FLAME University


The Epicentre of Value Investing in India


Date: July 04 - 08, 2018


FLAME was founded with the concept of liberal education as its cornerstone. FLAME celebrates ideas, cherishes diversity, and strives to deliver an academic experience that fosters intellectual curiosity, a critical thought process, self-reflection, leadership and teamwork skills, a sense of commitment and professionalism and a heightened sensitivity to one’s sociocultural environment. FLAME aims to provide an interdisciplinary platform of education by propagating different models and paradigms through, but not limited to, history, philosophy, political science, psychology, business, economics, mathematics and finance.

As part of its endeavor to constantly redefine education, FLAME inducted the FLAME Investment Lab (FIL), an initiative that strives to deliver the concepts and decipher the art of value investing to interested students. FIL believes in the dictum “invest in yourself”. It provides tools for self-learning and acquiring knowledge, constantly striving for intellectual stimulation and asking questions. FIL strives to widen your horizons, aiding you to connect the dots within seemingly disparate information. FIL truly believes that the best investment is investing in yourself. As Socrates has said, “I cannot teach anybody anything. I can only make them think.”

After hosting multiple programs and FIL alumni meets that covered topics like valuation, accounting shenanigans, investment checklists, mental heuristics and negotiation amongst others, FIL is planning another program, ‘FLAME Investment Lab With The Masters – Invest In Yourself’, from July 04-08, 2018.

Our Belief

Stock markets are difficult to understand and for one to be a successful investor, one needs to follow a well-articulated process of investing and also have the discipline and the self-control, to follow the process chosen, without being distracted by the noise of the markets.

Long term investing is the key to successful investing. Investing follows the Law of the Farm: You cannot sow something today and reap tomorrow. A seed takes time and has to go through various seasons before it turns into a fully grown tree. So is the case with investing. There are no short cuts.

Our Philosophy



What Not to Expect

No Technicals, No Quantitative Models, No Recommendations.


Mr. Amay Hattangadi
Amay is a portfolio advisor in the Global Emerging Markets equity team, focusing on India. He joined Morgan Stanley in 1997 and has 19 years of investment experience. He is an Associate Member of the Institute of Chartered Accountants of India and holds the Chartered Financial Analyst designation. He is a frequent op-ed contributor to the Mint and has written for other leading publications including, the Economic Times, Business Standard and the Open magazine.

Mr. Amit Goela
Mr. Goela is a partner at Rare Enterprises and is responsible for its research enterprises. Rare is the investment advisory firm of Mr. Rakesh Jhunjhunwala. At Rare, besides coordinating a team of analysts, Mr. Goela focuses on domestic and global macro indicators and top down research to generate trading opportunities across asset classes. Amit started his career with ITC in their financial services division and prior to joining Rare in 2007, he has worked with Reliance ADA group and Alchemy Stock Brokers.

Mr. EA Sundaram
Mr. EA Sundaram is currently the Executive Director and CIO-Equities at DHFL Pramerica Asset Managers Pvt. Ltd. Previously, he was the Equity Fund Manager and Head of Research at Zurich Mutual Fund (1994-2003); Head of PMS Investments at HDFC Mutual Fund (2003-2008) and Portfolio Manager at M3 Investment Managers (2008-2013). In his career spanning over 26 years, Sundaram has had a vast exposure to public equity and fund management in various formats, closed and open-ended equity funds, family office and portfolio management services. He holds a Post Graduate from IIM-Ahmedabad.

Mr. Navneet Munot
Navneet Munot joined SBI Funds Management as Chief Investment Officer in December 2008. He has over 24 years of rich experience in Financial Markets. In his role, Navneet is responsible for overseeing investments worth over USD 30 billion across various asset classes in mutual fund and segregated accounts. In his previous assignment, he was the Executive Director & Head – multi–strategy boutique with Morgan Stanley Investment Management.
Prior to joining Morgan Stanley Investment Management, he has worked as Chief Investment Officer – Fixed Income and Hybrid Funds at Birla Sun Life Mutual Fund and worked in various areas such as fixed income, equities and foreign exchange. Navneet is on the board of Indian association of Investment Professional (India society of CFA charter holders with over 2000 members). His articles on matters related to financial markets have widely been published.
Navneet is a postgraduate in Accountancy and Business Statistics and a qualified Chartered Accountant. He is also a Charter Holder of the CFA Institute and CAIA Institute. He has also done FRM.

