Institutional Investor Advisory Services India Limited

What Institutional Investor Advisory Services India Limited does

Institutional Investor Advisory Services India Limited (IiAS) is India's leading proxy advisory and corporate governance research firm, founded in 2010 and headquartered in Mumbai. IiAS provides independent voting recommendations on shareholder resolutions, bespoke governance research, ESG advisory, and Second Party Opinions to institutional investors — asset managers, mutual funds, insurers, hedge funds, and PE/VC funds. The firm covers 1,328 listed Indian companies representing over 95% of market capitalization, including all SENSEX and NIFTY constituents, and maintains 95,623 cumulative voting recommendations across 19,072 shareholder meetings.

IiAS operates a suite of cloud-based analytical platforms. ADRIAN is a voting analytics repository capturing shareholder resolutions and institutional voting patterns; SMART is a stewardship activity reporting platform for investors; and Compayre provides executive compensation analysis across 500+ listed companies. The firm's methodological backbone includes the Indian Corporate Governance Scorecard, co-developed with the International Finance Corporation and BSE Limited, sponsored by Japan's Ministry of Finance. IiAS is a SEBI-registered proxy advisor (registration INH000000024), and its wholly-owned subsidiary IiAS Sustain is registered as a SEBI Category-II ESG Rating Provider (May 2024).

Revenue is generated primarily through recurring institutional subscriptions to voting recommendations and platform access, supplemented by bespoke professional services engagements, ESG ratings and reports (sold individually or via subscription), and Second Party Opinion fees for green and sustainability-linked bonds. Go-to-market is direct enterprise sales to institutional investors, with a secondary self-serve channel through the iiasadrian.com platform for individual company ESG report purchases. Shareholders include major Indian financial institutions (HDFC Bank, ICICI Prudential Life, Kotak Mahindra, Axis Bank, Aditya Birla Sunlife AMC, UTI AMC, Tata Investment, RBL Bank, Yes Bank, and Fitch Group), aligning commercial and customer interests.

Name

Institutional Investor Advisory Services India Limited

Legal name

Institutional Investor Advisory Services India Limited

Website

https://iiasadvisory.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

IiAS is India's leading proxy advisory firm, providing independent voting recommendations, corporate governance research, ESG advisory, and Second Party Opinions to institutional investors, asset managers, and PE/VC funds across 1,328 listed Indian companies.

Ownership category

akta.pro rank

Product category

Proxy Advisory and Corporate Governance Research

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fairness Opinions & Independent Board Advice (FSAEAGAF)

akta.pro secondary industry

Fairness Opinions & Independent Financial Advice (BPAHAOAF)

Keywords

• Proxy advisory services
• Corporate governance research
• Voting analytics platforms
• ESG advisory services
• Executive compensation analytics

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Voting Advisory Subscriptions: IiAS provides voting recommendations on shareholder resolutions for over 1000 listed companies. Services are offered through subscriptions to institutional investors including asset managers, hedge funds, and PE funds who need governance research for investment decisions.
2. Bespoke Research Services: Custom research and engagement support for institutional clients on specific corporate governance and ESG issues. Assists institutions in engagement with company managements and boards.
3. ESG Ratings and Reports: ESG ratings and analysis reports for approximately 200 companies available for purchase. Companies can buy their own ESG reports through the Adrian platform.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

IiAS provides independent voting recommendations on shareholder resolutions and corporate governance research for institutional investors across more than 1,300 listed Indian companies. The firm's offerings include subscription access to voting advisory research, ESG advisory and ratings, the Governance Scorecard (co-developed with IFC and BSE), Second Party Opinions for green and social bonds, and bespoke engagement support with company managements and boards. These services are delivered through proprietary cloud-based platforms ADRIAN, SMART, and Compayre.

Product overview

IiAS offers a suite of cloud-based platforms and advisory services for corporate governance and ESG assessment in the Indian market. The core offerings include: ADRIAN (voting analytics platform), SMART (stewardship reporting), Compayre (executive compensation analysis), Voting Advisory (shareholder voting recommendations), ESG Advisory, Governance Scorecard (jointly with IFC and BSE), and Second Party Opinion services. IiAS covers over 1,000 companies including all SENSEX and NIFTY companies, providing research and recommendations that account for over 95% of market capitalization.

Differentiator

Problem solved

Functional benefit

Brands

• IiAS Sustain: A wholly owned subsidiary of IiAS focused on ESG advisory, sustainability research, and corporate responsibility studies including workplace safety in India.
• ADRIAN
• SMART
• Compayre

