FLAME University


The Epicentre of Value Investing in India

FLAME Investment Lab With The Masters- Invest In Yourself

FLAME was founded in 2004 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 socio-cultural environment. FLAME aims to provide an interdisciplinary platform of education by propagating different models and paradigms through, but not limited to, history, philosophy, political sciences, psychology, business, economics, mathematics and finance. FLAME comprises of four schools – FLAME School of Liberal Education, FLAME School of Business, FLAME School of Communication and FLAME School of Fine & Performing Arts.

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 four programs and a FIL alumni meet in June 2012, October 2012, June 2013, January 2014 and April 2014 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 June 11-15, 2014.

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.

Guest Speakers

Mr. Abhay Havaldar
Mr. Abhay Havaldar is an Advisory Director at General Atlantic, a global growth equity firm, where he has worked since 2002. Mr. Havaldar established General Atlantic's India office in 2002 and thereafter established the Singapore office in 2011. Mr. Havaldar currently serves as a Director on the board of Jubilant Life Sciences Ltd., IBS Software Services (P) Ltd. and National Stock Exchange of India Ltd. Prior to this, Mr. Havaldar started his career with TATA and has held operating management responsibilities at TATA Infotech and HCL Info systems. He has been an investor in Indian businesses since 1996, as a partner at Draper International and Connect Capital. He is a Charter Member of The Indus Entrepreneurs (TIE). Mr. Havaldar holds a bachelor’s degree in electrical engineering from the University of Bombay and a Masters in management degree from the Sloan Fellow program at the London Business School.

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. Bharat Shah
Mr. Bharat Shah is a qualified rank-holding Chartered Accountant, Cost Accountant and MBA (Finance) from IIM, Calcutta, having topped the class in Finance. Bharat has nearly 25 yearly of experience in the Indian capital markets with deep interface in Indian corporate world. He represents comprehensive insights in Indian Capital markets (equity and fixed-income) with strong emphasis on bottom-up investment philosophy. He has a considerable understanding of global businesses and stock picking is a special strength. The Investment Philosophy emphasizes buying only quality businesses enjoying superior growth but at reasonable valuations. As Director/ Partner of ASK Group, he provides strategic guidance and support to the CEOs in managing their respective businesses but is intimately involved with, and supervises, the Investment management business of the Group (the other three businesses of the Group are: Real estate, Wealth Advisory and Private Equity). He is deeply passionate about Investing and all things that go with it. In 2013, he authored a book entitled “Of Long-Term Value & Wealth Creation from Equity Investing: Observation, Ideas & Reflections”.

Mr. Govind Ethiraj
Govindraj Ethiraj is a television & print journalist and Founder of Ping Digital Broadcast, a start up television knowledge, news & talent network for digital audiences. He is also Founder of www.indiaspend.org, India’s first data journalism initiative and a social entrepreneurship venture. He writes for Forbes India and Business Standard and is also a Consulting Editor with television channel Headlines Today where he presently anchors the show: Bottomline. Previously, he was Founder Editor in Chief of Bloomberg TV India and prior to that he worked with Business Standard newspaper as Editor (New Media) and CNBC TV-18.

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 (Quality, focused, long term and buy and hold).

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.

Prof. Sanjay Bakshi
Prof. Bakshi is a teacher and a practitioner of value investing in India. As a professor at MDI Gurgaon, he teaches a popular course titled Behavioral Finance & Business Valuation. He is also an adjunct faculty member at IIM Lucknow. Prof. Bakshi is also Managing Partner at ValueQuest Capital LLP- a firm specialising in moat investing in India.

Mr. Sanjoy Bhattacharya
Mr. 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. He writes a monthly column titled the Consilient Investor for Forbes India. Apart from investing, he has a passion for bridge and the visual arts.

Mr. Sunil Singhania
Mr. Sunil Singhania is CIO - Equity Investments at Reliance Mutual Fund. He graduated in commerce from the Bombay University and completed his Chartered Accountancy from the ICAI, Delhi with an all India rank. He has also earned the right to use the Chartered Financial Analyst designation, conferred by CFA Institute, USA. He has a total experience of over 21 years. Before his association with Reliance Mutual Fund, he gained considerable experience on the sell side in Indian equity markets. He is first from India to be elected as the Director on the Global Board of Governors of CFA Institute, USA. He was the Promoter of The Association of NSE Members of India; a body of stock brokers. He also sat 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 was the Founder of the Indian Association of Investment Professionals, the CFA India society and was its President for a continuous period of eight years.

Mr. Utpal Sheth
Mr. Utpal Sheth is a Chartered Accountant and a Chartered Financial Analyst, with more than two decades experience in the Indian Capital Markets. He currently serves as Senior Partner of Rare Group and CEO of M/S Rare Enterprises, where he is responsible for investment management, risk management and institutionalization. Prior to that, he has worked with organizations such as ENAM Financial Consultants Pvt. Ltd., M/S HRD Insight Financial Intermediaries Pvt. Ltd and M/S Insight Asset Management India Pvt. Ltd. He is a regular contributor and consultant to Express Investment Week magazine and has also co-authored a very well received book, India's Money Monarchs in 2005.

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

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

FLAME reserves the right for selecting participants to this program.

Application Procedure

To apply the applicant must:

  • Download the application from here: PDF / DOC
  • Complete the application and attach a colour photograph
  • Provide details of two professional contacts in the application (ideally your current/previous supervisors).
  • Attach current resume
  • If sponsored by employer, attach sponsorship letter on company letterhead
  • Mail the completed application to This email address is being protected from spambots. You need JavaScript enabled to view it.

Programme Fee

  • INR 75,000 which includes tuition, course materials, meals and on campus accommodation
  • Fee does not include travel and other incidental expenses
  • Fees should be paid in cheque or demand draft and made payable to “Foundation for Liberal And Management Education” in Pune
  • Payment should be mailed to:
    Foundation for Liberal And Management Education,
    401, Phoenix Complex, Bund Garden Road, Opp. Residency Club,
    Pune - 411001, Maharashtra, India
  • 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.
  • Candidates who are not selected to the programme will receive a full refund of the programme fees.

Application Deadline
May 20th, 2014

Accommodation will be provided to all participants at the FLAME campus in Pune for the duration of the programme on a twin-sharing basis.

Facilities & Infrastructure

FLAME offers 53 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 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.


The programme registration starts at 10:00 am on 11th June, 2014. The programme will start at 11:00 am on 11th June, 2014 and conclude at 2:00 pm on 15th June, 2014 at the FLAME campus in Pune.


Foundation for Liberal And Management Education
Gat No. 1270, Taluka Mulshi, Village Lavale, Off. Pune - Bangalore Highway,
Pune - 411 042, India.

Contact Information

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