The School received UGC major project grant (for three years) for research on "Functional Instability or Paradigm shift - Study of Indian Finance Market". Prof. Amitava Sarkar, Director, School of Management, is the Principal Investigator in this project. This project is currently in the second year of operation with a research fellow in appointment. The project is attempting to study volatility and stochastic properties of Indian financial markets. The School is also planning to study financial markets in the framework of complex systems approach. The Department is also in the final stage of submitting a project regarding financial derivatives to one of the funding agencies.