Utsav Verma : Redefining Research For Institutional Investors
Utsav Verma
Head of Research – Institutional Equities
With a blend of analytical expertise, strategic thinking, and market foresight, Utsav Verma serves as the Head of Research – Institutional Equities at Choice, where he brings his extensive experience and expertise to the forefront.
Choice Group is a leading financial conglomerate and offers a wide range of financial services through its subsidiaries - key offerings include Broking & Distribution, NBFC Services, Government Advisory, Investment Banking, and Asset Management.
In this role, he leads research on equities, focusing on fundamental business analysis, financial performance evaluation, and monitoring industry trends to provide well informed guidance to institutional investors. His leadership ensures Choice’s research output remains robust, accurate, and relevant for market participants seeking strategic investment insights.
A Chartered Financial Analyst (CFA) Charterholder, Utsav combines rigorous financial studies at IIT Kharagpur with hands-on industry experience. Prior to Choice, he honed his skills at Citi Research – Citigroup Global Markets and RBS, gaining exposure to diverse equity markets and best-in-class research practices.
Further strengthening his analytical capabilities, he completed a one-year program in Data Analytics from IIM Bangalore, which deepened his expertise in deriving actionable insights from complex datasets, enabling data-driven decision-making and a proactive response to AI-driven changes in the financial ecosystem.
Utsav’s professional journey is mirrored in his personal pursuits in sports as well as health and nutrition. A dedicated long-distance runner, he has completed multiple marathons and half-marathons, including the Vasai-Virar Marathon, Ladakh Half Marathon, Satara Hill Half Marathon, Kaziranga Half Marathon, and the Tata Mumbai Marathon.
These experiences underscore his perseverance, disciplined preparation, and resilience, qualities that translate seamlessly into his approach to research and strategic decision making.
Through a combination of continuous learning, disciplined execution, and integrity, Utsav ensures that Choice’s Research team remains a trusted partner for institutional investors, delivering nuanced analyses that inform investment decisions and foster confidence in the markets. Let’s read.
What are the biggest lessons you have acquired over the years in your professional journey? How have these experiences shaped your leadership approach?
Over the years, I’ve learned that growth never stops, perseverance and continuous learning are key. Even after my MBA, I pursued the CFA Charter and later a Data Analytics program, reinforcing that learning is lifelong. Mentors and peer networks have guided me at crucial moments, while entrepreneurship taught me grit and resilience.
I’ve realized the importance of voicing aspirations, focusing on meaningful work over financial outcomes, and maintaining health to sustain professional stamina. Integrity, above all, compounds trust. As a leader, I focus on fostering continuous learning, encouraging open aspirations, and building resilient teams rooted in integrity. Leadership, for me, is about enabling others to succeed.
How do you evaluate & prioritize new research ideas? What frameworks do you use to assess their potential impact, feasibility, and alignment with market trends?
When I evaluate research ideas, I look through three lenses: Impact, Feasibility, and Market Alignment (IFMA). For Impact, I ask whether the idea matters to clients, using a materiality vs. differentiation matrix to see if it offers unique insights and influences decisions. Feasibility involves checking data availability, team expertise, time, and resources versus potential client value. Alignment ensures the idea resonates with market trends, macro themes, or investor concerns.
I visualize this as a Venn diagram , ideas that sit at the intersection of all three get prioritized. I also maintain a research portfolio, balancing near-term actionable pieces with longer-term thematic work, and encourage my team to pitch ideas transparently. As a stock is getting crystallized on this IFMA framework for coverage, I also look at it from BMV sub-framework which involves detailed research on Business, Management and Valuation.
Given the rise of FinTech startups & non- traditional competitors, how do you conduct research to identify opportunities for partnership or acquisition?
What are the biggest lessons you have acquired over the years in your professional journey? How have these experiences shaped your leadership approach?
Over the years, I’ve learned that growth never stops, perseverance and continuous learning are key. Even after my MBA, I pursued the CFA Charter and later a Data Analytics program, reinforcing that learning is lifelong. Mentors and peer networks have guided me at crucial moments, while entrepreneurship taught me grit and resilience.
My vision is to build, lead, and innovate at scale, while my success mantra has been to learn continuously, persevere consistently, and stay grounded in my values
I’ve realized the importance of voicing aspirations, focusing on meaningful work over financial outcomes, and maintaining health to sustain professional stamina. Integrity, above all, compounds trust. As a leader, I focus on fostering continuous learning, encouraging open aspirations, and building resilient teams rooted in integrity. Leadership, for me, is about enabling others to succeed.
How do you evaluate & prioritize new research ideas? What frameworks do you use to assess their potential impact, feasibility, and alignment with market trends?
