Faculty & Staff
Contact
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Email
ajay.co.mc@msruas.ac.in
- Phone 8045366729
- Websites
Dr. Ajay R
Assistant Professor ( Program Head, B.Com (Hons) )
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School/College
Faculty of Management and Commerce
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Department
Department of Commerce
Dr. Ajay R is a finance academic and researcher with a Ph.D. in Finance, over 8 years of teaching and research experience, and 6.5 years of industry experience. He currently serves as Program Head, B.Com (Hons), Faculty of Management & Commerce, Ramaiah University of Applied Sciences, Bengaluru. He holds an M.Com, PGDBA, and Ph.D. in Finance. His industry experience includes ANZ (Australia and New Zealand Banking Group) and Accenture Services Pvt. Ltd. His key research areas include Market Efficiency, Financial Econometrics, Quantitative Finance, Machine Learning in Finance, Time Series Analysis, and Asset Pricing. His research focuses particularly on Adaptive Market Hypothesis and financial market forecasting. He has published research in Scopus and Web of Science-indexed journals.
His publications cover adaptive market hypothesis, financial markets, portfolio strategies, financial derivatives, IPOs, and financial inclusion. He is also associated with an AI-based trading help device patent, published in July 2026. He has received several academic and industry awards for excellence, efficiency, collaboration, and performance during his professional career.
Qualifications
- Doctor of Philosophy (Ph.D.)
Ramaiah University of Applied Sciences, 2026
- PG Diploma in Business Administration
Kuvempu University, 2011
- M.Com in (Accounting and Taxation)
Kuvempu University, 2011
- BBM (Bachelor of Business Management)
Sir M.V Government Arts and Commerce College, Affiliated To Kuvempu University, 2009
Experience
Total Years of Experience14.8 years
Academic Experience
M S Ramaiah University of Applied Sciences. (8 years 3 Months)
Industry Experience:
- ANZ (Australia and New Zealand Banking Group Limited). (5 years).
- Accenture Services Pvt. Ltd (1 year 5 Months)
- Market Efficiency
- Machine Learning and Deep Learning in Finance
- Financial Econometrics
- Financial Market Forecasting
- Quantitative Finance
- Asset Pricing
- Financial Risk Management
Edited Book entitled ‘Compendium on Competitiveness and Sustainability Initiatives in Management : A Step towards Vision Viksit Bharat 2047’, Conference Proceedings (DC-BCAS - 2024) Volume 1 & 2, Eureka Publications, Edited By Dr. K.M Sharath Kumar. Dr. Subhadeep Mukherjee, Dr. Nirmal Singh, Mr. Ajay R., ISBN : 978-81-19567-14-0
| Year | Month/Period | Award | Organization |
|---|---|---|---|
| 2012 | December | Numero Uno (IC) – Business Operator Excellence | Accenture |
| 2013 | — | Outperformance Award – High Accuracy & Efficiency | UDC Finance Ltd. (ANZ) |
| 2013 | — | Outperformance Award – Business Growth Contribution | UDC Finance Ltd. (ANZ) |
| 2013 | — | Collaboration Award | UDC Finance Ltd. (ANZ) |
| 2013 | December | Extra Miler | ANZ |
| 2014 | February | WLO Champ | ANZ |
| 2014 | June | WLO Champ | ANZ |
| 2015 | January | WLO Champ | ANZ |
| 2015 | June | WLO Champ | ANZ |
| 2015 | December | Silver Award | ANZ |
| 2016 | April | Bronze Award | ANZ |
| 2016 | June | Bronze Award | ANZ |
| 2017 | March | Super Star of the Month | ANZ |
| 2017 | Quarter III | Extra Mile – Team Award (NY & UK Team) | ANZ |
| 2017 | July | Super Star of the Month | ANZ |
| 2018 | Quarter I | Extra Mile – Team Award (Loans Admin London Team) | ANZ |
| 2018 | Quarter I | The Extra Mile | ANZ |
| 2026 | September | Annual Exemplary Teacher Award | RUAS |
International Conference Papers
- Athul, M. and Raju, A. (2025) ‘A Study on Assessing Housing Affordability and Price Dynamics in Bengaluru City’, in International Conference SUSTAINABLE SYNERGIES Technological Innovation and Resilience in Global Business Practices.
