JUL AUG DESTINATION: BENGALURU Bingqing Wang Rankings Editor bingqing.wang@tr.com Rowena Muniz Copy & Web Editor rowena.muniz@tr.com John Agra Senior Designer john.agra@tr.com Rozidah Jambari Traffic / Circulation Manager rozidah.jambari@tr.com Krupa Dalal Sales Manager krupa.dalal@tr.com (91) 87 7967 7503 Ranajit Dam Managing Editor ranajit.dam@tr.com Amantha Chia Head of Legal Media Business, Asia & Emerging Markets amantha.chia@tr.com Nimitt Dixit Asia Writer nimitt.dixit@tr.com In this edition, we shine a spotlight on Bengaluru’s emergence as a legal powerhouse. Our cover story delves into why this vibrant city is becoming a magnet for law firms, exploring the factors fuelling this trend and its potential to reshape India’s legal landscape. From its thriving tech ecosystem to its diverse talent pool, Bengaluru is fast becoming a hub of legal innovation and expertise. Complementing this feature, we present our annual ALB India Super 50 Lawyers list, celebrating the nation’s top legal talent as nominated by clients. This prestigious selection showcases the breadth and depth of expertise across India’s legal sector. We also bring you an exclusive conversation with leading sports lawyer Nandan Kamath, offering unique insights into this dynamic and growing field of law. These features collectively paint a vivid picture of India’s evolving legal industry, its key players, and emerging trends. As always, my team and I welcome your feedback and suggestions for coverage that would add greater value to you. – RANAJIT DAM 2024
2 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE JULY-AUGUST 2024 Every time you step onto a street in Bengaluru, you encounter a new, larger pothole on the road, a fresh ‘Darshini’ or brewery serving the ever-growing demand for filter coffee and beer, and a new startup, introducing the latest technological innovation from around the world to the Indian market. The city’s meteoric rise over the last three decades has seen it grow from a retirement paradise with great weather, lakes and parks to a global technology hub, home to India’s top young minds and most successful unicorns like Ola, Flipkart, Swiggy and Razorpay. This entrepreneurial spirit has created an ideal growth ecosystem, spawning over 10,000 startups, with a community of technology experts, global finance professionals, and private capital driving forward the city’s vision to lead global tech development. In 2020, over $10 billion was invested into ventures located here - surpassing even San Francisco and London. has found a home in Bengaluru. Leading fintech businesses, including RazorPay, Groww, CRED, PhonePe, Paytm Money and Zerodha have all been incubated in the city. Bengaluru firms are advising these new age fintech companies on the constantly evolving regulatory changes coming from the Reserve Bank of India, and ensuring businesses are structured efficiently and in compliance with applicable laws, she says. As this tech market has grown, more companies are raising funds to fuel expansion. To find the most attractive companies to invest in, venture capitalists have set up operations in the city to make access to capital easier. For lawyers, this means more private equity and fund management work in Bengaluru, Balaji says. “There used to be an impression that since SEBI is in Mumbai, these practices will be better-placed there, but now everything is online, including regulatory filings and communication, and can easily be done from Bengaluru,” says Balaji, who has advised multiple funders on their SEBI requirements, says. The city has birthed its own set of law firms that cater to this market. Samvad Partners, NovoJuris Legal, Spice Route Legal, and Triumvir Law all started as small boutiques catering to growing startups and have since grown into fullservice firms that help tech companies through their entire growth cycle – from raising angel funds and company registration, venture capital and private equity deal structuring, all the way to international expansion and listing on public markets. GROWTH STRATEGIES This growth has also aligned with that of India’s top law firms in the city, including Cyril Amarchand Mangaldas, which has one of the largest practices in the city with 27 partners, and has moved to a larger office space this month. Bengaluru-based Vivek Chandy, comanaging partner of JSA Advocates & Solicitors, one of the first entrants into the city around 25 years ago, says the firm is hunting for new office space as well, as it looks to expand its offering in the city. NAMMA LAWYERS: HOW BANGALORE HAS GROWN INTO A THRIVING LEGAL HUB Bengaluru’s explosive tech scene, startup ecosystem, and craft beer culture have spawned a new breed of specialised lawyers, transforming the once-sleepy city into one of India’s most dynamic legal markets. This burgeoning legal landscape is attracting both homegrown and national law firms to establish and rapidly expand their presence in the Silicon Valley of India. BY NIMITT DIXIT Image: ANDY15/Shutterstock.com This start-up culture has deeply influenced the growth of the city’s legal market, creating a unique category of tech-forward lawyers who understand technology – how it is created, its disruptive capabilities and how it can best be structured to marry founders’ visions with an evolving regulatory landscape. ‘ANYTHING-TECH’ The legal market has expanded from its traditional litigation and real estate focus to catering to new age companies, from start-ups to unicorns, primarily in the tech and tech-enabled space, says Sharda Balaji, the founder of NovoJuris Legal, a home-grown Bengaluru firm set up in 2008. Bengaluru lawyers specialise in “anything-tech” says Balaji, explaining a rising demand for lawyers in the fin-tech, health-tech, insurance-tech, ed-tech, data privacy, artificial intelligence, SaaS space. While Mumbai remains the financial capital of India, financial technology
