Trusted research partner to the world's leading financial institutions for two decades

The research desk
behind your best work.

Fundamental research. Technical analysis. AI-assisted workflows. JMN is the analyst capacity behind your senior research team — staffed by CMT® and CFA® professionals — extending your investment research house, fund house, buy-side, or sell-side desk without adding headcount.

How we engage →
20+
Years of continuous client partnerships
3
Market cycles weathered — 2008, 2020 & beyond
24/7
Research coverage across time zones
How the desk is built

Three departments. One desk. Capacity on demand.

JMN runs three dedicated departments — fundamental research, technical analysis, and AI-assisted research — each staffed by named analysts with their own credentials and coverage discipline. Engage one department or all three, depending on what your desk needs this quarter.

FR
Fundamental research
Earnings models, DCF and comps, initiation coverage, and sector deep-dives — built and maintained by CFA® candidate analysts on your templates.
TA
Technical analysis
Pattern, momentum, and multi-timeframe charting led by CMT® Charterholders — run as its own coverage line, not an add-on to equity research.
AI
AI-assisted research
Filing extraction, transcript analysis, and data structuring that compress turnaround time — always reviewed and signed off by a named analyst before delivery.
How clients use this: some desks engage JMN for one department — a single CMT® analyst for technical coverage, for instance. Others draw on all three as coverage needs grow. The capacity scales with you; the quality standard does not change either way.
AI, used honestly

What the AI does. What it never does.

AI-enabled outsourcing has a credibility problem industry-wide — confidently wrong outputs, unclear audit trails, vendors who can't say which tool touched what. We answer the four questions a sophisticated research head will ask before trusting any AI-assisted deliverable.

AI never makes the call
AI extracts, flags, and structures. It never writes a recommendation, sets a target price, or finalises a thesis. Every judgement-bearing sentence is written and owned by a named analyst.
Full audit trail, every time
Every deliverable carries a record of what was AI-extracted versus analyst-written. If a client's compliance team asks "what did the AI touch," we have the answer in writing.
Your data never trains a model
Client data, filings, and proprietary methodology are never used to train or fine-tune any AI system — ours or a third party's. Stated explicitly in every engagement agreement.
You own every output
All IP — AI-assisted or not — belongs to you on delivery. We retain no rights to republish, reuse, or reference any deliverable produced under engagement.
About JMN

We work inside your team. Not alongside it.

Founded in 2005 by S.V. (Bala) Balachander — formerly at Waterstone Capital Management, Payden & Rygel, Allstate Insurance, and Wells Fargo Financial — JMN was built on one thesis: institutional research quality has no geographic boundary.

We do not operate as a vendor. We operate as an invisible extension of your team. Your methodology. Your templates. Your house style. Published under your name. Before your opening bell.

The work that stays with us: modelling, earnings extraction, morning notes, sector coverage, initiation support. The work that stays with you: the call, the recommendation, the client relationship.

01
Zero-error mandate
Every deliverable passes a second-analyst data check, a calculation audit, and senior sign-off. Error-free is not a target — it is the minimum standard.
02
Your process, adopted fully
We adapt to your templates, data sources, and publication cadence. No onboarding to a new system. No process change on your side.
03
Time-zone advantage
Earnings extracted overnight. Morning note on your desk before your first coffee. Pre-market brief before the open bell. Every morning, without exception.
04
Named analysts, not a pool
You work with the same named analyst, every day. They know your sectors, your style, and your senior analysts personally — not a rotating shared resource.
How JMN compares

What separates a research partner from a research vendor

Capability JMN Typical offshore KPO Large offshore firm
Named dedicated analyst (not shared pool) Always Shared poolVaries
CMT® Charterholders on technical research Yes Rarely Rarely
Founder with US fund management background 20+ years US-side Typically not Typically not
Adapts to client templates & house style FullyPartiallyPartially
SEBI Registered Research Analyst INH000XXXXXXNot always Usually
Proven through 2008 financial crisis Continuous since 2005 Often newerSome
Fixed income + equity + technical coverage All threeUsually one Usually
4-week structured pilot available Named programmeAd hocAd hoc
Team qualifications

Credentials held by named analysts — not the firm

Every designation below is held by an individual member of the JMN team. We are not "certified by" or "endorsed by" CFA Institute or the CMT Association — those bodies certify people, not companies. Our analysts are those people.