- Chittiappa, R. and Raju, A. (2025) ‘A Study on the Impact of Buy Now, Pay Later (BNPL) Services on the Spending Behavior of Consumers’, in International Conference SUSTAINABLE SYNERGIES Technological Innovation and Resilience in Global Business Practices.
- Kumar, S. and Raju, A. (2025) ‘Impact of Online Banking Services On Customers Satisfaction’, in International Conference SUSTAINABLE SYNERGIES Technological Innovation and Resilience in Global Business Practices.
- R, Rashmi, Raju, A. (2023) ‘An Analytical Study on the Impact of Social Media Marketing on Consumer Perception and Buying Behaviour of Electric Vehicles: A Structural Equation Model Approach’, in International Conference on Environmental Social and Governance.
- Raju, A. (2025a) ‘A Study on Analyzing Indian Stock Market Trends using a Markov Chain Regime Switching Model’, in INTEGRATING INVESTMENT PLANNING AND HR POLICY: A DUAL APPROACH TO WORKFORCE MANAGEMENT IN HIGHER EDUCATION INSTITUTIONS.
- Raju, A. (2025b) ‘The Impact of Instagram Finfluencers on Financial Literacy and Investment Behavior among Generation’, in INTEGRATING INVESTMENT PLANNING AND HR POLICY: A DUAL APPROACH TO WORKFORCE MANAGEMENT IN HIGHER EDUCATION INSTITUTIONS.
- Sanath, K. and Raju, A. (2025) ‘A Study on the Effect of Behavioral Biases on Investors’ Decision Making’, in International Conference SUSTAINABLE SYNERGIES Technological Innovation and Resilience in Global Business Practices.
- Singh, Nirmal, Mulherjee, Subhadeep, Raju, A. (2024) ‘What determines the Institutional Quality Evidence from the Indian Sub-Continent’, in 75th All India Commerce Conference.
- TM, Harshitha, Raju, A. (2023) ‘A STUDY ON THE IMPACT OF OVERCONFIDENCE BIAS ON INVESTMENT DECISION-MAKING’, in 74th All India Commerce Conference 2023.
- Uthaiah KU, S. and Raju, A. (2025) ‘Satisfaction as the Gateway: Unpacking Digital Payment Adoption Among Bangalore’s Youth’, in International Conference SUSTAINABLE SYNERGIES Technological Innovation and Resilience in Global Business Practices.
- Vishwanath Kumar H M, Raju, Ajay, Praphul Kumar K, C. (2022) ‘A Study on Hydroponic Farming in Indian Agriculture’, in 2nd Indian International Conference on Industrial Engineering and Operations Management Warangal, Telangana, India, August 16-18, 2022, pp. 939–948.
ICI Indexed and UGC listed
- Lakshmi, Y., Ajay, R. and Jagannathan, U.K. (2020) ‘RESEARCH ARTICLE A Study on Portfolio Insurance Strategies on Indian Equity ( Nifty 50 )’, Asian Journal of Management, 11(02), pp. 154–160. doi:10.5958/2321-5763.2020.00024.4
- Nandini, N.S. and Ajay, R. (2021) ‘RESEARCH ARTICLE A Study on impact of Forensic Audit towards Investigation and Prevention of Frauds’, Asian Journal of Management, 12(2), pp. 1–7
- Divyashree, C. and Ajay, R. (2021) ‘REVIEW ARTICLE A Study on Tax Audit under GST ( Goods and Services Tax ) ABSTRACT ’:, Asian Journal of Management, 12(2), pp. 1–4
- Shetty, S. and Ajay, R. (2019) ‘A STUDY ON ROLE OF FINANCIAL INCLUSIONS ON RURAL BANKS : WITH’, Journal of Emerging Technologies and Innovative Research (JETIR), 6(6), pp. 892–900
National Journal Papers
SCOPUS Indexed
- Vinutha P., A.R. (2020) ‘A Study on Green Tax in India – It’s Effectiveness and Challenges’, Journal Of Saybold Report, 15(7), pp. 1798–1810
- Sharma, P. and Ajay, R. (2020) ‘A Study on taxpayers ’ Perception towards e -filing of Income tax and Investigating the Relationship between Privacy and Security Perception’, Journal Of Saybold Report, 15(8), pp. 755–766
National Conference Papers
- Patil, S. and Raju, A. (2025) ‘Satisfaction as the Gateway: Unpacking Digital Payment Adoption Among Rural Areas’, in Viksit Bharat 2047: A Roadmap for India’s Inclusive and Sustainable Development, Indian Council of Social Science Research - Southern Regional Centre, pp. 1–10.
