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Ranking Overview Methodology

Kotak Securities Keeps No. 1 Spot on 2016 All-India Research Team

For the second straight year, Kotak Securities takes first place on the All-India Research Team, Institutional Investor’s exclusive annual ranking of the country’s leading sell-side equity analysts. The firm earns 14 total team positions, three more than in 2015 and six more than Credit Suisse and Morgan Stanley, which tie for No. 2 after placing second and third, respectively, last year.

With six positions, UBS jumps to fourth place from 14th, while IIFL climbs from sixth to round out the top five. Click on the Leaders link in the navigation table at the right for the full list of ranked firms, including the two — Bernstein and Jefferies — that didn’t make last year’s list.

The order changes when results are weighted — that is, a rating of four is assigned to each first-place position, three to each second-place position, and so on. Kotak retains the top spot, with a weighted score of 39, followed by Credit Suisse, with 26. But Morgan Stanley’s weighted score of 15 bumps it to third place. UBS holds steady at No. 4, and Nomura replaces IIFL at fifth. Click on Weighting the Results for more information.

The 2016 All-India Research Team features 68 analysts, among them six appearing for the first time. The ranking is limited to the top three analysts or squads in each sector, plus runners-up where applicable. Information about analysts and firms that met minimum-vote and other eligibility criteria but do not appear here is available from the Institutional Investor Research Group.

The ranking reflects the views of more than 270 buy-side analysts and money managers at nearly 170 institutions that collectively manage an estimated $135 billion in Indian equities.

To view the top-ranked analysts in each sector, click on the Best Analysts of the Year in the navigation table at right. Details on those who rank second, third, or runner-up are available to subscribers only.

To learn more about how this ranking was compiled, click on Methodology.

To select the members of the 2016 All-India Research Team, Institutional Investor sent a questionnaire covering 19 investment sectors to buy-side analysts and money managers at leading asset management firms around the world. We received responses from more than 270 individuals at almost 170 institutions that collectively manage an estimated $135 billion in Indian equity assets.

A numerical score was produced for each analyst based on the respondent’s Indian equity assets under management and the rank awarded to the individual (first, second, third, or fourth). Those scores were used to determine the rankings. An analyst was designated a runner-up if his or her score fell within 35 percent of the third-teamer’s score. Analysts who switched firms after August 26, 2016, are cited at their previous organizations.

The names of those surveyed and the institutions they work for are kept confidential to ensure their continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.

We made two changes to this year’s ballot: Financials was split into Banks and Insurance & Other Nonbank Financials, and Engineering, Procurement & Construction was added.

The sixth annual All-India Research Team produced complete results (first through third places) in 13 industry sectors and two macroeconomic disciplines. Basic Materials fielded first- and second-place winners only; Real Estate produced only a first-place winner. Engineering, Procurement & Construction and Small- & Mid-Capitalization Stocks did not garner sufficient votes to warrant publication.

This ranking was compiled by Researcher Amy Kong under the guidance of Associate Research Editor Denise Hoguet and Senior Research Editor Tucker Ewing.

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