Contrarian Commentator

Hemindra Hazari, is a Securities & Exchange Board of India (SEBI) registered research analyst with over 25 years’ experience in the Indian capital markets. He has specialized in research on banking and the macro-economy. He has managerial experience of establishing profitable equities business, leading and mentoring analysts. He has worked with prominent foreign and domestic capital market firms such as UBS, Societe Generale, HSBC, ASK Raymond James and Karvy Stock Broking. In the course of his career he has interacted with prominent Indian companies, foreign and domestic institutional investors and high net worth individuals.

A regular guest on business media channels, he is respected for being unafraid to go against the consensus view on stocks and the market. In June 2011, when many analysts were positive on the Indian economy and on corporate earnings, he (as the head of institutional equity research at a brokerage house) was one of the first analysts to caution investors regarding a demand slowdown in the Indian economy and to warn of the danger of “an extended period of lower inflation accompanied by subdued growth and investment.” As an independent analyst he was one of the first to caution about the impending asset quality and corporate governance problems in Indian private sector banks and his critical analysis on some of the CEOs’ performance finally led to the banking regulator refusing an extension to their tenures.

Early in his career, he was fortunate to have been mentored by N L Hingorani, a close friend of his father, R K Hazari, in corporate financial analysis and business strategy.

In the 1990s, he publicly debated with India’s leading credit rating agencies on their debt rating of individual companies and highlighted deficiencies in their methodologies.

With a Masters Degree in International Studies from the University of South Carolina, USA and a Bachelors in Economics from St. Xavier’s College, Mumbai, he has been interested in the role played by the political economy in economic policy and the impact of global political and financial developments on the capital markets. He has also published articles on India’s defense and naval strategy.

R.K Hazari (1932-1986)

Economist and former deputy governor, Reserve Bank of India

N.L. Hingorani (1932-1995)

former director, National Institute of Bank Management