3 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE WWW.LEGALBUSINESSONLINE.COM Larger firms in the city focus on corporate, M&A, labour compliance and full-service work flowing from the larger domestic and international clients, including Infosys, Tata Consultancy Services, Accenture, Amazon, IBM, Cognizant, Deloitte and the likes. They also support investments by large private equity funds, particularly in the IT, technology and real estate sectors, which continue to grow in number and size in the city, Chandy says. JSA has also focused on building strong real estate capabilities in the city, which has been a longstanding and lucrative revenue generator for Bengaluru firms in the last two decades. The firm added an 8-member RE team led by partner Brijita Prakash from DSK Legal in May. The firm also lost a six-lawyer real estate team led by Malini Raju to AZB & Partners last year. “Today, some of the builders in Bengaluru are bigger than their counterparts across the country owing to the lucrative growth in the market. The deals they do, in terms of land acquisition and attracting private and public investment, are getting bigger and more sophisticated, requiring specialised lawyers with localised knowledge,” Chandy explains. Clients tend to hire larger law firms for the corporate real estate work, while outsourcing on-the-ground diligence, including title checks, to smaller local practices. At JSA, Chandy has worked on integrating a team of lawyers who can handle the entire deal, from title diligence to corporate documentation within the firm. Other practice areas also continue to grow in the city, Trilegal has added two capital markets lawyers from CAM, Khaitan & Co has added tax capabilities, Shardul Amarchand Mangaldas & Co hired an infrastructure-focused partner from JSA, while Luthra and Luthra absorbed a disputes boutique. Khaitan has also focused on building a strong financial technology practice, with multiple partners gunning to capture a larger chunk of the city’s private equity pie. Law firms from other parts of the country like Obhan & Associates, PLA Advocates, Antares Legal, Stratage Law Partners, Emerald Law and Wadia Ghandy & Co have all launched Bengaluru offices in the last year, signifying that there is something for everyone in this market. As is the trend across cities, law firms looking to enter or expand in the Bengaluru market are looking at inorganic expansion through hiring existing teams with a strong book, says Divya Vikram, the founder of Strider Seach. But there is no clear winning strategy. IndusLaw used a strategy of aggressive expansion, including absorbing local firms and hiring large teams to build full-service capabilities required to meet demands from the growing number of unicorns in the city. Today, it has a successful Bengaluru practice, guiding longstanding clients who have grown alongside the firm, from business structuring to public markets. Spice Route Legal, founded by Matthew Chacko in 2016, has taken another route to success. Combining organic and inorganic growth with a focus on specialised work, particularly in privacy and data protection, the firm has carved a niche for itself in the Bengaluru-market, and now across the country. Samvad Partners, a successful fullservice corporate law firm in the city, grew organically, building a team of highly specialised, industry-focused lawyers to serve the growing PE/VC needs of their clients, eventually expanding in practice areas and locations, into a fullservice pan-national firm. Building compliance capabilities, as startups get bigger in the city, is a strong factor in retaining clients, Vikram explains. HIRING TRENDS Hiring remans evergreen for corporate roles, particularly in the PE/VC, financial technology and M&A practice groups, explains Vikram. Real Estate and litigation hiring demand has also bounced back this year, as an attractive Bengaluru real estate market brings more businesses and increases the traffic already crowding the city’s narrow roads. Cross-hiring from counsel roles to private practice and vice versa has also increased in the city, says Vikram. Startups are looking to build stronger and leaner in-house teams, as they look to do more work without engaging outside counsel, Vikram points out. A growing demand for lawyers who understand corporate requirements has also led to law firms recruiting a number of in-house