Number of Positions:

: 2

Primary Skills:

: BUSINESS ANALYST,CAPITAL MARKET

Job Description:

Capital Market Business Analyst

Requirements & Regulatory Engagement | 5–8 Years Experience | Full-Time

Role Summary

Be the bridge between capital markets business stakeholders, regulators, and technology teams. Own the end-to-end requirements lifecycle — from discovery workshops with broking clients and clearing members through to BRD and FSD sign-off — while maintaining active engagement with SEBI, NSE, BSE, and other regulatory bodies to translate regulatory mandates into accurate product specifications. Work cross-functionally with back-office vendors and internal development teams to ensure delivered features are compliant, accurate, and production-ready.

Experience

5 – 8 Years

Domain

Capital Markets

Client Facing

Yes — Regulatory & Client

Key Responsibilities

A. Client Requirements & Discovery

- Requirements Workshops: Conduct structured discovery sessions with broking firms, clearing members, and institutional clients to elicit functional and regulatory requirements across trade lifecycle, risk, clearing, and settlement domains.
- BRD Preparation: Author comprehensive Business Requirements Documents capturing business objectives, functional scope, process flows, data mappings, and acceptance criteria — reviewed and signed off by client stakeholders.
- FSD Authoring: Translate approved BRDs into Functional Specification Documents with detailed screen-level, workflow-level, and interface-level specifications for the development and QA teams.
- Gap Analysis: Analyse client's existing back-office processes and system capabilities against the target solution to identify functional gaps, workarounds, and phased delivery options.
- Stakeholder Management: Manage requirements sign-off across client operations heads, compliance officers, technology teams, and senior management — ensuring alignment before development begins.

B. Regulatory Engagement

- SEBI Regulatory Interface: Engage directly with SEBI on regulatory circulars, compliance mandates, and reporting frameworks — interpreting guidelines and translating them into actionable product requirements.
- Exchange Liaison — NSE & BSE: Coordinate with NSE and BSE technical and business teams on exchange connectivity specifications, file formats (SPAN, bhavcopy, obligation files, UCC), and regulatory change timelines.
- Regulatory Change Management: Monitor SEBI circulars, NSE/BSE notices, and IRDAI/RBI guidelines relevant to broking back-office operations; assess product impact and initiate change requests within defined timelines.
- Compliance Specification: Document regulatory requirements as formal functional specifications — margin computation rules, settlement cycle changes (T+1), reporting formats, and audit trail requirements — ensuring product compliance ahead of effective dates.
- Regulatory UAT Coordination: Coordinate User Acceptance Testing for regulatory change releases — prepare test cases aligned to regulatory specifications and drive sign-off with client compliance teams.

C. Back-Office Vendor & Integration Management

- Vendor Requirements Discussion: Engage with third-party back-office vendors (depositories, clearing corporations, custodians, payment gateways) to align integration requirements, file format specifications, and API contracts.
- Interface Specifications:



Prepare interface and integration specification documents covering data exchange formats (fixed-width, CSV, XML, JSON), field mappings, frequency, error handling, and reconciliation rules.
- Cross-Vendor Reconciliation Issues: Work with vendors and clients to resolve data reconciliation discrepancies — trade obligations, securities positions, margin shortfalls, and depository holding mismatches.

D. Delivery & Quality Assurance

- Sprint & Backlog Management: Work with the Product Owner and development team in an Agile environment — writing user stories with clear acceptance criteria, managing the backlog, and participating in sprint planning and review ceremonies.
- Functional Test Support: Review functional test cases prepared by QA, validate test coverage against FSDs, and support UAT execution with clients — tracking defects to closure.
- Training & Handover: Prepare functional training materials and conduct knowledge-transfer sessions for client operations teams and internal support staff post go-live.
- Knowledge Base: Maintain a repository of BRDs, FSDs, regulatory mapping documents, and exchange specifications for internal reference and audit purposes.