Mr. Nilesh Shah
Mr. Nilesh Shah is the Managing Director of Kotak Mahindra Asset Management Co. Ltd. He has over 25 years of experience in capital markets and market related investments, having managed funds across equity, fixed income securities and real estate for local and global investors. In his previous assignments, Nilesh has held leadership roles with Axis Capital, ICICI Prudential Asset Management, Franklin Templeton and ICICI Securities. Nilesh is a gold medalist chartered accountant and a merit ranking cost accountant. He has co-authored a book on Financial Planning called “A Direct Take”.

Mr. Raamdeo Agrawal
Mr. Agrawal is a Chartered Accountant, Co-founder and Managing Director of Motilal Oswal Financial Services Limited. He is passionate about Equity Research and investing into Equity markets and inspired by Warren Buffet’s thoughts and his style of investing. Mr. Agrawal has been a frequent visitor at FLAME and addressed students and participants at courses held here, captivating every audience.

Mr. Rajeev Thakkar
Mr. Rajeev Thakkar Rajeev Thakkar is the Associate Director and Chief Investment Officer (CIO) of PPFAS Mutual Fund. He currently manages its flagship scheme titled ‘Parag Parikh Long Term Equity Fund’. He is a Chartered Accountant, Cost Accountant and CFA Charterholder. He possesses nearly two decades of experience in various segments of the capital markets such as investment banking, corporate finance, securities broking and managing clients’ investments in equities. He is a strong believer in the school of “value-investing” and is heavily influenced by Warren Buffett and Charlie Munger’s approach. He has contributed periodically to publications such as ‘Mint’ and ‘Economic Times’.

Mr. Ramesh Damani
Mr. Damani, member of the Bombay Stock Exchange, is one of the most successful investors in India. A proponent of the Buffett style of value investing, Mr. Damani’s views about equity markets are ardently followed. He completed his undergraduate at HR College and postgraduate at California State University.

Mr. Ridham Desai
Ridham Desai is a Managing Director of Morgan Stanley with 20 years at the firm. He heads Morgan Stanley’s Indian Equity Research team which is the top ranked team in the country. He is the country’s top ranked equity market strategists and has been consistently ranked among the best analysts in the country over his career spanning over 26 years. He has represented Morgan Stanley in several public debates on the equity market and the economy and is also a regular media contributor. He has led debates on the Indian economy since the beginning of the 90s penning several path breaking reports on the country. The latest such report is India’s Digital Leap: The Multi Trillion Dollar Opportunity which discusses how the digitization of the country over the past three years is taking the country into a new growth orbit and how India could be best investment destination in the world in the coming years.

Mr. Sanjoy Bhattacharya
Mr. Sanjoy Bhattacharya is a Partner at Fortuna Capital. He has earned a PGDM from IIM-Ahmedabad. He was the erstwhile Chief Investment Officer of HDFC Asset Management Company prior to which he was associated with UBS Warburg. He is a value investor with an abiding interest in behavioral finance. Apart from investing, he has a passion for bridge and the visual arts.

Mr. Sunil Singhania
Mr. Sunil Singhania is the founder of Abakkus Asset Manager LLP. He also serves as the Chairman of the Investment Committee of CFA Institute, USA. Earlier, he was CIO - Equity Investments at Reliance Mutual Fund. Sunil is a Chartered Accountant with an all India rank and also a CFA charterholder. Sunil has a total experience of over 23 years. Before his association with Reliance Mutual Fund, Sunil gained considerable experience on the sell side in Indian equity market. He was the first from India to be elected as the Director on the Global Board of Governors of CFA Institute, USA. He was a member on the Standards & Practice Council of the CFA Institute, USA, for 6 years, the first and only member so far based in India to do so. He is ranked No.1 Equity Fund Manager in India by Outlook Business magazine over a ten-year period. Under his leadership, Reliance Mutual Fund was recently awarded, the Best Equity Fund Manager Award over last one year by Business Today.

Mr. Vetri Subramaniam
Mr. Vetri Subramaniam serves as the Group President and Head of Equity at UTI Asset Management Company Limited. Prior to this, Mr. Subramaniam served as the Chief Investment Officer and Fund Manager at Religare Invesco Asset Management Company Private Limited. He has extensive experience in the Indian equity markets having previously been involved with AEGON Asset Management Company Pvt. Ltd., Motilal Oswal Securities Ltd., Boyer Allan Investment Management, Capris Investment Management and Kotak Mahindra Asset Management Company Ltd. He holds a PGDM in Finance from IIM-Bangalore.

*While we have received confirmations from all speakers, the speaker list could change.