lawyers into their ranks, as they compete for business in a market that’s slowly crowding. Salaries are also being matched in many cases, with counsel roles getting paid higher salaries to attract top talent, especially in the tech sector. The growing importance of legal counsel in business decision-making is bringing more lawyers to C-suites in the city, giving private practitioners an option to move out of law firms to in-house roles, that often offer a more balanced work life and better hours. Overall, Vikram notes that more lawyers across the country are looking at jobs in Bengaluru, as salaries stay close to Mumbai and Delhi, a growing business environment offers extensive opportunities and cutting-edge innovation means the ‘next big thing’ is just around the corner. “Today, some of the builders in Bengaluru are bigger than their counterparts across the country owing to the lucrative growth in the market. The deals they do, in terms of land acquisition and attracting private and public investment, are getting bigger and more sophisticated, requiring specialised lawyers with localised knowledge.” - Vivek Chandy, JSA
4 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE JULY-AUGUST 2024 Safir Anand senior partner & head of trademarks, contractual and commercial IP, Anand and Anand Safir Anand, a leading intellectual property expert at Anand and Anand, has over 29 years of experience specialising in trademarks, commercial and contractual IP, and IP strategy. Anand’s impact is particularly notable in the fashion industry, where he has pioneered the recognition of IP as a tangible asset. His work has empowered top designers, like Sabyasachi, to protect their creations, facilitating significant brand growth and deterring infringement. Anand’s expertise has also driven corporate stake acquisitions, such as Reliance’s investment in the Manish Malhotra brand. His team also worked on getting the selvedge design of fashion designer Rajesh Pratap Singh registered. Anand’s influence extends beyond fashion, notably, his team has achieved unique trademark protections, such as registering Lupin’s inhaler as a 3D mark and advising Gilead Sciences on unique trademark protection of Remdesivir vials with blue cap. In 2024, his team secured well-known trademark status for major brands like Titan, Tanishq, INDIAMART, Bharat Benz and PVR. Between April and June 2024, his team concluded a record 730 trademark opposition matters and obtained orders in their favour. Safir Anand conceived and executed IP Feast, a unique IP festival that brings together homegrown brands, speakers, artists, and thinkers from across India to celebrate and promote #Indianess, entrepreneurial spirit including sustainable ventures. After successfully conducting the first edition in May 2023, IPFeast 2.0 was held in Delhi in December of 2023. Contributing to the success of G20’s Indian edition, Anand gave his suggestions to the ‘Indian Council for Research on International Economic Relations’ (ICRIER), India’s premier economic policy for its study on ‘India’s Creative Economy’. Safir Anand provided branding exercises and business strategies to various prominent festivals, including the worldrenowned Jaipur Literature Festival (JLF). Given his branding exercise and business strategies, the JLF gained foothold in various countries outside of Asia. The festival practice went alongside branding activities and co-creation of IP plus the inception of ‘Chrysalis’, a coffee table book on brands made in India. Anand is also an accomplished author, having penned “India Unboxed”, a book that celebrates the distinctiveness of Indian brands and culture. The book reflects his deep engagement with the Indian creative economy and offers insights into the IP landscape. Anand and Anand, under his leadership, is renowned for its client service approach, balancing legal pragmatism with commercial realities. The firm provides comprehensive IP solutions, addressing complex challenges across various forums. It is committed to innovation and offers creative solutions that tackle the root causes of IP issues. The firm’s culture thrives on challenges, creative thinking, and continuous improvement, positioning it as a leader in the evolving field of intellectual property. Manisha Chaudhary managing partner, UKCA and Partners Manisha Chaudhary, managing partner at UKCA and Partners, is a seasoned lawyer based in New Delhi, specialising in dispute resolution, restructuring and insolvency, corporate M&A, private equity, and securities law. With 14 years in the legal field, Chaudhary has demonstrated her prowess in handling complex legal matters and guiding her firm through significant transformations. Chaudhary’s career at UKCA and Partners began in 2010, and after a brief stint in the United States, she returned to the firm, eventually rising to the position of managing partner in 2015. Her leadership has been pivotal in revitalising the firm, addressing challenges related to work environment, revenue, and client engagement, and steering it towards recognition in various legal rankings. In the spotlight INDIA SUPER 50 LAWYERS 2024 Continuing its tradition, ALB features leading private practitioners in India known for their outstanding client service. These lawyers were chosen based on direct client recommendations to ALB, showcasing their dedication to client needs and exceptional legal expertise. LIST BY ASIAN LEGAL BUSINESS, TEXT BY BINGQING WANG
