Has cross-functional experience in academics as well as in the financial sector industry. Started his career in the corporate sector with Stock Holding Corporation of India Limited and was instrumental in establishing the branches at Bikaner and Alwar. Worked as branch manager in Standard Chartered-STCI Capital Markets Limited, Udaipur. After shifting his work arena from corporate to academics he has worked with Maharishi Arvind Institute of Science& Management Jaipur, Apex Institute of Engineering &Technology Jaipur, Sobhasaria Group of Institutions Sikar. Presently serving as Associate Professor in Mittal School of Business (ACBSP, USA Accredited), LPU.
Has published and presented several research papers in national & international conferences and seminars.
EDUCATION
Phd. in Management
RESEARCH INTERESTS
Expertise entails areas like Security Analysis and Portfolio Management, Indian Financial System, Management of Financial Services, Fundamental and Technical Analysis, Derivatives & Risk Management and research interest includes critical perspective on issues of securities market, depository system,
Market Efficiency and Option Pricing in India: Empirical Evidence From The National Stock Exchange Arun Kumar, Dr. Mahesh Kumar Sarva, Mr. Chakkaravarthy Kumaresan.R, Dr. Nitin Gupta International Journal of Accounting and Economics Studies, 2025 This study evaluates the pricing efficiency of Nifty 50 index options on the National Stock Exchange of India from April 2022 to March 2024 using the Black-Scholes model. This study applies the model by assessing pricing accuracy using historical volatility and weighted implied volatility (WSIV). The findings reveal significant price discrepancies, with call options trading below their fair value and put options trading above their fair value, indicating market inefficiencies. These inefficiencies persist despite regulatory reforms due to short-selling constraints that hinder effective dynamic risk hedging. The use of futures prices in the valuation model fails to eliminate inefficiencies, suggesting that Indian investors rarely employ futures for delta-hedging purposes. Notably, the WSIV method yields a systematic underestimation of theoretical option prices, contrasting with the patterns observed in more developed markets. The persistent pricing inefficiencies are attributed to Indian investors' reliance on historical volatility for option valuation. This study has important implications for academic researchers, market practitioners, and regulators, providing insights into the applicability and limitations of the Black-Scholes model in emerging markets, identifying arbitrage opportunities, and highlighting the need to address structural issues and trading asymmetries to enhance market efficiency.
Capital market manipulation and regulatory compliance – a bibliometric analysis of scholarly research in the post-2000 era Shailendra Singh, Mahesh Sarva, Nitin Gupta Qualitative Research in Financial Markets, 2025 Purpose The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and propose future research directions. Under the domain of capital markets, this theme is a niche area of research where greater academic investigations are required. Most of the research is fragmented and limited to a few conventional aspects only. To address this gap, this study engages in a large-scale systematic literature review approach to collect and analyze the research corpus in the post-2000 era. Design/methodology/approach The big data corpus comprising research articles has been extracted from the scientific Scopus database and analyzed using the VoSviewer application. The literature around the subject has been presented using bibliometrics to give useful insights on the most popular research work and articles, top contributing journals, authors, institutions and countries leading to identification of gaps and potential research areas. Findings Based on the review, this study concludes that, even in an era of global market integration and disruptive technological advancements, many important aspects of this subject remain significantly underexplored. Over the past two decades, research has lagged behind the evolution of capital market crime and market regulations. Finally, based on the findings, the study suggests important future research directions as well as a few research questions. This includes market manipulation, market regulations and new-age technologies, all of which could be very useful to researchers in this field and generate key inputs for stock market regulators. Research limitations/implications The limitation of this research is that it is based on Scopus database so the possibility of omission of some literature cannot be completely ruled out. More advanced machine learning techniques could be applied to decode the finer aspects of the studies undertaken so far. Practical implications Increased integration among global markets, fast-paced technological disruptions and complexity of financial crimes in stock markets have put immense pressure on market regulators. As economies and equity markets evolve, good research investigations can aid in a better understanding of market manipulation and regulatory compliance. The proposed research directions will be very useful to researchers in this field as well as generate key inputs for stock market regulators to deal with market misbehavior. Originality/value This study has adopted a period-wise broad-based scientific approach to identify some of the most pertinent gaps in the subject and has proposed practical areas of study to strengthen the literature in the said field.
Risk profiling of Indian commercial banks – a clustering approach Shailja Vashisht, Mahesh Sarva Afro Asian Journal of Finance and Accounting, 2024 It is important to understand the risk profile of banks to prevent systemic risk in the economy. The present study tracks the risk profile of Indian commercial banks using the k-means clustering approach based on selected financial variables indicative of prominent banking risks. Thirty Indian banks were studied from 2009-2020 and classified into high and low risk clusters. Analysis of variance was performed to identify variables crucial for their risk profiles. The findings indicate that profitability and credit risk variables are crucial for the risk profile of Indian banks. The overall performance of the Indian banking scenario has improved during the study period. The main contribution of the current study is to identify the characteristics of high and low risk banks based on the data mining clustering approach. This approach will be very useful for the government and regulators in achieving better results in banking consolidation.