CMT
CMT® Charterholders
Technical research analysts on our team hold the full CMT® charter — the global standard in technical analysis. This is the completed, fully awarded designation.
Fully qualified · CMT Association
CFA
CFA® Level II & III Candidates
Our fundamental equity and credit analysts are active CFA® Level II and Level III candidates — applying the curriculum to live client work every day.
In progress · CFA Institute
SEBI
SEBI Registered Research Analyst
Registered under SEBI Research Analyst Regulations, 2014. Registration No. INH000XXXXXX. Displayed in compliance with regulatory requirements.
Regulatory · SEBI
NISM
NISM Series XV Certified
All analysts hold NISM Series XV — Research Analyst certification, meeting the mandatory qualification requirement under SEBI RA regulations.
Certified · NISM
Trademark notice: CFA® and Chartered Financial Analyst® are registered trademarks of CFA Institute. CMT® is a registered trademark of the CMT Association. Designations are held by individual team members. JMN Investments Research (P) Ltd. is not certified by, endorsed by, or affiliated with CFA Institute or the CMT Association as an institution.
Senior team

The named analysts doing your work

Every person below is a real, named professional with verifiable credentials. When you engage JMN, you know exactly who is producing your research — not an anonymous resource pool.

S.V. (Bala) Balachander
Founder & CEO
SEBI RA NISM XV
20+ yrs · US fund management & credit
Waterstone Capital · Payden & Rygel · Allstate Insurance · Wells Fargo Financial. Leads client relationships and strategic direction.
Analyst Name
Head of Technical Research
CMT® Charterholder
12+ yrs · Technical & quantitative
Lead CMT® analyst covering US equities, global indices, sector rotation, and multi-timeframe charting for sell-side clients.
Analyst Name
Senior Equity Research Analyst
CFA® Level III NISM XV
9+ yrs · Equity research
Fundamental equity — Technology, Healthcare, Consumer. Earnings models, DCF builds, and initiation coverage.
Analyst Name
Fixed Income Research Analyst
CFA® Level II NISM XV
7+ yrs · Fixed income & credit
Credit analysis, bond relative value, structured credit, and trading desk analytics for US investment bank clients.
Analyst Name
Technical Research Analyst
CMT® Charterholder
8+ yrs · Technical analysis
Daily technical reports, overnight charting, and pattern analysis for US and European clients.
Analyst Name
Research Associate
CFA® Level II NISM XV
4+ yrs · Equity & data
Financial modelling, data verification, earnings support, and morning note production.
Note for prospects: Analyst names shown as "Analyst Name" are placeholders pending individual consent for public listing. A full team profile with verified credentials, LinkedIn profiles, and credential documentation is available under mutual NDA. Contact us to request it.
Coverage universe

What we cover — and what form it takes

A complete picture of sectors, asset classes, geographies, and output types. If a research director asks "do you cover X?" — the answer is on this page.

📈
Equity research
Value · Growth · GARP
  • Technology & semiconductors
  • Healthcare & biotech
  • Consumer & retail
  • Financials & insurance
  • Industrials & energy
  • Real estate (REITs)
  • Utilities & infrastructure
📉
Technical analysis
CMT®-led · Multi-timeframe
  • US equities — S&P 500, Nasdaq, DJIA
  • Global indices & futures
  • Sector rotation analysis
  • Pattern & Elliott Wave analysis
  • Market breadth & momentum
  • Options flow & open interest
  • Overnight charting packages
🏦
Fixed income & credit
Sell-side & buy-side
  • Investment grade & high yield
  • Municipal bonds
  • Sovereign & EM debt
  • Structured credit (CLO, ABS)
  • Bond relative value
  • Credit model support
  • Trading desk analytics
⚙️
Research functions
End-to-end execution
  • Financial model builds (DCF, LBO, comps)
  • Earnings preview & review
  • Morning notes & pre-market briefs
  • Initiation of coverage reports
  • Thematic & sector deep-dives
  • Regulatory filing analysis (10-K, 10-Q)
  • ESG overlay & scoring
Geographies covered
🇺🇸United States
🇬🇧United Kingdom
🇪🇺Eurozone
🇨🇦Canada
🇦🇺Australia
🇯🇵Japan
🌏Asia-Pacific
🌍Emerging markets
Research output types
Initiation of coverage
Earnings preview
Earnings review
Morning note
Pre-market brief
Thematic deep-dive
Technical update
Sector rotation report
Credit analysis note
Financial model — DCF / LBO / comps
10-K / 10-Q summary
ESG overlay
Management meeting prep
Chartbook & exhibit pack
Sample research

Judge the quality before the conversation

Three redacted, anonymised deliverables — a morning note, an earnings model, and a CMT® technical report. No obligation. Reviewed by a JMN senior analyst before it reaches you.