5 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE WWW.LEGALBUSINESSONLINE.COM INDIA SUPER 50 LAWYERS 2024 Gagan Anand - Legacy Law Offices Pravin Anand - Anand and Anand Safir R Anand - Anand and Anand Sahil Arora - Saraf and Partners Sumit Bansal - S&R Associates Rahul Beruar - Beruar & Beruar Gaurav Bhalla - Ahlawat & Associates Darshan Bora - ELP Law (Economic Laws Practice) Sujata Chaudhri - Sujata Chaudhri IP Attorneys Manisha Chaudhary - UKCA & Partners Mahua Roy Chowdhury - ROYZZ & Co. Neeraj Dubey - The Valid Points Law Offices Debashree Dutta - Vritti Law Partners Divi Dutta - Khaitan & Co Sushmita Gandhi - IndusLaw Akshat Jain - JSA Advocates & Solicitors Pritha Jha - Pioneer Legal Rabindra Jhunjhunwala - Khaitan & Co Iqbal Khan - Shardul Amarchand Mangaldas Satish Kishanchandani - Pioneer Legal Veena Krishnan - Samvad Partners Rahul Malhotra - Emerald Law Offices Rupinder Malik - JSA Advocates & Solicitors Sreya Basu Mallick - Fox Mandal & Advocates Tahera D Mandviwala - TDT Legal Among her notable achievements, Chaudhary has played a crucial role in representing the B.D. Kapur Group in a high-profile dispute involving the demerger of Atlas Cycles (Haryana) Limited, a case that could set significant legal precedents under the Companies Act, 2013. She also represents financial creditors in the ongoing insolvency proceedings against HBN Dairies and Allied Services Limited, where she secured favourable orders from the National Company Law Tribunal and the National Company Law Appellate Tribunal. In addition, Chaudhary has extensive experience in handling mergers for DLF and has also provided legal expertise to numerous Public Sector Undertakings (PSUs). Her work spans litigation, cross-border transactions, and general corporate advisory, showcasing her diverse skill set and deep understanding of both private and public sector legal challenges. Neeraj Dubey founder and managing partner, The Valid Points Law Offices Neeraj Dubey is the founder and managing partner of The Valid Points Law Offices in Bengaluru with 20 years of legal experience. Specialising in general corporate, data protection, labour and employment and M&A, Dubey has a proven track record of advising clients across various industries. In the corporate sector, Dubey has notably assisted subsidiaries of several multinational companies in diverse sectors, providing comprehensive legal support across FDI, corporate laws, customs, contracts, data protection, logistics, warehousing, IP, and regulatory matters. His work includes guiding e-commerce and tech-based companies in structuring of business, launching their products and reviewing business models from the perspective of data protection and privacy laws. In the energy sector, Dubey has played a pivotal role in the establishment of several solar power plants in Southern
6 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE JULY-AUGUST 2024 INDIA SUPER 50 LAWYERS 2024 Anant Merathia - Anant Merathia & Associates Vaishali Mittal - Anand and Anand Anu Monga - AnantLaw Shalini Munjal - Legacy Law Offices Sneha Nagaraj - Frontier legal Gunita Pahwa - S&A Law Offices Smita Paliwal - King Stubb & Kasiva Jay Parikh - Cyril Amarchand Mangaldas Shiraz Patodia - Dua Associates Ranjit Prakash - Archeus Law Statira Ranina - ALMT Legal Anushree Rauta - ANM Global Anoop Rawat - Shardul Amarchand Mangaldas Sumit Roy - Claritas Legal Nakul Sharedalal - NS Legal Smita Singh - S&A Law Offices Vidushpat Singhania - Krida Legal Monika Srivastava - Khaitan & Co Siddharth Srivastava - The Ninety Three International Lawyers Tanuj Sud - Gravitas Legal Smiti Tewari - Khaitan Legal Associates Ashu Thakur - Ashu Thakur & Associates Anuja Tiwari - AZB & Partners Kavitha Vijay - IC Universal Legal Dhaval Vussonji - Dhaval Vussonji & Associates India, conducted title investigations for large energy projects, and advised wind energy companies on market and service agreements with their foreign partners. His expertise extends to renewable energy, where he has reviewed collaboration and shareholders’ agreements for significant projects, including several public sector undertakings. Dubey’s portfolio also includes advising electric vehicle companies on navigating state-specific legislation, supporting a major car rental service provider in compliance with the Motor Vehicles Act and launching several startup companies in India. Additionally, he has provided legal counsel on complex issues such as drug and pesticide approvals in sportswear, pricing disputes in the healthcare sector and usage of electronic platforms in banks. He has assisted in investment structuring and advisory (end-to-end) in several transactions. Neeraj is a prolific writer and has been published in several journals. He conducts legal training for corporates and teaches part-time at several universities in Bengaluru. His diverse experience positions him as a leading authority in corporate law, with a strong focus on regulatory compliance, contract negotiation, and strategic legal counsel for clients in both traditional and emerging industries. METHODOLOGY Lawyers were selected based on client feedback sent directly to Asian Legal Business between April and May 2024. • Over 500 recommendations have been received for more than 100 lawyers. • The work of the lawyers nominated, and the commercial standing of the clients making recommendations were taken into account during evaluation. • Factors including the following were also considered: a. Key work done in the past year and entire career b. Key clients c. Market reputation of candidate d. Market reputation of the firm
