1. Best paper award at the R Finance conference, (Chicago, May 2016) for the paper “An Index-Based Measure of Liquidity.”
  2. Research Council of Canada SSHRC Insight Grant Award for “On the Interconnectedness of Financial Institutions” (with Professors Madhu Kalimipalli and Subhankar Nayak), April 2016.
  3. First Prize in the MIT Center for Financial Policy Contest to define SIFIs (March 2016).
  4. Best paper award at the R/Finance conference (Chicago, May 2015) for "Matrix Metrics: Network-Based Systemic Risk Scoring."
  5. 2014 GARP (Global Association of Risk Professionals) Risk Management Research Program Award (with Seoyoung Kim).
  6. National Stock Exchange Best Paper Award, at the Center for Analytic Finance Conference, ISB, Hyderabad, for the paper titled ``Credit Spreads with Dynamic Debt,'' 2013. (with Seoyoung Kim)
  7. Consortium for Systemic Risk Analytics, MIT, Academic Board Member, 2012-.
  8. Dauphine-Amundi Award for Asset Management Proposal on Liability-Directed Investing, 2012. (with Seoyoung Kim and Meir Statman.)
  9. Santa Clara University, University-wide award for Sustained Excellence in Scholarship (2012).
  10. Leavey School Research Award for the paper with George Chacko that won the Second Prize, SPIVA Research Award 2011-12, from McGraw-Hill and Standard & Poors.
  11. Expert Panel, Center for Financial Research and Planning (CAFRAL), Reserve Bank of India, 2012-.
  12. Second Prize, SPIVA Research Award 2011-12, from McGraw-Hill and Standard & Poors.
  13. CFA Institute, Member, Capital Markets Policy Council (CMPC), 2011 - .
  14. Program coordinator, Risk Management, Risk Measurement and Derivatives, Federal Deposit Insurance Corporation, Center for Financial Research (FDIC-CFR), 2008 - .
  15. Santa Clara University, University-wide Award for Recent Achievement in Scholarship (2007).
  16. Breetwor Faculty Fellow, Santa Clara University, 2005-2007.
  17. Nomination for the Smith-Breeden Prize for the best paper in the Journal of Finance in 2005, for the paper "Systemic Risk and International Portfolio Choice".
  18. Western Finance Association Caesarea Center Award for the best paper on risk management at the WFA meetings (Portland, Oregon) for the paper "Common Failings: How Corporate Defaults are Correlated", 2005.
  19. Federal Deposit Insurance Corporation (FDIC) Research Fellow, 2004.
  20. Breetwor Faculty Fellow, Santa Clara University, 2003-2004.
  21. Award for the best paper presented at the 2002 meetings of INQUIRE for the paper "Systemic Risk and International Portfolio Choice" (with Raman Uppal).
  22. Voted second-best paper in the Journal of Banking and Finance for A Theory of Banking Structure, (co-authored with Ashish Nanda), 2001.
  23. Dean Witter Faculty Fellow, Santa Clara University, 2000-2002.
  24. Price Waterhouse Coopers Risk Institute Fellowship, 2000.
  25. Deloitte & Touche Chair of Risk Management, University of Antwerp, Belgium, 1998.
  26. Merrill Lynch Award, 1997
  27. Faculty Research Fellow, National Bureau of Economic Research (NBER),1996.
  28. Best Thesis Award from the Financial Management Association,sponsored by the American Instituteof Individual Investors, 1995.
  29. Best thesis award, New York University, 1995 for the Ph.D.dissertation in the graduating class.
  30. Canadian Investment Review Academic Sponsorship Award for the proposal "How Diversified are Internationally Diversified Portfolios" (with Prof. Raman Uppal, University of British Columbia), 1995.
  31. Best Paper Award for the paper "Jump Diffusion Processes and theBond Markets", awarded by the Financial Management Association ofAmerica, and sponsored by the Fixed-Income Analysis Society of New York,at the meetings in St. Louis, 1994.
  32. Beta Gamma Sigma, New York, 1994.
  33. C.W. Nichols Fellowship, New York University, 1993-94.
  34. Jules I. Bogen Fellowship, New York University, 1992-93.
  35. Doctoral Fellowship in Finance, New York University, 1990-92.
  36. Citicorp Chairman's Award for Excellence, 1985.
  37. First Rank in the MBA Class (of 165 students), Indian Institute of Management, 1984.
  38. Industry Fellowship, Indian Institute of Management, Ahmedabad, 1983-84.
  39. Gold Medalist in Financial Management at theAccountancy Examinations of the Institute of Cost & Works Accountants of India, 1983.
  40. First Rank and Gold Medalist at the University of Bombay B.Com Examinations (of 13,563 candidates), 1982.
  41. National Talent Search Fellowship (awarded annually to 150 students based on an All-India Examination), 1982.