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Dr. M.S. Sahoo

Distinguished Professor

Dr. M. S. Sahoo joined the National Law University, Delhi as a Distinguished Professor on 20th December, 2021.


Dr. Sahoo is an acclaimed thought leader in financial markets, has four decades of professional experience. This includes two decades in regulation of markets and professions, as Chairperson, Insolvency and Bankruptcy Board of India (IBBI), Member of the Competition Commission of India (CCI), Secretary of the Institute of Company Secretaries of India, Whole-time Member of the Securities and Exchange Board of India (SEBI), and Economic Adviser with the National Stock Exchange of India Limited. As a Member of the Indian Economic Service, Dr. Sahoo has served several Ministries in the Government of India. He also had a brief but eventful legal practice.


As founder Chairperson of the IBBI, Dr. Sahoo spearheaded insolvency reforms in the country. In the first three years of insolvency reforms, India’s rank improved from 136 to 52 in resolving the insolvency parameter of the World Banks’ Ease of Doing Business report. It was adjudged as the most improved jurisdiction in 2018 by the Global Restructuring Review.


Dr. Sahoo has substantially influenced policies and reforms in financial markets over the last three decades. He played a key role in major reforms: architecture of regulator and regulatory tribunal (1995), dematerialisation of securities (1995), trading of equity derivatives (1999), online certification of professionals (2000), resolution of litigation relating to brokers' fee (2004), setting up of National Institute of Securities Markets (2004), demutualisation of stock exchanges (2005), trading of currency derivatives (2008), establishment of IBBI (2016), insolvency profession (2016), corporate insolvency framework (2017), valuation profession (2018), Graduate Insolvency Programme (2019), individual insolvency framework (2019), resolution of financial service providers (2019), pre-packaged insolvency resolution (2021) and building institutions of markets (1994-2021). He has contributed to securities jurisprudence by way of disgorgement of illegal gains and consent settlement, the first of their kind in the country.


Dr. Sahoo has conceptualised, designed, and authored several publications, including Indian Securities Market-A Review, NSE Research Initiative, Stock Exchange Factbook, SEBI Bulletin, NSE News, and Insolvency and Bankruptcy News, and edited a professional journal, Chartered Secretary. He has promoted extensive use of technology in education and examinations starting with NSE’s Certification in Financial Markets, the first online examination system in the country in 2000, and then in Company Secretary Course, Limited Insolvency Examination, Valuation Examinations. He has built bridges for two-way transmission of learning between industry and professions and added to body of knowledge relating to regulation of financial markets. He has delivered talks at various national and international fora and written over 100 articles on markets and institutions.


Dr. Sahoo has been Chairman / Member of several expert committees. These include Chairman of the Committees (Sahoo Committee I, II and III) on Depository Receipts, Domestic and Overseas Capital Markets, and External Commercial Borrowing; Chairman of the Committee of Experts on Institutional Framework for Valuation Profession; Member of the Competition Law Review Committee; and Member of the Insolvency Law Committee, all of which influenced economic reforms and regulatory architecture.


Dr. Sahoo has served on Boards of several organisations, including Oriental Bank of Commerce, Management Development Institute, National Institute of Securities Markets, Indian Institute of Corporate Affairs, SEBI, CCI and IBBI.


Dr. Sahoo is a qualified Company Secretary and has post-graduation degrees in Economics, Law and Management. He obtained PhD in economics from Mumbai University.

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