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.