Enter your details to receive all three sample deliverables

Three deliverables. No sales call required.

Submit your details and receive three real, redacted JMN deliverables by email within one business day. A senior analyst will follow up to answer questions about format, depth, or coverage fit — only if you want that conversation.

  • 📄
    Pre-market morning note
    US equities · Overnight analysis · Pre-open format
  • 📊
    Earnings model — DCF + trading comps
    3-statement · Sensitivity tables · Ticker redacted
  • 📉
    CMT® technical report
    Multi-timeframe · Pattern analysis · Annotated charts
🔒
All samples are shared under confidentiality. We do not disclose client identities. By requesting, you agree to our Privacy Policy. We do not sell or share your details.
How we engage

Three models. One standard of delivery.

Choose the structure that matches your team's needs. Every model comes with the same quality standard, the same named-analyst approach, and the same commitment to your methodology.

Model 01
Dedicated analyst
One named analyst, embedded in your workflow. Your templates, your cadence, your coverage universe. Ideal for teams adding a focused sector or asset class.
  • Single named analyst, full-time dedicated
  • Your templates and methodology adopted fully
  • Direct communication — no account manager layer
  • Morning notes, models, sector updates
  • Monthly performance review included
  • 4-week pilot available before full commitment
Most popular
Model 02
Embedded research pod
A team of 2–4 analysts covering multiple asset classes. Functions as a full offshore research desk — your brand, your standards, our execution across equity, technical, and fixed income.
  • 2–4 analysts, multi-disciplinary coverage
  • Equity + technical + fixed income blend
  • Senior analyst quality oversight on all outputs
  • Custom publication workflow built to your spec
  • Time-zone coordination built in
  • Scales quarterly — up or down
Model 03
Project-based
A fixed scope, a defined timeline, a clear deliverable. Sector initiations, model rebuilds, thematic packages, or research transformation projects.
  • Fixed scope and agreed timeline
  • Initiation reports and model builds
  • Thematic research packages
  • Forensic accounting overlays
  • M&A and transaction support
  • Milestone-based delivery and sign-off
What happens next

From first contact to first deliverable in under three weeks

1
Week 1
Initial conversation
30-minute call. Coverage needs, team structure, timeline. No commitment required.
2
Week 1
Mutual NDA + capabilities deck
One-page mutual NDA. Full team credentials and process documentation shared.
3
Week 2
Scoping + pilot design
Analyst assignment, template review, workflow alignment. Pilot scope agreed in writing.
4
Weeks 3–6
4-week pilot
Real deliverables, real coverage, real quality — before full engagement commitment.
5
Week 7+
Full engagement
Steady-state delivery. Daily. Predictable. Indistinguishable from your own team.
The economic case

What your CFO and COO want to see

Offshore economics are real — but they only matter if quality is real too. JMN delivers both. Here is the cost structure, without the vagueness.

US onshore research analyst
$200–350K
Fully loaded annual cost
  • Base salary + bonus
  • Benefits & healthcare
  • Bloomberg terminal ($24K/yr)
  • Office space & overhead
  • Recruitment & onboarding cost
  • Training & CPD
JMN dedicated analyst
Significant savings
Offshore economics, onshore standards
  • Named, dedicated analyst
  • No data platform overhead for you
  • No recruitment cost
  • No benefits overhead
  • No office space cost
  • Scales without headcount risk
What you free up
Senior focus
The real return on offshore research
  • Senior analyst time on client calls
  • Alpha generation and idea quality
  • Coverage universe expansion
  • Marketing and client engagement
  • Revenue focus for senior team
  • Faster earnings cycle turnaround
Specific pricing is provided during the pilot scoping call — we do not publish rates publicly, as every engagement is scoped to coverage needs, team size, and output volume. For reference, independent industry research on offshore equity research outsourcing reports client cost savings in the 30–70% range versus onshore hiring; your own figure will be discussed and agreed before any commitment.
How AI fits into the process

Structured. Reviewed. Accountable.

