In a blender, add yogurt, milk, shrikhand, nutmeg powder, cardamom powder and sugar. Blend all until mixture is smooth and creamy. Pour into earthen/clay pots and place into the refrigerator for 2-3 hours. Serve Piyush chilled and garnish with saffron and sliced pistachios.
You can use any flavor of shrikhand for this recipe. Store bought is also fine. It's easily available in any Indian grocery store.