The Rise of Finfluencers: A Digital Transformation in Investment Advice Shallendra Singh, Mahesh Sarva Australasian Accounting Business and Finance Journal, 2024 The primary aim of this study is to investigate the extent to which finfluencers can be considered experts who fulfill the critical role of information intermediaries contributing to the efficiency of financial markets. To assess this, we assembled a manually collected dataset consisting of recommendations made by finfluencers. We conducted an event study to analyze both short-term and long-term effects on stocks. The findings reveal that, on average, all stocks examined during the event window [-10, +10] days exhibit a noteworthy Cumulative Abnormal Announcement Return (CAAR). The outcome suggests that, in the short term, finfluencers may not be deemed as experts. In contrast, the long-term Buy-and-Hold Abnormal Returns (BHAR) were positive and also statistically significant. Considering these results and the frequent absence of financial licenses among finfluencers, along with their tendency to endorse risky investments, we endorse SEBI's action in issuing a consultation paper (dated 25th August 2023) to regulate unregistered finfluencers. These measures are aimed at safeguarding inexperienced investors from taking undue risks and ensuring the integrity of financial markets.
Exploring individual investor intentions towards socially responsible investment Priya Rana, Mahesh Sarva Sustainability Green Management and Performance of Smes, 2023 The aim of the study is to investigate the indirect impact of perceived risk, perceived return, trust, and morality through the mediating variable attitude towards intentions of Indian stock market investors. A sample from 213 Indian investors from the different districts of Haryana was collected to depict their responses utilizing a questionnaire with a five-point Likert scale. To do the analysis, the data were evaluated using Smart PLS v3.2. The Indian government's Ministry of Corporate Affairs (MCA) published the National Guidelines on Responsible Business Conduct (NGRBC). In NGRBC, Sustainable Development Goals (SDGs) were projected. Investors need to understand the good and negative results from their investments and related activities; endeavour to influence such outcomes in relation to the SDGs. The outcomes of the study indicate that the model depicts mediation of attitude between trust, perceived risk, perceived return, and morality towards intentions of individual investors who are currently holding accounts in the stock market.
Risks measurement in banking: A bibliometric and content analysis Shailja Vashisht, Mahesh Sarva, Hardeep Singh Mundi International Social Science Journal, 2022 Abstract Banking risk has gained interest from researchers after the global financial crisis and implementation of Basel III norms. The present study performs a scientific bibliometric analysis of research on banking risk till data. Research has been conducted on five major types of banking risks – credit, operational, market, liquidity, and interest rate risk – from 967 publications on Scopus database from 1967 to 2021. The results suggest that the research in the area is dominated by the United States, the United Kingdom, and China. The publications in top journals in the domain of finance and economics are less, but the number has increased after 2008–2009. The paper also performs content analysis on top‐cited papers of five risk categories to find major themes and theoretical, practical, and methodological contributions. These findings suggest scope for more research in risks other than credit and operating risks, as existing research is centred around modelling risk and predicting default rates. Researchers in the area should focus on programming and machine learning tools. Regarding policy implications, the research identifies key publications in risk modelling, which can be used as the basis of improved supervisory mechanisms and internal controls.
Factors influencing international institutional investments: A case study of the 21st century India Akriti Gupta, Gurpreet Kaur, Mahesh Sarva Research Anthology on Macroeconomics and the Achievement of Global Stability, 2022 At the turn of the 21st century, globalization of developed and developing countries in the world witnessed institutional inflows from international investors which became the main characteristic of global capital markets. The current research has assessed time-series data from 2000 to 2017 to understand how the different elements that have influenced the foreign institutional investments and helped India become a global market for such investors. The results revealed that political risk, financial market development, trade openness of the country, size of the economy, and rate of return on investment are the important determinants in attracting foreign institutional investments in India. The chapter also found economic risk and financial market risk played an insignificant role in determining foreign institutional investment in India. The findings of the research help the present government and market regulators to introduce policies aimed at increasing the flow of funds from international institutional investors.
Changes in the real estate sector in India: A case study International Journal of Recent Technology and Engineering, 2019
Impact of business news channels on investors' decision making - An exploratory analysis International Journal of Agricultural and Statistical Sciences, 2016
Impact of foreign institutional investment flows International Journal of Applied Business and Economic Research, 2016
Investors' perception regarding improvements in depository system International Journal of Economic Research, 2016
Startups can be the game changer for Indian economy International Journal of Applied Business and Economic Research, 2016
The application of yoga on effective mind body and stress reduction among students Man in India, 2016
Saving social cost by impacting factors determining driving speed International Journal of Applied Business and Economic Research, 2014
The "MODI" effect on stocks International Journal of Economic Research, 2014
