For the third year straight, Kotak Securities topped the All-India Research Team, Institutional Investor’s annual ranking of the country’s leading equity research analysts.

The Mumbai-based brokerage placed first in II’s rankings of both individual analysts and analyst teams, solidifying its position as India’s top research firm.

This year, research firms were evaluated in two separate leaders’ tables, with one based on individual analysts’ scores and the other based on collective teams’ scores. For the team ranking, votes for individual analysts and strategists were combined to form a firm’s team in each sector.

In the team ranking, Kotak Securities was followed by second-place UBS, with 14 positions, and third-place Credit Suisse, which earned 11 positions. Morgan Stanley claimed fourth place, while Spark Capital made its All-India Research Team debut at No. 5.

In the individual analyst ranking, UBS again nabbed the No. 2 spot, climbing from fourth place in 2016. Credit Suisse dropped a rung to third place, while Morgan Stanley took fourth. Spark Capital tied for fifth with Citigroup and IIFL.

To select the members of the 2017 All-India Research Team, Institutional Investor sent questionnaires covering 19 investment sectors to buy-side analysts and money managers at leading asset management firms around the world. This year’s ranking is based on responses from 389 individuals at 227 institutions that collectively manage an estimated $190 billion in Indian equity assets.