For the second consecutive year, Kotak Securities was voted India’s best equities sales firm in Institutional Investor’s All-India Sales Team.

The Mumbai-based firm held onto its title in a year that saw many of last year’s top-ranked firms fall to the competition. Motilal Oswal Securities, which last year didn’t crack the top ten, claimed the No. 2 spot in this year’s ranking. Meanwhile, last year’s second-place firm, Credit Suisse, fell to seventh place.

The All-India Sales Team is a part of the larger All-India Research Team survey. Institutional Investor received 257 responses from buy-side analysts and money managers at 157 firms that collectively manage an estimated $147 billion in Indian equities.

This year, CLSA ranked third, moving up one notch from 2016 and ousting last year’s bronze medalist, Morgan Stanley, which tumbled to tenth place.

Spark Capital, which ranked fourth, and Emkay Global Financial Services, which ranked fifth, rounded out the top five.