B.Com. (Financial Markets) Indian Knowledge System in Finance Syllabus - Mumbai University
This is the TY BFM syllabus under NEP 2020, in force from the academic year 2026-27. The University still sets the earlier Choice Based papers alongside it for ATKT candidates, so check which scheme your exam form names before you revise.
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Syllabus for Indian Knowledge System in Finance
Module I: Foundations of Indian Knowledge System in Finance
- Introduction to Indian Knowledge System (IKS)
- Meaning, scope, and significance of IKS
- Indian worldview on wealth (Artha, Dharma, Kama, Moksha)
- Concept of Artha as a balanced pursuit of wealth
- Financial Thought in Ancient Indian Texts
- Public finance and governance in Arthashastra
- Revenue systems, taxation principles, and state expenditure
- Trade, commerce, and market regulation in ancient India
- Traditional Indian Economic Practices
- Guild system (Shreni) and collective entrepreneurship
- Indigenous banking and credit systems
- Role of temples and institutions in economic activity
Module II: Indian Financial Wisdom and Contemporary Relevance
- Ethics and Values in Indian Financial Thought
- Concept of Dharma in economic and financial decisions
- Wealth creation with social responsibility
- Trusteeship and inclusive growth
- Risk, Investment, and Sustainability
- Risk sharing and diversification in traditional practices
- Long-term orientation and sustainability in Indian finance
- Indian perspectives on savings, investment, and consumption
- Relevance of IKS in Modern Finance
- IKS principles in modern banking and finance
- Ethical finance, ESG, and Indian philosophical roots
- Lessons from Indian Knowledge Systems for contemporary financial challenges
Reference Books
- 1 The Indian Knowledge System: A New Paradigm – M. K. Kaw A comprehensive reference on Indian worldview, epistemology, and applied knowledge systems.
- 2 Kautilya: The Arthashastra – Translated by L. N. Rangarajan Modern translation with economic interpretations of taxation, state finance, and markets.
- 3 Trusteeship: Gandhian Perspectives on Economic Ethics – R. R. Diwakar Explores social responsibility, inclusive growth, and ethical wealth creation.
- 4 Indian Traditions in Economic Thought – Suresh Prasad Detailed reference on ancient and medieval Indian economic institutions and practices.
- 5 Ethical Foundations of Indian Business and Finance – P. L. Dhar Examines Dharma, sustainability, ESG concepts, and Indian philosophical roots of ethical finance.
Reproduced from the University of Mumbai syllabus for B.Com. (Financial Markets) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.
The complete syllabus
This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.