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Prof. Anilkumar G. Garag

Prof. Anilkumar Gopal Garag

Ph.D., Goa University
Professor, School of Management Sciences

Prof. Anilkumar Gopal Garag

Ph.D., Goa University
anilgarag@chanakyauniversity.edu.in
Financial Markets, Derivatives, Entrepreneurship, Strategy implementation

My research quest has always been driven by one simple question: how can we make finance both understandable and useful—for markets, institutions, and ordinary decision-makers? I come to this work from a blended identity: Over the last two decades, my professional life has moved through stock markets, investment banking, and management education—so my research naturally sits at the intersection of market reality and academic rigor.

A major thread in my work is financial derivatives—not as abstract instruments, but as forces that shape risk, volatility, and behaviour in the spot market. I have been interested in understanding what derivatives really do to price discovery and stability, and how investors and institutions can interpret signals more responsibly. This curiosity also led me toward volatility modelling and econometric thinking—because if risk is the “price” of uncertainty, then measuring volatility is one of the most practical ways to understand that uncertainty.

At the same time, I have never viewed research as something that belongs only inside journals. One of my continuing concerns is the industry–university interface in finance education: how universities can function like incubators that create market-ready capability and entrepreneurial confidence, rather than producing learning that is disconnected from the field. In my writing on this theme, I emphasize that finance education must stay aligned with real institutional needs, regulatory realities, and employability—without losing academic depth.

My research journey also extends into the social economy. Supporting Farmer Producer Companies—helping in formation, capacity building, and governance—because finance is not only about capital markets; it is also about strengthening community enterprise and sustainability.

Finally, I continue to support start-ups in financial services and wealth management—because for me, research is complete only when it improves thinking, practice, and outcomes.

Anilkumar G Garag has taught at Chanakya University’s school of management sciences since 2022. He is interested in Financial Markets, Derivatives, Entrepreneurship and implementation of strategy.

He has held academic leadership roles as Former Director of Bapuji B-Schools, Davangere, and Former Director of Global Business School, Hubli. His publication profile includes three books and multiple refereed national and international journal papers, alongside widely read newspaper contributions (including The Economic Times, Business Line, and others). He has also co-authored and disseminated work on themes such as the industry–university interface in finance education.

Beyond academia, he has served as a consultant-trainer with an AFC/GIZ affiliate, supporting Farmer Producer Companies (FPOs/FPCs). He has supervised five Ph.D. scholars in financial markets and has presented papers at various national and at international forums.

  • Ph.D., Goa Business School 2010, Goa University
  • Company Secretary (Executive), 2016, ICSI India
  • MBA, 1994, Kousali Institute of Management Studies
  • B.E. Ind & Prod Engineering, 1991, GIT Belgaum, Karnatak University Dharwad

  1. A. G. Garag and B. Ramesh, “Relationship between futures price and open interest in stock and index futures in the Indian stock markets: Empirical analysis,” in Proc. Int. Conf. on E-Business, Management and Economics (IPEDR), vol. 3, 2011, pp. 5–8.
  2. A. G. Garag, Valuation of Futures in Indian Stock Markets, Ph.D. dissertation, Goa University, Goa, India, 2009.
  3. S. Levi, A. G. Garag, and S. Merlyn, “An empirical study on performance of emerging and developed stock markets with reference to Indian stock market,” Int. Educational Scientific Research J., vol. 2, no. 12, pp. 92–96, 2016.
  4. C. G. K. and A. G. Garag, “Equity market linkages among India and selected ASEAN countries: An empirical analysis,” Int. J. Bus. Econ. Anal., year n/a.
  5. Y. M. Gireesh and A. G. Garag, “Human resource practices that nurture corporate entrepreneurship: Empirical evidence from the IT industry,” Int. J. Adv. Res., vol. 2, no. 8, pp. 522–526, 2016.
  6. G. K. Chethan and A. G. Garag, “Modelling and forecasting stock market volatility of S&P CNX NIFTY-50 using GARCH family models,” GE-Int. J. Management Res., vol. 4, no. 6, pp. 154–166, 2016.
  7. P. Walavalkar and A. G. Garag, “A pragmatic investigation of mutual fund performance determinants,” Int. J. Financial Management, vol. 10, no. 4, 2020.
  8. P. Walavalkar, K. Shivashankar, and A. G. Garag, “Identification of efficient mutual funds using data envelopment analysis,” Int. J. Bus. Analytics & Intelligence, vol. 8, pp. 1–7, 2020.
  9. P. R. Katagal, R. R. Mutkekar, and A. G. Garag, “Exploring internet banking service quality attributes and its impact on customer satisfaction,” Pacific Business Review Int., vol. 11, no. 3, 2018.
  10. S. M. Levi and A. G. Garag, “Investment evaluation of selected mutual funds with SIP and NIFTY index: An empirical study,” Int. Res. J. Management and Commerce, vol. 4, no. 10, pp. 139–149, 2017.
  11. S. M. Levi and A. G. Garag, “Technical analysis of selected IT stocks from NSE with special reference to MACD and Altman Z-Score,” GE-Int. J. Management Res., vol. 5, no. 1, pp. 1–6, 2017.
  12. V. Badgi, P. Rathod, and A. G. Garag, “Open interest band as a predictor of underlying futures price: Empirical evidence from the Indian options market,” J. Tianjin Univ. Sci. Technol., vol. 55, no. 3, 2022.
  13. A. G. Garag, “A study on factors affecting mutual fund performance,” year n/a.

