Institutional Equities

Led by independent and thought-provoking research, Avendus Spark Institutional Equities is India’s leading domestic institutional brokerage house.

Our Institutional Equities franchise is widely respected, especially for its research, which is ranked #1 in the country across local and global brokerage houses. It is home to a 100 member team, catering to over 400 institutional clients.



Trusted by 400+ institutional investors for its intellectual honesty, thought leadership, detail-oriented, ears to the ground and a buy side approach to sell side research.

The 50+ member team covers 250+ stocks across ~15 sectors, covering ~80% of the total market capitalisation in India. Each sector lead analyst has over 12 years expertise in covering the respective sectors and overall 15+ years of experience. The team scores high on sector knowledge, relationships and objectivity.

The Research team at Spark has been ranked as #1 Best India Research in the recently concluded Asiamoney 2022 Polls and consistently ranked among the Top 3 Research Teams over the past decade.


Experienced 12 member equity sales team leverages our best-in-class research to sell ideas and deliver customised insights to institutional investors across the globe looking to invest in India by filtering out the noise, keeping in mind clients' portfolio mandate and investing style. The approach to sales is - do we want to sell this idea rather than can this idea be sold. The team has strong relationships with 400+ institutional investors. It is ranked as India's #1 Sales Team in the recently concluded Asiamoney 2022 Polls. No coincidence, that almost every sales person has been a research analyst in the past.


Spark has a seasoned 25 member trading desk with cash and derivative capabilities. Spark offers multiple execution platforms and a sophisticated algorithm suite to enable seamless execution of complex trades across trading strategies. The execution team at Spark also has capabilities in high touch execution, direct market access, directional futures and cash - futures arbitrage.

The consistent quality of our execution and customised solutions for institutional clients have contributed to significant market share growth over the years. The execution team at Spark has been ranked as the #1 in Best Execution (India) in the recently concluded Asiamoney 2022 Polls.

Corporate Access

Spark plays a leading role in connecting institutional investors around the world with listed & private companies, industry experts and related ecosystem linkages thus playing an important role in helping investors to build a deeper understanding of businesses across sectors.

The above offerings are provided through multiple platforms like investor conferences, corporate roadshows, reverse roadshows, city access days, thematic days, plant visits and bespoke events.

Spark focusses on providing differentiated access with a thematic approach to investor access events. A cornerstone of our events is the spread of industry experts we host at these events.

Spark Corporate Access has been ranked as the #2 Best Corporate Access Team in the recently concluded Asiamoney 2022 Polls.

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Client Portfolio

Statutory Information



SEBI Broking Registration no:

INZ000307037 (Member of NSE and BSE)

SEBI Research Analyst Registration no:


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Mr. Mahesh Agal

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