Every deliverable follows the same five-step process, whether it touches AI or not. AI accelerates extraction and structuring — it never writes the judgement that goes out under your name.

01
Data ingestion
Filings, transcripts, and pricing data sourced from your existing systems pre-market
02
AI pre-processing
NLP flags anomalies, extracts key figures, surfaces changes vs prior period
03
Analyst judgement
Named analyst validates, interprets, and writes — AI assists, humans decide
04
Quality audit
Second analyst data check · Calculation audit · Senior sign-off
05
Client delivery
Your format · Your systems · Your inbox. Before the opening bell.
Security & compliance

Answers to every procurement question — before you ask

Tier I banks have procurement and legal checklists. This section is written for the people who fill them in. If anything here requires documentation, ask — we have it.

📋
NDA & engagement framework
Mutual NDA executed before any capability discussion — including before the sample research is shared. We adapt to your standard legal templates. Engagement agreements cover deliverable ownership, confidentiality, and IP rights.
🔐
Data handling & segregation
Client data is never shared across engagements. Analyst access is scoped to the specific engagement only. No client materials are stored on personal devices. All transfers are encrypted. Audit trails maintained on all client-facing systems.
🏛️
SEBI regulatory registration
JMN Investments Research (P) Ltd. is registered as a Research Analyst under SEBI Research Analyst Regulations, 2014. Registration No. INH000XXXXXX. All regulatory requirements are current and compliant.
🧑‍⚖️
Client confidentiality policy
We do not publish, reference, or disclose client names, methodologies, or research outputs — in any form — without written client consent. Testimonials on this site are published with explicit, documented approval.
Three-tier quality assurance
Every deliverable: (1) data source verification by the producing analyst, (2) independent calculation audit by a second analyst, (3) senior analyst sign-off before delivery. Documented. Consistent. Non-negotiable.
🌐
IT security & certifications
Role-based access controls, encrypted communication, and audit trails across all systems. ISO 27001 certification is in active preparation. A full Vendor Security Questionnaire (VSQ) is available on request for procurement teams.
📜
GDPR & data privacy
Data collected via this website is handled in compliance with GDPR (EU), India's Digital Personal Data Protection Act, and CCPA (California). A full Privacy Policy is linked in the footer. Contact details are never sold or shared.
📁
Due diligence pack
A complete due diligence document — covering firm registration, team credentials, regulatory status, data protocols, client references, and process documentation — is available under NDA within 48 hours of request.
SEBI RA registered
NISM Series XV certified
Mutual NDA on all engagements
Encrypted data transfer
No cross-client data sharing
ISO 27001 in preparation
VSQ available on request
GDPR compliant
The JMN quality commitment
Every deliverable that leaves JMN has passed three checks. If an error reaches a client — a calculation discrepancy, a data inconsistency, or a formatting deviation from your house style — we will correct and redeliver within two hours at no charge, with a documented root-cause note. This is not a marketing statement. It is an accountable commitment we have maintained for twenty years.
Error reach you → corrected and redelivered within 2 hours, at no charge.
Client outcomes

Twenty years of delivery, through every market cycle

These outcomes are from long-term partnerships. JMN has served clients continuously through the 2008 financial crisis, COVID volatility, and beyond. Consistency across cycles is the hardest thing to fake.

JMN's team quality and service commitment helped sustain a long-term relationship through the 2008 financial crisis — when we needed absolute reliability and zero errors. They delivered on both, without exception.
Head of Equity Research
US Investment Bank · Sell-Side
In a short span, JMN became an integral part of our fixed income team — directly supporting strategic decisions and trading desk analysis. The quality and responsiveness is consistently institutional-grade.
Fixed Income Team Lead
US Investment Bank · Credit Desk
Time-zone leverage and six-day support enabled timely technical report publication and gave our onshore analysts greater bandwidth to focus on core coverage and direct client work.
Technical Research Analyst
Tier II Investment Bank
JMN's partner-for-growth model improved our senior analyst bandwidth significantly — enabling active engagement in marketing and client-facing work that was previously deprioritised due to research load.
Senior Analyst
Research Coverage Lead · Buy-Side
Serving clients at
Thought leadership

Perspectives from the research desk

JMN publishes on markets, methodology, and the future of institutional research. Written by practitioners, not marketers.