Past Speakers

Name Designation Company Year
Bharat Shah Executive Director ASK Group June 2012, 2014, 2015; July 2016, 2017
Kenneth Andrade Founder and Chief Investment Officer Oldbridge Capital Management Pvt. Ltd. July 2016, 2017
Manish Chokhani Director ENAM Holdings June 2012, 2013; July 2016, 2017
Rakesh Jhunjhunwala Founder RARE Enterprises June 2012, 2013, 2014, 2015
Sandeep Kothari Portfolio Advisor Fidelity Investments June 2014; July 2016, 2017
Saurabh Mukherjea Chief Investment Officer Ambit Capital July 2017

FLAME Investment Lab Resources

Over the years, FLAME Investment Lab has been able to attract the most revered and noted investment minds of the country. Their candid sessions elaborating their investment experience has gone a long way in shaping the investment thought processes of the participants.
Some of the wisdom from these investment masters can be found at:

Selection Criteria

Candidates who have the aspirations for a successful career in investment management are encouraged to attend. This programme is highly recommended for candidates who share our conviction in value investing and behavioral finance. Each applicant will be evaluated on several criteria to ensure that the participants selected for the program are well-rounded individuals with capacities of contributing to classroom participation and peer learning. Acknowledging that learning also comes from diverse backgrounds, participants will be selected on the following criteria:

  • Quantity and quality of work experience
  • Commitment and passion for the field of investments
  • Evidence of professional success
  • Education qualifications

Only applicants who have not attended a previous ‘FIL With The Masters Programme – Invest In Yourself’ will be eligible for selection. FLAME reserves the right for selecting participants to this programme.

Application Procedure

To apply the applicant must:

Who Should Attend

Over the past few years, FLAME Investment Lab has become the sought after learning and training standard for practitioners seeking to enhance their careers in Indian capital markets. This course is designed for anyone involved in a full time professional investing career in Indian capital markets. Age profiles of participants in the past have ranged from individuals above 20 years of age to also above 60 years. This course is designed to enhance knowledge and provide networking opportunities amongst likeminded long term investors.

Program Fees

  • INR 1,00,000 plus GST (INR 1,18,000) which includes tuition, course materials, meals, on campus accommodation.
  • Fee does not include travel and other incidental expenses.
  • Fees should only be paid after notification of your selection status. Please refer to the section on application deadline for selection notification date. Details regarding fee payment will be emailed to selected candidates seperately.
  • For cancellations, please send an advance notice to the programme team at This email address is being protected from spambots. You need JavaScript enabled to view it..
  • You can avail a full refund if cancellation is made 3 weeks before the commencement of the programme; half the fee refund if cancellation is made 2 weeks before the commencement of the programme. There will be no refund if cancellation is made less than 2 weeks before the commencement of the programme.


Accommodation will be provided in a non-AC, single room to all participants at the FLAME campus in Pune for the duration of the programme.

Application Deadline

April 25, 2018.

Confirmation emails will be sent to the selected participants by Thursday, May 03, 2018.


July 04-08, 2018


FLAME University
Gat No. 1270, Lavale, Off. Pune Bangalore Highway,
Pune - 412115, Maharashtra, India.

Facilities & Infrastructure

FLAME offers 60 acres of tranquil space, just 13 kms. from the Pune University main gate. It is an eco-friendly campus adjoining a 18-hole golf course. FLAME has a football ground, international size cricket ground, tennis courts, basketball and volleyball courts, gymnasium and an outdoor swimming pool. FLAME also has a floodlit indoor sports hall with facilities for badminton, snooker and table tennis.

Its academic spaces include lecture theatres, conference rooms, a library, a performing arts studio, a visual arts studio, a sculpture studio, Physics, Chemistry & Biology labs, and amphitheatres. Some of the other amenities include cafes, Wi-fi connectivity, an infirmary and an ambulance in case of emergency.

During the duration of the program, participants are encouraged to explore the campus and use the facilities FLAME offers.

Library of Mistakes
FLAME University’s Vivekananda library has become the first ever International branch of Library of Mistakes, Edinburgh. It is the only international branch outside of the home country. The Library of Mistakes, Edinburgh, is founded by the renowned market historian, Russell Napier. It provides a resource for the study of mistakes made in the sphere of business and finance, learning from the economic disasters of the past thereby improving financial understanding amongst professionals, students and the public. It focuses on the recorded uncertainty of how things work in the real world following the financial experiments of the past which ended in success and failures alike. Participants are allowed to browse through the resources of the Library of Mistakes at the FLAME Vivekananda Library.


Toll-free No: 1-800-209-4567
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.flame.edu.in