7 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE WWW.LEGALBUSINESSONLINE.COM Amantha Chia amantha.chia@tr.com / (+65) 69738258 Amruta Manjrekar amruta.kishormanjrekar@tr.com / (+91) 977 3438471 https://www.gevme.com/alb-new-delhi-in-house-legal-summit-2024 https://india.legalbusinessonline.com/ihs/NEWDELHIIHLS2024
8 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE JULY-AUGUST 2024 Forum COLLECTIVE ADVANTAGE Collaboration is a powerful driver of client institutionalisation. According to Thomson Reuters’ research, clients who identify collaborative teams within an outside law firm spend an average of 56 percent of their budget at that firm — more than twice the average share of spend received by the firms that clients use the most. Law firms in India discuss how they are embracing collaborative strategies, from integrated practice areas and cross-departmental meetings to advanced technologies and trust-building initiatives, all aimed at delivering superior value to clients. BY NIMITT DIXIT QUESTION What are your firm’s strategies to improve cross-team collaboration to bring better efficiency and value to your clients? Prachi Dhave, managing partner, Dhaval Vussonji & Associates We have structured our teams into integrated practice areas, that work closely together across various practice areas. We have several matters wherein real estate teams are involved in considering banking team’s ideas and expertise on a dayto-day basis. Juniors are recommended to work along with seniors and openly contribute to their thought processes. We hold cross-departmental meetings in a project-wise manner and brainstorming sessions are organised to discuss ongoing cases, keeping our litigation team in the loop to share insights and for development of integrated legal strategies. We have established incentive structures that reward collaboration and teamwork. By aligning our reward systems with collaborative goals, we encourage our lawyers to work together more efficiently. We actively seek feedback from our clients and our teams to identify areas for improvement in our collaborative efforts. This feedback is crucial in refining our strategies and ensuring we meet our clients’ evolving needs. These strategies collectively enable us to deliver superior legal service and greater value to our clients, leveraging the full breadth of our firm’s expertise and fostering a culture of collaboration. We are committed to continuously enhancing our collaborative efforts to exceed client expectations as a whole. Sonali Mahapatra, practice head – banking and finance, Talwar Thakore & Associates We truly believe that having a wide-lens perspective of what the client needs is the only way to deliver value to clients, and central to that is collaboration within the firm. Our lawyers talk to each other about what clients are doing, how law and regulation are developing, new products and legal technology, and we do this across practice areas and seniorities. This is part of our culture as a firm and key to bringing home a wider perspective on what clients need and how we can deliver. We make sure we understand what the requirements and challenges facing our clients are. In doing that we bring in relevant lawyers across practice areas, not constrained by internal divisions. This helps us craft products and advice drawing on technologies available within different work streams, which our clients truly appreciate. Our recruitment actively considers diversity, and we know that bringing different voices and perspectives to the table greatly enhances what we can deliver. We spend time and effort learning as a group. Our training programmes are open to all lawyers irrespective of their practice area, and we have firmwide, office-wide and practice-area-wide know-how updates through the year. We use advanced collaborative technologies such as Citrix and cloud-based document sharing. These tools facilitate seamless communication and coordination among team members across different locations and time zones. Shinoj Koshy, partner, Luthra and Luthra Law Offices Collaboration within a law firm is fundamentally based on two essential forms of trust: “Relational trust,” which reflects confidence in the personal rapport with one’s colleagues, and “competence trust,” which is a strong belief in their professional abilities and integrity. As a firm, we are committed to fostering both types of trust to promote teamwork at all levels. We organise off-site and social events to encourage interactions between team members from different practice areas and offices. These events provide a casual setting designed to build relational trust by allowing colleagues to develop personal connections. However, we recognised early that relational trust and personal rapport alone are not enough to drive collaboration on client