When I evaluate research ideas, I look through three lenses: Impact, Feasibility, and Market Alignment (IFMA). For Impact, I ask whether the idea matters to clients, using a materiality vs. differentiation matrix to see if it offers unique insights and influences decisions. Feasibility involves checking data availability, team expertise, time, and resources versus potential client value. Alignment ensures the idea resonates with market trends, macro themes, or investor concerns.
I visualize this as a Venn diagram , ideas that sit at the intersection of all three get prioritized. I also maintain a research portfolio, balancing near-term actionable pieces with longer-term thematic work, and encourage my team to pitch ideas transparently. As a stock is getting crystallized on this IFMA framework for coverage, I also look at it from BMV sub-framework which involves detailed research on Business, Management and Valuation.
Given the rise of FinTech startups & non- traditional competitors, how do you conduct research to identify opportunities for partnership or acquisition?
When evaluating fintechs or non-traditional competitors, I treat it like strategic due diligence rather than typical equity research. I look across four dimensions: market alignment and problem-solving, ensuring the startup addresses a scalable, relevant need; business model and economics, assessing unit economics, revenue streams, and moat defensibility; technology and data edge, checking proprietary algorithms and integration potential; and strategic fit, determining whether it fills a gap in our offerings.
I use frameworks like the Market Attractiveness vs. Strategic Fit Matrix to prioritize, the Build–Partner– Buy approach to decide the mode of engagement, and a tech-readiness checklist to ensure compliance and scalability.
What is your future vision, & what has been your success mantra so far?
My vision is to build, lead, and innovate at scale, while my success mantra has been to learn continuously, persevere consistently, and stay grounded in my values. I aim to create platforms and teams that deliver strong financial results and empower people to make smarter, data-driven decisions. With AI, analytics, and sustain ability transforming industries, I want to spearhead solutions that are forward-looking and impactful, whether in investment advisory, institutional research, or wealth-tech. My focus is on combining innovation with practical outcomes to drive meaningful change in the financial ecosystem.
What would be your advice to budding industry leaders, from your experience?
My advice to aspiring leaders rests on three pillars. First, invest in continuous learning - markets, technology, and expectations evolve rapidly, so staying curious and upskilling is essential to remain relevant. Second, embrace the grind of leadership, it’s not about titles or glamour, but resilience, tough decision-making, and consistent execution, even when results take time.
Patience and discipline are as important as vision. Third, build on integrity and relationships, technical skills may open doors, but trust and credibility keep them open. Be transparent about your aspirations, seek mentors, and cultivate strong networks. Lifelong learning, disciplined execution, and uncompromising values form the foundation for sustainable success.
Utsav Verma, Head of Research – Institutional Equities, Choice
Utsav Verma is the Head of Research – Institutional Equities at Choice, where he leads equity research, analyzing company fundamentals, financials, and industry trends to guide institutional investors. A CFA Charterholder, he brings prior experience from Citigroup Global Markets, RBS and Evalue serve combining deep market insights with strategic research leadership.
I use frameworks like the Market Attractiveness vs. Strategic Fit Matrix to prioritize, the Build–Partner– Buy approach to decide the mode of engagement, and a tech-readiness checklist to ensure compliance and scalability.
What is your future vision, & what has been your success mantra so far?
My vision is to build, lead, and innovate at scale, while my success mantra has been to learn continuously, persevere consistently, and stay grounded in my values. I aim to create platforms and teams that deliver strong financial results and empower people to make smarter, data-driven decisions. With AI, analytics, and sustain ability transforming industries, I want to spearhead solutions that are forward-looking and impactful, whether in investment advisory, institutional research, or wealth-tech. My focus is on combining innovation with practical outcomes to drive meaningful change in the financial ecosystem.
What would be your advice to budding industry leaders, from your experience?
My advice to aspiring leaders rests on three pillars. First, invest in continuous learning - markets, technology, and expectations evolve rapidly, so staying curious and upskilling is essential to remain relevant. Second, embrace the grind of leadership, it’s not about titles or glamour, but resilience, tough decision-making, and consistent execution, even when results take time.
Patience and discipline are as important as vision. Third, build on integrity and relationships, technical skills may open doors, but trust and credibility keep them open. Be transparent about your aspirations, seek mentors, and cultivate strong networks. Lifelong learning, disciplined execution, and uncompromising values form the foundation for sustainable success.
Utsav Verma, Head of Research – Institutional Equities, Choice
Utsav Verma is the Head of Research – Institutional Equities at Choice, where he leads equity research, analyzing company fundamentals, financials, and industry trends to guide institutional investors. A CFA Charterholder, he brings prior experience from Citigroup Global Markets, RBS and Evalue serve combining deep market insights with strategic research leadership.