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Department of Business Administration

Dr. Ajay Lunawat

Designation : Assistant Professor

Qualification : FCA, PhD

Email-ID :

DOJ: 14-10-2019

CA (Dr.) Ajay Lunawat is a faculty in the area of Finance. He qualified as a Chartered Accountant with 47th All India Rank in May 2006. He is also a holder of Diploma in Information Systems Audit & Certification in IFRS from ICAI, SAP-FI Certified Associate, NISM-Series-V-A: Mutual Fund Distributors Certified and B.Com. (4th Rank, Amravati University). After serving the industry for 8 years in companies like Nestle and Axis Bank, he shifted to academics. He was awarded PhD in Commerce from Shri JJT University, Rajasthan. His research interests are in areas of Financial Reporting, Integrated Reporting and Corporate Governance.  He has contributed e-lectures and study materials for the Board of Studies, ICAI. He has also been an international visiting scholar to Western Michigan University, USA and Nazareth College, USA. He was awarded an honorary fellowship by the International Association of Accounting Professionals, UK.

  • B.Com (2002) – Amravati University – 4th University Rank
  • CA (2006) – ICAI, New Delhi – 47th All India Rank
  • PhD in Commerce (2022) -  Shri JJT University, Rajasthan

Post Qualification Professional Courses

  • Enrolled as Social Auditor with The Institute of Social Auditors of India
  • NISM Certification in Mutual Fund Distribution Module
  • Diploma in Information System Audit (DISA) from ICAI, New Delhi
  • Certificate in IFRS from ICAI, New Delhi
  • SAP Certificate Associate in FI-Module
  • Awarded Honorary Fellowship from IAAP, UK
  • June 2011 to Nov 2014]–  Founder Director, Eduport Career Solutions (P) Ltd.
  • March 2009 to June 2011 – Nestle India Limited, Assistant Manager – Group Accounting and ReportingCorporate Office, Gurgaon (Haryana)
  • Feb 2007 to Mar 2009 – Proprietor, Ajay Lunawat & Co., Chartered Accountants
  • Nov 2006 to Jan 2007 – Axis Bank, Deputy Manager – Finance, Mumbai (Corporate Office)
  • International Financial Reporting Standards (IFRS)
  • Portfolio Management and Investment Advisory Services
  • Financial Management
  • Mergers and Acquisitions
  • Impact of IFRS on Audit Fees: An Indian Perspective, IUP Journal of Accounting Research & Audit Practices 22 (1), 57-74 (ABDC - C)
  • Women in the Board Room: A Mandate-Intent and Compliance by Companies. SCMS Journal of Indian Management 18.3 (2021): 16-27. (Scopus – Q4)
  • Do Environmental, Social, and Governance Performance Impact Firm Performance? Evidence from Indian Firms. Indonesian Journal of Sustainability Accounting and Management 6.1 (2022). (ABDC - C)
  • The impact of diversification on bank stability in India. Cogent Business & Management 9.1 (2022): (Scopus - Q2)
  • Presented paper on “Sustainable Leadership, Dividend Policy and Value Relevance: Evidence from India” in the International Conference on Sustainable Goals (ICSG 2022) organized by  IIM – Bodh Gaya -  16-17 Sep 2022
  • Presented paper on “An Empirical Study on ESG and dividend payout policy” at 3rd Rajagiri Management Conference, 22nd and 23rd April 2022
  • Presented paper on “Do Environmental, Social and Governance performance impact firm performance? Evidence from Indian firms” AU Virtual International conference - 19th October 2021
  • Presented paper on “Dividend policy during COVID-19 crisis - An empirical study” at International Management Conference organized by  IIM – Bodh Gaya -  23rd and 24th April 2021
  • Presented Case “Diamond In The Box Of Two Rings” at 19th e-FDP on case writing and case teaching organized by Prestige Institute of Management, Gwalior – 1st April 2021 to 4th April 2021
  • Ten Days Financial Research Summer School at IIM – Calcutta, 1st May 2022 – 10th May 2022