9 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE WWW.LEGALBUSINESSONLINE.COM Law Firm Hires AVIK BISWAS LEAVING IndusLaw JOINING Khaitan & Co PRACTICE Employment LOCATION Bengaluru POSITION Partner ABHINAV KUMAR LEAVING Cyril Amarchand Mangaldas JOINING Talwar Thakore & Associates PRACTICE Capital Markets LOCATION Mumbai POSITION Partner MANAN LAHOTY LEAVING IndusLaw JOINING Cyril Amarchand Mangaldas PRACTICE Capital Markets LOCATION Mumbai POSITION Practice Head PIYUSH MISHRA LEAVING Luthra and Luthra Law Offices JOINING Phoenix Legal PRACTICE Insolvency & Restructuring LOCATION Mumbai POSITION Practice Head AVIKSHIT MORAL LEAVING IndusLaw JOINING S&R Associates PRACTICE Real Estate LOCATION Mumbai POSITION Partner work, it requires the establishment of competence trust. We purposefully create opportunities for cross-practice collaboration, initially focusing on non-billable activities such as internal workshops and Continuing Legal Education sessions. These initiatives serve as platforms for our lawyers to showcase their technical skills and interpersonal capabilities, thereby fostering the confidence needed to collaborate effectively on client engagements. We also ensure that our lawyers are informed about the work being done by their colleagues across practice areas through internal communications and deal debriefs. This helps team members stay updated and know whom to contact when facing client needs that extend beyond their own expertise or practice area. VIJAY PARTHASARATHI LEAVING Cyril Amarchand Mangaldas JOINING Trilegal PRACTICE Capital Markets LOCATION Bengaluru POSITION Partner SUDESHNA GUHA ROY LEAVING Bharucha & Partners JOINING Saraf and Partners PRACTICE Dispute Resolution LOCATION Mumbai POSITION Partner ALOK SONKER LEAVING Krishnamurthy & Co JOINING Cyril Amarchand Mangaldas PRACTICE Private Equity LOCATION GIFT City POSITION Partner NISHA UBEROI LEAVING Trilegal JOINING JSA Advocates & Solicitors PRACTICE Antitrust LOCATION Mumbai POSITION Practice Head SHISHIR VAYTTADEN LEAVING Cyril Amarchand Mangaldas JOINING Khaitan & Co PRACTICE M&A LOCATION Mumbai POSITION Partner
10 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE JULY-AUGUST 2024 The Reserve Bank of India has recently expanded the scope of remittances to International Financial Services Centres (IFSCs), permitting Indian residents to open foreign currency accounts in the country’s first IFSC, Gujarat International Finance Tec-City, also known as GIFT City. Resident Indians are now permitted to open foreign currency accounts (FCA) in dollars in a bank account at GIFT IFSC. This money can be used for overseas portfolio investments, buying international real estate, insurance, sending gifts to friends abroad, maintenance of relatives abroad, making fixed deposits, paying education loans, and funding overseas travel. Previously, LRS remittances to IFSCs were restricted to investments in IFSC securities (excluding those from entities outside the IFSC) and education fees for foreign universities or institutions in IFSCs. Namita Das, a corporate partner at Dentons Link Legal, says the move increases the attractiveness of GIFT City as a financial centre and incentivises increased domestic participation, particularly from high net-worth individuals (HNWIs). The move is also expected to create a thriving private client practice in GIFT City, as law firms increase their presence in the region to serve the growing demands of HNWIs to avail the increased access to foreign markets and better manage their wealth portfolios. HOW DOES THIS IMPACT THE ABILITY OF HNWIs TO MANAGE THEIR INVESTMENTS? The liberalisation of the LRS regulations allows resident individuals to open FCAs in IFSCs for various purposes, offering greater flexibility for Indian residents to manage their foreign exchange transactions and facilitate seamless remittances. They enable HNWIs to manage their wealth more strategically as it simplifies cross-border transactions within the existing LRS limit of $250,000. “By allowing fixed deposits in foreign currencies like the US Dollar at GIFT IFSC, HNWIs can hedge against inflation and currency depreciation, protecting their wealth from rupee volatility while potentially achieving higher returns. Additionally, the ability to conduct transactions in foreign jurisdictions through FCAs at IFSCs offers greater flexibility and control over global investments, facilitating diversification and access to a wider range of financial products,” Das says. HOW IS THIS EXPECTED TO IMPACT GIFT CITY? The change is also expected to enhance the attractiveness of GIFT City as a financial hub, aligning it with global standards to allow it to better compete with other IFSCs