- Srivatsan V and Raju, A. (2025) ‘A Study on Impact of Digital Banking on Customer Satisfaction in Public Sector Banks’, in Viksit Bharat 2047: A Roadmap for India’s Inclusive and Sustainable Development, Indian Council of Social Science Research - Southern Regional Centre, p. 10.
- S M, Vikas. and Raju, A. (2025) ‘Study on Impact of Ai-Generated Financial Forecasts on Market Behavior’, in Viksit Bharat 2047: A Roadmap for India’s Inclusive and Sustainable Development, Indian Council of Social Science Research - Southern Regional Centre, p. 12.
- R, Rashmi, Raju, Ajay, Choudhury, M.A. (2025) ‘A Study on Gen Z and Investment Apps: Drivers of Satisfaction and Continued Usage’, in INTEGRATING INVESTMENT PLANNING AND HR POLICY: A DUAL APPROACH TO WORKFORCE MANAGEMENT IN HIGHER EDUCATION INSTITUTIONS, pp. 58–90.
- Raksha, Sri V, Raju, Ajay, Rashmi, R. (2025) ‘A Study on Analyzing Indian Stock Market Trends using a Markov Chain Regime Switching Model’, in INTEGRATING INVESTMENT PLANNING AND HR POLICY: A DUAL APPROACH TO WORKFORCE MANAGEMENT IN HIGHER EDUCATION INSTITUTIONS, pp. 1–16.
National Journal Papers
- [ICI] Divyashree, C. and Ajay, R. (2021) ‘REVIEW ARTICLE A Study on Tax Audit under GST (Goods and Services Tax) ABSTRACT’, Asian Journal of Management, 12(2), pp. 1–4.
- [ICI] Lakshmi, Y., Ajay, R. and Jagannathan, U.K. (2020) ‘RESEARCH ARTICLE A Study on Portfolio Insurance Strategies on Indian Equity (Nifty 50)’, Asian Journal of Managemen, 11(02), pp. 154–160. Available at: https://doi.org/10.5958/2321-5763.2020.00024.4.
- [ICI] Nandini, N.S. and Ajay, R. (2021) ‘RESEARCH ARTICLE A Study on impact of Forensic Audit towards Investigation and Prevention of Frauds’, Asian Journal of Managemen, 12(2), pp. 1–7.
- Shetty, S. and Ajay, R. (2019) ‘A STUDY ON ROLE OF FINANCIAL INCLUSIONS ON RURAL BANKS: WITH’, Journal of Emerging Technologies and Innovative Research (JETIR), 6(6), pp. 892–900.
- Shashank, T. and Ajay, R. (2021) ‘A Study on Performance of Initial Public Offering (IPO) in Indian Capital Market during the Pandemic’, MS Ramaiah Management Review, 12(2), pp. 1–14.
- Abishek, B.R. and Ajay, R. (2022) ‘A Study on Financial Derivatives for Hedging Risk Management and Profit Maximization’, MS Ramaiah Management Review, 13(1), pp. 1–11.
International Journal Papers
- [SCOPUS – Q1] Singh, N., Sahoo, M. and Raju, A. (2026) ‘What shapes institutional quality? Insights from the Indian subcontinent’, Journal of the Knowledge Economy.
- [SCOPUS – Q3] Raju, A., Jagannathan, U.K. and Pundalika, T. (2025) ‘Empirical analysis of adaptive market hypothesis using Sharpe Ratio for buy and sell opportunities in global indices’, The Economics and Finance Letters, 12(1), pp. 120–142.
- [Web of Science] R, A., Jagannathan, U.K. and P, T. (2024) ‘TESTING THE ADAPTIVE MARKET HYPOTHESIS (AMH) AS AN EVOLUTIONARY PERSPECTIVE ON MARKET EFFICIENCY BY SIMPLE MOVING AVERAGE (SMA) METHOD’, Cahiers magellanes-ns, 06(2), pp. 285–290.
- Life Member - Indian Commerce Association (Membership ID:KA591 )
Indian Patent published entitled “AI BASED TRADING HELP DEVICE” Design No 510468-001. Publication Date:23/07/2026.