Capital Markets Domain Knowledge Required

The candidate must have hands-on functional knowledge across the following capital markets domains:

Domain Area

Key Concepts

Trade Lifecycle

Order management, trade execution, give-up trades, trade confirmation, allocation

Clearing & Settlement

Pay-in / pay-out, obligation computation, settlement cycle (T+1), shortages & auctions, DVP/non-DVP

Margin Management

SPAN margin, VaR margin, exposure margin, MTM, margin calls, peak margin reporting

Depository Operations

NSDL/CDSL account types, DIS, DP transactions, demat debit/credit, pledge & hypothecation

Risk Management

Position limits, client-level risk controls, RMS parameters, pre-trade risk checks

Regulatory Reporting

SEBI reports, exchange MIS, client-wise position reports, UCC, KYC linkage

Exchange Segments

NSE/BSE Cash, F&O;, Currency; MCX/NCDEX Commodity; Institutional (FPI, FII) segments

Back-Office Operations

Brokerage computation, ledger management, fund transfer, bank reconciliation, DEMAT reconciliation

Skills & Qualifications

Must-Have

Good to Have

- 5–8 years of business analysis experience in a capital markets product company, broking firm, or financial technology organisation
- Proven experience authoring BRDs and FSDs for capital markets back-office systems
- Direct engagement experience with SEBI, NSE, BSE — participating in regulatory discussions, responding to exchange queries, or managing compliance change timelines
- Strong understanding of NSE/BSE exchange file formats — SPAN, bhavcopy, obligation, pay-in/pay-out, UCC, and TBT data
- Experience working with back-office vendors — depositories (NSDL/CDSL), clearing corporations (NSCCL/ICCL), payment gateways, or custodians
- Ability to write precise, unambiguous functional specifications that can be directly used by developers and QA engineers




- SQL proficiency — ability to write and validate queries for data verification, reconciliation checks, and requirement validation
- Agile/Scrum experience — user story writing, acceptance criteria, backlog grooming, and sprint ceremonies
- Strong communication skills — capable of presenting to C-level client stakeholders and engaging technically with exchange officials and regulators

- Prior experience at capital markets product firms: TCS Financial Solutions (TCS BaNCS Precision), Comtec Systems, Secmark Consultancy, Tech Excel, or Rupeeseed
- Hands-on familiarity with back-office platforms — Dolphin, TCS BaNCS, Comtek, Rupeesoft, Tech Excel, NSEIT, or equivalent broking BO solutions
- NISM Certifications — Series VII (Securities Operations & Risk Management), Series VIII (Equity Derivatives), or Series XII (Securities Markets Foundation)
- Experience with FPI/FII onboarding requirements, omnibus account structures, or institutional settlement workflows
- Exposure to T+1 settlement transition, peak margin reporting framework, or other recent SEBI regulatory changes
- Knowledge of depository participant (DP) module requirements — account opening, eDIS, DDPI, pledge & margin pledge workflows
- Familiarity with API-based integration specifications — REST/XML for exchange and third-party connectivity
- CBAP, PMI-PBA, or equivalent business analysis certification

Preferred Background — Employers & Platforms

Candidates with prior experience at the following capital markets technology firms are strongly preferred:

Organisation

Platform / Product

Domain Focus

TCS Financial Solutions

TCS BaNCS Precision

Institutional & retail back-office, clearing

Comtec Systems

Comtek Back-Office Suite

Broking back-office, margin, settlement

Secmark Consultancy

Secmark BO Platform

Clearing, settlement, depository operations

Tech Excel

Tech Excel Back-Office

Multi-exchange broking operations

Rupeeseed

Rupeeseed Platform

Retail & sub-broker back-office, reporting

Educational Qualifications

- B.E. / B.Tech / BCA / B.Sc (Computer Science or IT) — with strong capital markets functional knowledge
- MBA (Finance) or B.Com / M.Com — candidates from a finance background with technology exposure are equally considered
- NISM certifications are an advantage — Series VII, VIII, or XII
- CBAP, PMI-PBA, or ECBA certification is an added preference

Behavioural Competencies

- Highly analytical — able to break down complex regulatory circulars and multi-stakeholder processes into structured, actionable specifications
- Detail-oriented — produces error-free BRDs and FSDs that leave no room for developer interpretation ambiguity
- Proactive regulatory awareness — tracks SEBI, NSE, BSE, and IRDAI announcements without being prompted and flags product impact immediately
- Collaborative — works fluidly across client operations, exchange officials, third-party vendors, and internal product & engineering teams
- Composed under pressure — manages tight regulatory compliance deadlines and multiple concurrent client requirements without dropping quality
- Excellent written and verbal communication — equally comfortable drafting a formal FSD and presenting in a client boardroom

Interested candidates may share their updated profiles highlighting relevant regulatory engagement experience, platforms handled, and specific capital markets domains covered.

📌 Business Analyst - Senior Associate (India)
🏢 KG Information Systems
📍 India