around the globe. Das points out that allowing resident individuals to access global markets and manage foreign currency assets directly from GIFT IFSC will strengthen GIFT City’s role as a gateway for cross-border investments and financial diversification. “Previously, the regulatory complexities and inconsistencies between GIFT City and other global financial hubs deterred investors accustomed to more streamlined processes. The recent changes address this issue by enhancing the ease of transactions and broadening investment opportunities within GIFT City. This alignment with other global financial hubs positions GIFT City as a competitive, integrated UNPACKING THE GIFT CITY REMITTANCE REGIME BY NIMITT DIXIT Explainer financial ecosystem that meets international standards, making it more attractive to global investors and HNWIs,” Das explains. WHAT DOES THIS MEAN FOR THE LEGAL INDUSTRY? With more investments likely to come in from Indian residents, the expanded scheme creates demand for private client practice (PCP) lawyers to serve clients on foreign exchange management regulations under the Foreign Exchange Management Act (FEMA), increased tax and compliance work, and deal structuring. Das explains that lawyers can assist clients investing in GIFT City under the LRS by ensuring compliance with regulatory frameworks like FEMA, advising on tax implications, and structuring investments appropriately. More work will also come from advising clients on the complexities of GIFT City regulations, including Special Economic Zone benefits, and from assisting in obtaining necessary approvals. Legal experts also conduct due diligence, mitigate risks, and manage cross-border issues, including repatriation of funds and ongoing compliance with evolving regulations, ensuring that investments are both legally sound and optimised for maximum benefit. “The new framework elevates private client practice, requiring lawyers to offer sophisticated guidance on global wealth management, cross-border transactions, regulatory compliance, and estate planning through GIFT City,” Das says. “With increased access to global markets and foreign currency accounts, clients face more complex legal challenges, demanding a deeper understanding of international financial instruments within Indian law. This shift makes private client practice more specialised and globally focused, tailored to HNWIs leveraging GIFT City’s expanded financial landscape,” she explains. u u u
11 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE WWW.LEGALBUSINESSONLINE.COM Q&A ALB: Over the past decade, how has the legislative and regulatory framework governing sports in India evolved to match the increase in professionalism and commercialisation of sports in India? Nandan Kamath: The professionalisation, commercialisation, medicalisation and technologisation of sport continually make new demands on sports governance. The last major governance intervention was the National Sports Development Code, 2011, which provided recognition standards for our national sports bodies. There have been no significant updates to its framework since then. As a result, there have been numerous judicial interventions by constitutional courts pushing for public accountability of sports bodies. A few years ago, a law was passed to make the National Anti-Doping Authority a statutory body. Previously, we have seen laws to require the broadcasting of major sporting events on free-to-air television. Outside of these, organised sport remains a largely unlegislated territory in India. Other than cricket, the government remains the primary funder of most sports bodies. A thoughtful legislative framework and investment in state regulatory capacity can potentially focus the state’s attention, unlock value, and spur on the growth of Indian sport. ALB: Beyond traditional areas like licensing, broadcasting rights, and IP, what are some of the newer, more complex issues that sports lawyers in India are grappling with today? Kamath: The exciting thing about working on the interplay between sport and law is the diversity of issues one encounters. Often sport is also a frontrunner, with legal issues coming up for debate and resolution at an early stage in their evolution. For instance, battles around the ownership, control and commercialisation of athlete data are already alive and are expected to intensify. As the industry grows, and digital and immersive experiences become more ubiquitous, fan data and consumer protection could also emerge as battlegrounds. AI-enabled deepfakes are already creating real issues in the celebrity endorsement market, with fabricated ads being generated from publicly available reference materials. If sport is to benefit from AI’s offerings, the impact of such threats will have to be moderated, and this could require legislative intervention. I expect to see competition law play an important role in the next phase of India’s sports development. This can supplement a sports governance framework. If we can develop antitrust principles relevant to the Indian sports market and developmental context, we could prevent ourselves from being limited