Foreign Firms Dominate India Equity Research, Institutional Investor Survey Finds

Only three of the 15 highest-ranked firms on the 2013 All-India Research Team, Institutional Investor's annual roster of the nation's best sell-side analysts, are actually headquartered in India.

Complete survey results can be found at

Bank of America Merrill Lynch soars from fourth place to first after picking up three more positions this year, for a total of 11. That's enough to bump last year's winner, CLSA Asia-Pacific Markets, down to second even though it captures the same number of spots, ten, that it won in 2012. Credit Suisse and Kotak Securities, which tied for sixth in 2012, jump in tandem to the third tier after picking up one position each, bringing their totals to eight. Rounding out the top five is previously unranked Barclays which seizes six team positions.

Owing to multiple ties, 15 firms appear in the top ten but only Edelweiss Securities, IIFL and Kotak are domestic entities.

The 2013 All-India Research Team reflects the opinions of roughly 330 investment professionals at more than 200 buy-side institutions that collectively manage an estimated $100 billion in Indian equity assets.

Survey participants were also asked to indicate which brokerages field the most helpful sales teams and provide the best trading services to investors in Indian equities. CLSA is the winner in sales for a second straight year but is displaced atop the trading roster by BofA Merrill, which catapults from ninth place.

Only three local firms are home to sales squads that money managers consider among the top ten: Edelweiss, Kotak and Motilal Oswal Securities.

Domestic brokerages fare far better in the ranking of trading-services providers, claiming five of the top ten slots. Axis Capital, Edelweiss, IIFL, Kotak and Motilal Oswal all make an appearance in that line-up.