITUTE OF SECURITIES MARKETS

Plot No. 82, NISM Bhavan, Sector-17,
Vashi, Navi Mumbai - 400 703
Board Line: +91-22-66735100-02 | Fax: +91-22-66755710

NISM CAMPUS

NATIONAL INSTITUTE OF SECURITIES MARKETS

Plot No. IS 1 & IS 2, Patalganga Industrial Area,
Village Mohopada, Taluka Khalapur,
District Raigad, Maharashtra - 410222