Products and services

• ADRIAN Voting Analytics Platform Cloud-based analytical platform capturing data on shareholder resolutions put up by companies in general meetings, providing voting analytics and institutional voting patterns across more than 1,000 listed Indian companies; used by institutional investors for voting research and analytics.
• SMART Stewardship Reporting Platform Cloud-based platform helping investors manage and report on their stewardship activities, including tracking and documenting voting recommendations and engagement activities undertaken by asset managers.
• Compayre Executive Pay Analytics Cloud-based solution enabling companies and investors to search and analyse executive pay data, including pay-versus-performance analysis, for directors across more than 500 listed Indian companies.
• Voting Advisory Service Subscription research service providing voting recommendations on shareholder resolutions for more than 1,000 listed Indian companies, including all SENSEX and NIFTY companies, the S&P BSE 200, NIFTY 200, NIFTY MidCap 50, and F&O stocks; delivered to institutional investors, asset managers, hedge funds, and PE funds.
• ESG Advisory Services Advisory services to help institutional investors and listed companies integrate ESG (Environment, Social, Governance) factors into their investment process, including ESG ratings, assessments, and integration support; ESG reports are available for purchase through the ADRIAN platform.
• Indian Corporate Governance Scorecard Governance assessment framework scoring the corporate governance practices of Indian listed companies based on G20/OECD Principles; jointly developed with International Finance Corporation (IFC) and BSE Limited, with support from the Government of Japan, and made available through the BSE platform.
• Second Party Opinion Service Independent review of green, sustainable, or social bonds—or issuers' Green/Sustainability Bond Frameworks—assessing alignment with accepted market principles such as ICMA Green Bond Principles and SEBI regulations; offered to issuers and underwriters.
• Green Star Fund Rankings ESG performance benchmark for Indian mutual funds, ranking funds on ESG criteria; launched by IiAS Sustain to provide investors with an independent assessment of ESG quality across the Indian mutual fund universe.

Quantifiable outcome

• Coverage of over 95% of Indian market capitalization
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• APG Asset Management AsiacoreStrategic or Co-development Partner · 25 July 2024APG, a Dutch pension provider, co-sponsored the IiAS Sustain workplace safety study in India, providing support for research on health and safety practices at NIFTY-500 companies.
• HDFC Ergo General InsuranceminorStrategic or Co-development Partner · 25 July 2024HDFC Ergo General Insurance co-sponsored the IiAS Sustain workplace safety study, bringing insurance sector expertise to the research on workplace safety in India.
• UN PRI (United Nations Principles for Responsible Investment)coreStrategic or Co-development Partner · 9 January 2023IiAS became the first proxy advisory firm in India to become a signatory to the UN PRI in January 2023, demonstrating commitment to responsible investment and ESG integration in the Indian capital markets.
• International Finance Corporation (IFC)coreStrategic or Co-development PartnerIiAS partnered with IFC and BSE Limited to develop the Indian Corporate Governance Scorecard, a comprehensive framework for evaluating corporate governance practices in India based on G20/OECD Principles. The project was supported and sponsored by the Japan Ministry of Finance.
• BSE Limited (Bombay Stock Exchange)coreStrategic or Co-development PartnerBSE partnered with IiAS and IFC on the Indian Corporate Governance Scorecard initiative, making governance scores accessible to investors and companies through the BSE platform.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Institutional Shareholder Services (ISS): Global leader in proxy advisory and corporate governance solutions, owned by Deutsche Börse. ISS is IiAS's most direct global competitor, offering the same voting recommendations, governance research, and ESG services to institutional investors — and increasingly targeting the Indian market.
• Glass Lewis & Co. Leading independent proxy advisory firm, owned by BC Partners, serving institutional investors globally with voting research, governance ratings, and ESG analytics. Glass Lewis directly competes with IiAS for Indian institutional mandates and is the second pillar of the global proxy advisory duopoly.
• InGovern Research Services: India-based proxy advisory and corporate governance research firm offering voting recommendations and governance analysis to institutional investors. InGovern is IiAS's principal domestic competitor, with a similar product set focused on Indian listed companies.
• Stakeholder Empowerment Services (SES): Indian proxy advisory firm providing voting recommendations, governance research, and ESG analysis. SES competes with IiAS for the same mutual fund, insurance, and AIF clients in the Indian market.

Emerging players

• Egan-Jones Proxy Services: Smaller US-based proxy advisor providing voting recommendations and governance ratings. A niche direct competitor in proxy advisory with overlap on methodology and client base, though significantly smaller than ISS or Glass Lewis.

Broad incumbents

• Sustainalytics: Global leader in ESG and corporate governance research, owned by Morningstar. Comparable to IiAS Sustain's ESG ratings business for institutional investors, with broader international coverage and a more established fund-rating franchise.
• MSCI ESG Research: Global provider of ESG ratings, research, and data to institutional investors, integrated with MSCI's index franchise. MSCI ESG is a scaled incumbent in the same institutional ESG research category IiAS Sustain is targeting with the Green Star Fund Rankings.
• ISS ESG (formerly Vigeo Eiris): ESG research, ratings, and Second Party Opinion arm of Institutional Shareholder Services under Deutsche Börse. Directly comparable to IiAS Sustain across ESG ratings, SPO, and governance integration, with global scale advantages.
• Moody's ESG Solutions: Global provider of ESG scores, climate risk analytics, and sustainability data to institutional investors and issuers. Comparable to IiAS Sustain's ESG ratings and SPO offerings, with a much larger international footprint and integration with Moody's credit franchise.

Others

• CRISIL Ratings: India's largest domestic credit rating agency and a sister S&P Global entity, providing ratings, research, and analytics to Indian capital markets. Adjacent to IiAS as a domestic financial-market information provider with overlap in governance research; IiAS President Hetal Dalal was previously at CRISIL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/iiasadvisory
• LinkedInlinkedin.com/company/institutional-investor-advisory-services-iias-

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Institutional Investor Advisory Services India Limited