  • Six days Short term course on “Data Analysis Using Statistical Learning Techniques from IIT, Madras – 21 – 26 March 2022
  • Two days pre-Conference workshop at International Management Conference organized by  IIM – Bodh Gaya -  21st and 22nd April 2021
  • Four days 19th e-FDP on case writing and case teaching organized by Prestige Institute of Management, Gwalior – 1st April 2021 to 4th April 2021
  • Five days online FDP “Inculcating Universal Human Values in Technical Education” by AICTE, New Delhi – 8th March 2021 to 12th March 2021
  • FDP on “Cesim Bank Simulation” organized by RBS, Kochi [15th July 2020 – 15th September 2020]
  • Two days Workshop on Data Management and Analysis using STATA software organized by RBS and RCSS, Kochi [08th July 2020 – 09th July 2020]
  • International webinar on “Improving Research Ethics and Academic Integrity using Turnitin Software” organized by RCSS, Kochi
  • Three Days Pre-Conference Workshop Time-series Econometrics with applications organized by The Indian Econometrics Society
  • Two Day Workshop on "Aligning Yourself to the Publishing Process" by Elsevier
  • Tips for writing a high quality research paper by FIIB
  • “Shift to Hybrid Learning Model: The New Normal for Education”, by FICCI
  • Faculty Development Programme Teaching with Simulation Workshop offered by Rajagiri Centre for Business Studies, with content support by Harward Business Publishing at Rajagiri Valley Campus on February 27 and 28 , 2018
  • Two Day National Conference on GST organised by Indirect Taxes Committee, ICAI [04-11-2016 to 05-11-2016]
  • ICAI International Conference, on Accountancy Profession: Building Global Competitiveness: Accelerating Growth [29-01-2015 to 31-01-2015]
  • CPE Seminar on Service Tax on Works Contract & Reverse Charge Mechanism [12-12-2015]
  • CPE Workshop on Audit of Depository Participants [17-12-2015]
  • National Conference on Rising to the Challenges Redefining our Role [30-12-2014 to 31-12-2014]
  • Full Day Seminar on Financial Planning [29-08-2014]
  • CPE Meeting on Unleash the power within û Be an efficient communicator and New Practice Opportunities [19-12-2014]
  • Half Day CPE Seminar on Companies Act 2013 [20-12-2014]
  • Training Programme on Role of CA Professionals in Make in India [26-12-2014]
  • CPE Teleconference on Companies Act, 2013 [06-12-2013]
  • Full day seminar on Direct Tax  [07-12-2013]
  • 34th REGIONAL CONFERENCE OF CIRC [18-12-2013 to 19-12-2013]
  • Analysis of Union Budget 2012-Direct Tax & Indirect Tax [18-03-2012] 
  • Seminar on Code of Conduct & Professional Ethics and emerging issues [17-06-2012]
  • Industrial Growth: Roadmap & Opportunities [06-10-2012]
  • National Seminar on Direct Taxes [22-11-2012]
  • CPE Teleconference Programme on Foreign Contribution Regulation Act, 2010 [05-12-2012]
  • Workshop on Enabling Service Tax Practice [21-12-2012 to 22-12-2012]
  • Computer Awareness Programme for Members on MS WORD [17-10-2011 to 23-10-2011]
  • SEMINAR ON INCOME TAX [25-11-2011]
  • Convener of 4th Pre-Conference workshop at 4th Rajagiri Conference on Economics and Finance (26th and 27th Nov 2022)
  • Convener of 4th Rajagiri Conference on Economics and Finance (28th and 29th Nov 2022)
  • Session Chair – at 3rd Rajagiri Management Conference, 22nd and 23rd April 2022
  • Session Chair – Behavior Finance and Financial Literacy at 3rd Rajagiri Conference on Economics and Finance (19th and 20th Nov 2021), RCSS, Kochi
  • Session Chair at 2nd Rajagiri Conference on Economics and Finance (5th & 6th Nov 2020), RCSS, Kochi
  • Session Chair at 1st Rajagiri Conference on Economics and Finance (8th & 9th Nov 2019), RCSS, Kochi
  • Best Paper award at AU Virtual International Conference on Entrepreneurship and Sustainability in Digital Era organized by Assumption University of Thailand on 19th October 2021