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IIM Shillong and IIFT Delhi win the coveted CFA Institute Research Challenge India Finals

posted Dec 19, 2011, 1:51 AM by Biharilal Deora CFA   [ updated Dec 19, 2011, 4:09 AM ]

Mumbai, India, 19 December 2011: At the finale of the CFA Institute Research Challenge held in Mumbai, Indian Institute of Management (IIM) Shillong and Indian Institute of Foreign Trade (IIFT) Delhi emerged as winners to represent India in the 2012 Asia Pacific Regional Final of the competition.  The India competition ( witnessed 32 leading business schools and more than 150 students across the country competing over the past six months in the prestigious competition, an annual global educational initiative launched by CFA Institute.

In India, CFA Institute and its member society Indian Association of Investment Professionals (IAIP) hosted the local competitions. The India competitions were supported by three premier organizations, including the National Stock Exchange of India (NSE), Bloomberg, and Bloomberg UTV as sponsors and long-term corporate partners.

Four zonal winners from each zone (North, South, East and West) presented their research reports and equity recommendations to a distinguished panel of judges at the India National Final held at the Bloomberg offices in Mumbai on 13 December 2011. The participants and their subject companies were:

Zonal final

Winning team from zonal final

Subject company

South Zone

The Institute for Financial Management and Research, Chennai

Coromandel International Limited

East Zone

Indian Institute of Management, Shillong

Emami Ltd.

West Zone

Shailesh J. Mehta School of Management, Indian Institute of Technology, Bombay

Marico Limited

North Zone

Indian Institute of Foreign Trade, Delhi

Petronet LNG Ltd

This year’s panel of judges for the India National Final comprised Mr. Sunil Singhania, CFA, Head - Equity Investments, Reliance Capital Asset Management Ltd, and  President of IAIP; Mr. Ratnesh Kumar, Managing Director and Head, Standard Chartered Securities (India) Limited; Mr. Alan Meder, CFA, SVP and Chief Risk Officer, Duff & Phelps Investment Management Co., and Vice Chair, CFA Institute Board of Governors; and Mr. Ramesh Damani, a seasoned investor with over two decades of experience.

The triumphant IIM Shillong and IIFT Delhi teams are all geared up to represent India at the Asia Pacific Regional Final to be held in Hong Kong on 2 March 2012, when they will compete against teams from Beijing, Hong Kong, Indonesia, Japan, Korea, Malaysia, Melbourne, New Zealand, Pakistan, the Philippines, Shanghai, Singapore, Sri Lanka, Sydney, Taiwan, Thailand, and Vietnam.

Dr. Ashvin P. Vibhakar, CFA, Managing Director, Asia Pacific Operations of CFA Institute, said, “This year the competition has witnessed over 3,000 students and 600 universities participating in nearly 50 countries and territories, including Vietnam, Kenya and Columbia for the first time. The mission of CFA Institute is to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence. Programs such as the CFA Institute Research Challenge facilitates in nurturing the next generation of investment and finance professionals by providing students with real-world experience in the industry.”

Mr. Sunil Singhania, CFA, Head - Equity Investments, Reliance Capital Asset Management Ltd, and President of IAIP said, “The CFA Institute Research Challenge is a unique opportunity for budding investment professionals to gain valuable experience through the knowledge and skills imparted by leading experts in the sector throughout the competition, which enables them to be better equipped for a career in the investment profession. We wish IIM Shillong and IIFT Delhi success for Asia Pacific Regional Final held in March next year.

Mr. Namit Arora, CFA, Director - Standard Chartered Private Equity and Director of IAIP said, “The active partnership and contribution from our partners, NSE, Bloomberg and Bloomberg UTV has enabled IAIP to take this annual event to the next level this year. We thank industry professionals for mentoring and judging the teams, as well as faculty advisors for guiding the teams. The collective and sustained effort has helped enhance the quality of future investment professionals.

The CFA Institute Research Challenge aims to provide university students with an unparalleled experience of working with investment industry professionals and publicly traded companies to produce an equity research report, as well as to promote the best practices in research among the next generation of analysts. Each participating team was mentored by a CFA charterholder or an experienced practitioner, and all participants were introduced and held to the CFA Institute Code of Ethics and Standards of Professional Conduct. Each university was represented by a team of students who undertook review of a public company comprising of detailed interactions with senior executives at companies, investment thesis and risks analysis, financial modeling, valuation, comparable benchmarking, scenario creation and writing a detailed equity research report and presentation around all these aspects.

The Indian National Final was followed by a one hour panel discussion on “Investment Outlook for Indian Equities” amongst the esteemed investment management practitioners and experts.


About CFA Institute

CFA Institute is the global association for investment professionals. It administers the CFA® (Chartered Financial Analyst®) and CIPM (Certificate in Investment Performance Measurement) curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute currently has more than 110,000 members, who include the world’s more than 100,000 CFA charterholders, in 137 countries and territories, as well as 135 member societies in 58 countries and territories.

About Indian Association of Investment Professionals (IAIP)

IAIP is an association of local investment professionals consisting of portfolio managers, security analysts, investment advisors, and other finance professionals. As one of 135 CFA Institute member societies, IAIP connects members to a global network of investment professionals. IAIP promotes ethical and professional standards within the investment industry, facilitates the exchange of information and opinions among people within the local investment community and works to further the public’s understanding of the CFA designation and investment industry. IAIP is headquartered in Mumbai and was established in April 2005. (IAIP website: and

About CFA Institute Research Challenge

The CFA Institute Research Challenge is a global competition which tests the analytic, valuation, report writing, and presentation skills of university students. Students have the unique opportunity to develop and present an equity research report and be mentored and judged by leading industry experts. Local CFA Institute member societies host and launch local competitions involving teams of three to five business and finance students from participating universities who work directly with a local company in researching and preparing a company analysis. The local winning teams will advance to the respective regional finals held in Asia Pacific; Europe, Middle East & Africa; Americas; and New York regions. The regional winners will then advance to the global final in the hopes of being crowned the global champion.

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Ø    To learn more about the competitions held in India, follow us on website (; Twitter (; Facebook (                   

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