Purva Sule

When Pipal Research started out six years ago, the idea of bulge bracket firms outsourcing investment research was unthinkable. "We had a high level meeting with one bank," says Sule, who helped found the firm and now manages the investment research division. "We represented our concept: that you can use outsourcing and offshoring for any of your research functions - debt, equity, investment banking. At that point we received blank stares."

Now it's rare to find an investment bank that doesn't