Lightly roast the oats for a few seconds and keep aside. In a bowl, mix together custard powder and 1/2 cup milk to a smooth paste. Keep aside.
Bring the milk to a boil. Add the sugar, cardamom powder and oats and simmer for 4-5 minutes on a low flame by constantly stirring.
Add the custard mix and mix well. Keep stirring till it turns thick. Switch off the flame and add the rose water.
Mix and keep aside to cool for a while. Chill and serve in individual bowls, garnished with chopped nuts.