Methodology
Why offshore research quality drifts — and the three systems that stop it
The common failure mode in offshore research is not analyst quality — it is process. After twenty years, here is exactly how JMN's three-tier review prevents quality drift at scale.
Bala Balachander
8 min read
AI in research
AI as a research accelerator — not a substitute for analyst judgement
Where LLMs and NLP genuinely help in research workflows, where they fail, and why the named analyst remains the irreplaceable layer in every deliverable JMN produces.
Research team
6 min read
Technical analysis
CMT® methodology in a modern sell-side workflow — what the charter actually delivers
A CMT® Charterholder's account of how technical analysis tools have evolved — and why price, volume, and pattern discipline remain the foundation of every trade signal we produce.
Technical team
10 min read
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Frequently asked questions

The eight questions institutional buyers always ask

The procurement checklist for offshore research is predictable. Here are the answers, in full.

How do you protect our client data and proprietary methodologies?
Every engagement begins with a mutual NDA. Client data is ring-fenced to the specific engagement — no cross-client access. Encrypted transfers only. Analyst access is role-scoped. A full due diligence document covering data protocols is available on request.
Who owns the research output JMN produces?
You do. All intellectual property, models, notes, and deliverables produced under engagement belong entirely to the client. This is stated explicitly in every engagement agreement. JMN retains no rights to republish, repurpose, or reference client work.
How do you ensure quality doesn't degrade over time?
Three-tier review on every deliverable: data verification, independent calculation audit, senior sign-off. Monthly performance reviews. Named analysts — not a rotating pool — so the same person builds sector knowledge over time, not across clients. Average analyst tenure exceeds industry norms.
What happens if we experience an error in a deliverable?
We correct and redeliver within two hours at no charge, with a written root-cause note. This commitment has been maintained for twenty years. It is in writing in our engagement agreement, not just on this page.
How do you handle time-zone coordination with US and European teams?
India Standard Time (IST) is +5:30 from London and +10:30/+13:30 from US East/West coasts. This means JMN analysts work overnight against US market hours, delivering morning notes before the US open. Six-day coverage is standard on embedded pod engagements.
What is your analyst attrition rate and how does it affect coverage continuity?
We commit to a documented handover protocol on any analyst transition, with a minimum notice period built into every engagement agreement, so coverage continuity is never dependent on one individual. Several client relationships have run continuously for over a decade — that continuity is the result of how we structure teams, not a coincidence.
Are you regulated by SEBI, and what does that mean for us?
Yes — JMN Investments Research (P) Ltd. is registered as a Research Analyst under SEBI Research Analyst Regulations, 2014 (Reg. No. INH000XXXXXX). This is a legal operating license, not a marketing claim. It imposes conduct, disclosure, and record-keeping obligations on our firm.
Can we review sample output before any commercial conversation?
Yes — always. Use the "Request sample research" button anywhere on this page. Three redacted deliverables — a morning note, an earnings model, and a CMT® technical report — will reach you within one business day, with no obligation attached.
Privacy & data use

How we handle the information you share with us

A plain-language summary. The full policy is available on request and will govern any data submitted through this site.

What we collect
Name, work email, firm name, role, and stated research interest — only what you submit through a form on this site, such as the sample research request.
How we use it
Solely to respond to your request, send the material you asked for, and follow up if you indicate interest in a conversation. Never for unrelated marketing without your consent.
Who sees it
Only JMN team members involved in responding to your enquiry. We do not sell, rent, or share your details with any third party.
Your rights
You may request access to, correction of, or deletion of your data at any time by emailing us. Requests are handled within a reasonable period and in line with applicable data protection law.
Start a conversation

The world's largest research desks already run this model. The only decision left is who runs it for you.

The question is not whether offshore research works. It is whether your partner is good enough to be invisible. Let JMN show you — starting with three sample deliverables, no commitment required.

Email the team directly
📅 Or request a 20-minute call by email →
Office address
Alliance Orchid Springs, Silver Oak
Level 4, #406, 54 Water Canal Road
Korattur, Chennai — 600 080
Tamil Nadu, India
Contact
research@jmninvestments.com
+91 98847 23183

Response within one business day.
Capabilities deck available under mutual NDA.
Regulatory information
SEBI Registered Research Analyst
Reg. No. INH000XXXXXX
NISM Series XV Certified
CIN: U74999TN2005PTC056XXX

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