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Faculty Directory A to Z



Nidhi       Aggarwal
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Nidhi Aggarwal

Finance and Accounting


  • Ph.D., Economics, Indira Gandhi Institute of Development Research, India, June 2016
  • M.Sc., Economics, Indira Gandhi Institute of Development Research, India, May 2009
  • B.A., Economics, Ramjas College, University of Delhi, India, May 2007

Research Interests
  • Research Market microstructure, High frequency trading, Commodity markets, Risk management, Time series econometrics, Firm financing
Work Experience
Finance Research Group, IGIDR

Research Consultant (Project basis) - May 2016 onwards

  • Working on projects related to Indian securities markets:
    • Examine the design of products at commodity exchanges for different participants.
    • Impact of regulatory interventions on securities markets.
Macro-Finance Group, NIPFP

Consultant - February 15, 2016 to August 5, 2016

  • Worked on ongoing projects on macroeconomic and financial markets issues.
  • Part of the team building the new warehousing infrastructure in collaboration with WDRA.
Finance Research Group, IGIDR

Research Associate - August 1, 2013 to December 31, 2015

  • A consultancy project with a private equity firm evaluating performance of in-vestee firms.
  • Engaged in projects involving policy related support on securities markets.
Work In Progress
  • Impact of demonetization on perishable and non-perishable commodities (with Sudha Narayanan).Interviewed on NDTV by Radhika Bordia on the show, India Matters; cited by Jean Dreze in his interview with the ET; cited by The Economist in the article, Modi's at- tempt to crush the black economy is hurting the poor.
  • Does an exchange listing reduce financial constraints and improve firm's performance:
    Evidence from an Indian experiment (with Susan Thomas).
  • Does introduction of commodity derivatives make farmers better off? (with Sargam Jain and Sudha Narayanan).
  • Do regulatory hurdles on algorithmic trading work? (with Venkatesh Panchapagesan and Susan Thomas).
  • Liquidity provision in a high frequency environment (with Chirag Anand and Susan Thomas).
Media / Commentary
  • Making sense of algorithmic trading (with Susan Thomas) in Business Standard, March 2, 2017
  • Why it's time to reconsider the commodities transaction tax (with Arpita Pattanaik and Anjali Sharma) on The Wire, January 27, 2017
  • Agrimarkets and Demonetization: A 50-day report (with Sudha Narayanan) in Farmers' Forum, Dec 2016 - Jan 2017 Issue
  • Unified agricultural markets: Where are the reforms lacking? (with Sargam Jain and Sudha Narayanan) on Ideas for India, January 2, 2017
  • Demonetisation alone can't turn agricultural markets cashless (with Sudha Narayanan) in The Wire, November 25, 2016, republished on Ideas for India, November 30, 2016
  • Are fleeting orders by high frequency traders a source of market abuse? (with Chirag Anand) on Ajay Shah's blog, August 29, 2016
  • SEBI's new "trade annulment" policy (with Chirag Anand ) on Ajay Shah's blog, August 7, 2015
  • Self trading is not synonymous with market abuse (with Chirag Anand, Shefali Malhotra and Bhargavi Zaveri) on Ajay Shah's blog, July 29, 2015
  • The changing landscape of equity markets (with Chirag Anand ) on Ajay Shah's blog, July 10, 2015
  • Rebuilding trust (with Susan Thomas) in The Financial Express, October 22, 2014
  • What role is played by the commodity futures in India (with Susan Thomas) on Ajay Shah's blog, September 10, 2014
  • What does algorithmic trading do to market quality (with Susan Thomas) on Ajay Shah's blog, September 1, 2014
  • Concerns about individual investors on the Indian equity markets (with Rohini Grover and Susan Thomas) on Ajay Shah's blog, July 29, 2014
  • NSE Award for Best Thesis in Financial Economics, 2016