*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 precise 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 * Fa