Project 1

  • Title: Market Survey for Tarun Bharat Belagavi
  • Duration: 3 months
  • Granting Agency: Private (Tarun Bharat)
  • PIs/Co PIs: None
  • Purpose: to study the market trends and enhance circulation
  • Short Description: A market survey to find the buying behaviour of Tarun Bharat Daily and formulate strategies to increase circulation.
  • Status: Completed in 1999
  • Grant Amount: Rs. 25,000

Project 2

  • Title: Preparation of District Industry Profile for Belagavi District
  • Duration: 6 months
  • Granting Agency: District Industries Centre Belagavi
  • PIs/Co PIs: D N S Kumar (PI) / Anilkumar Garag (Co PI)
  • Purpose: To prepare a profile of industries in Belagavi District.
  • Short Description: An Industry profile of Belagavi district was printed and published to enable anybody who would like to know the type of industries in the Belagavi district and take business decisions based on the profile
  • Status: Completed in 2003
  • Grant Amount: Rs. 50,000

Project 3

  • Title: Preparation of District Industry Profile for Davanagere District
  • Duration: 6 months
  • Granting Agency: District Industries Centre Davanagere
  • PIs/Co PIs: Anilkumar Garag (PI)
  • Purpose: To prepare a profile of industries in Davanagere District.
  • Short Description: An Industry profile of Davanagere district was printed and published to enable anybody who would like to know the type of industries in the Davanagere district and take business decisions based on the profile
  • Status: Completed in 2013
  • Grant Amount: Rs. 75,000

Project 4

  • Title: Strategic consultancy for NWKRTC
  • Duration: 6 months
  • Granting Agency: NWKRTC
  • PIs/Co PIs: Anilkumar Garag (PI)
  • Purpose: To study the business of NWKRTC and suggest logistical changes to improve profitability
  • Short Description: A passenger survey was conducted across all the divisions of NWKRTC and a detailed study of Passenger leads was undertaken to ascertain profitability of routes and a comprehensive strategy for improvement of efficiency of NWKRTC was formulated.
  • Status: Completed in 2013
  • Grant Amount: Rs. 500,000

Project 5

  • Title: Financial Evaluation of Souharda Societies in Karnataka
  • Duration: 18 months
  • Granting Agency: Karnataka Souharda Federal Cooperative Ltd.
  • PIs/Co PIs: Anilkumar Garag (PI)
  • Purpose: To evaluate the financial performance of the Souharda cooperative societies in Karnataka
  • Short Description: Financial performance evaluation of selected Souharda cooperatives was carried out to understand the status of their finances and the reasons for unusual financial results
  • Status: Completed in 2025
  • Grant Amount: Rs. 3,50,000

  • Certification in Security Analysis and Portfolio Management from MDI Gurgaon
  • Certification in International Financial Management From MDI Gurgaon
  • Fellow of Institute of Valuers (Plant and Machinery)
  • Life member of Institute of Engineers
  • Life member of All India Management Association
  • Life member of Indian Commerce Association
  • Member, Rotary Club of Bangalore Oasis
  • Trained at NITIE (IIM Mumbai) on Management Teaching Techniques

  1. A. G. Garag, “King Consumer,” The Economic Times, Mumbai ed., Sep. 30, 1999.
  2. A. G. Garag, “Howcome Dotcom,” The Economic Times, Mumbai ed., Apr. 22, 2000.
  3. A. G. Garag, “Strategic management in the new millennium,” in Managing Business in the New Millennium, Belgaum, India: IMER Publications, year n/a.
  4. A. G. Garag, “Aptitude test,” Tarun Bharat, Belgaum ed., year n/a.
  5. A. G. Garag, “Test of reasoning,” Tarun Bharat, Belgaum ed., year n/a.
  6. A. G. Garag, “Working in a team,” Tarun Bharat, Belgaum ed., year n/a.
  7. A. G. Garag, “Positive attitude,” Tarun Bharat, Belgaum ed., year n/a.
  8. A. G. Garag, “Be your own boss,” Tarun Bharat, Belgaum ed., year n/a.
  9. A. G. Garag, “Managing foreign exchange risk using futures contracts (transaction exposure),” Belgaum Chamber of Commerce Monthly Magazine, Apr. 2010.
  10. A. G. Garag, “Putting education on course,” Business Line, Oct. 26, 2012.
  11. A. G. Garag, “Do you want to pursue MBA? (MBA Madabeka),” Prajavani, Sep. 9, 2012.
  12. A. G. Garag, “Factors for choosing an MBA institute,” Deccan Herald, Jul. 9, 2015.

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