by the capacity, resources and imagination of our formal sports bodies. ALB: As the sports industry in India continues to grow and professionalise, what new opportunities are emerging for lawyers looking to specialise in sports law? Kamath: Sports law is often described as a specialisation within legal practice. In my experience, the practice is one that requires deep generalists - allrounders who understand transactional, regulatory, dispute resolution practices and a wide swathe of substantive and procedural laws. Issues can range from employment law to environmental law, criminal law to trusts law, natural justice principles to data protection. While the sports sector is growing, professional opportunities are still limited in India. Careers may not always be linear in trajectory. Patience, resilience and fortitude will be as important as knowledge, skills and hard work for aspiring lawyers. I am excited about what the future holds for the profession and the contributions it can make to Indian sport. Most mature sports markets have got there with the active involvement of the legal fraternity. ALB: In your book Boundary Lab, what are some of the key themes or predictions you make about how sports law will evolve in the coming years? How can lawyers and the broader sports ecosystem prepare for these changes? Kamath: While Boundary Lab also addresses how rules and laws apply to sport, it is primarily a deep exploration of organised sport’s role in society. Given sport’s global and uniform structure of rule-making, it finds itself on the frontier of many of the significant contestations of our times, be they on matters of gender, fairness, privacy, or the appropriate role of technology in our lives. Sport finds – and expands – human performance boundaries. That aspect is well understood. However, it also does this with social boundaries – the lines between the private and the public, rights and duties, and so much more. Whether or not one is interested in sport, what happens in sport and its regulation affects us all. We live our lives downstream of many of its resolutions. I believe that sport plays a vital, often underacknowledged, role in shaping the public domain. This is why – in Boundary Lab – I advocate for active participation and public stakeholdership in sport. Sport always returns the favour. BEYOND THE BOUNDARY Nandan Kamath is a sports lawyer and the founder of LawNK, a law firm based in Bengaluru specialising in sports, technology, and media law. In this interview, he speaks to ALB about sports policymaking, required skillsets for sports lawyers and his new book “Boundary Lab.” BY NIMITT DIXIT Nandan Kamath
12 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE JULY-AUGUST 2024 (Reuters) India has become the next big bet for PepsiCo, Unilever and other packaged goods giants looking to fill the growth vacuum left by an uneven recovery in China. With India’s economy expanding at the fastest pace among major emerging markets, companies are trying to serve its diverse palate by launching new flavours and size variants aimed at attracting the country’s vast population and untapped rural market. “While the last decade had companies focused on selling into China, the next decade is about selling into India,” said Brian Jacobsen, chief economist at Annex Wealth Management. “You have to go where the demographic and economic tailwinds are at your back.” Major consumer goods companies based in India, the world’s most populous country, are expecting higher government spending, a better monsoon season and a resurgence in private consumption to help consumer spending recover in the coming quarters. That is expected to boost the combined market share of the top five multinational companies - Coca-Cola, P&G, PepsiCo, Unilever and Reckitt - to 20.53 percent in 2023 from 19.27 percent in 2022, mainly in the baby care, consumer health, cosmetics, beverage and household categories, according to research firm GlobalData. Their total market share in China is forecast to shrink to 4.30 percent in 2023 from 4.37 percent in 2022, the data showed. “China went through a long and extended COVID ... they even went through a brief period of negative growth, and after this, growth has been very sluggish. In comparison to that, the growth rate in India hovering around 4 percent seems like a healthy growth for total fastmoving consumer goods,” said K Ramakrishnan, Managing Director, South Asia, at Kantar’s Worldpanel Division. Both the urban and rural segments in India have seen growth, but rural has fared a little better, he said. Consumer goods companies have also been pumping money into India with launches like PepsiCo’s Kurkure Chaat Fills, Coca-Cola’s packaging upgrades to increase the shelf-life of its products and Nestle’s plans to introduce its premium coffee brand Nespresso at year-end. As a result, Coca-Cola’s household penetration in India increased by 24 percent for the 12 months ended June, PepsiCo’s by 12.7 percent, Nestle’s by 6.7 percent and Reckitt’s by about 3.8 percent, data from Kantar showed. Mondelez International is partnering with the Lotus Biscoff cookie brand to sell its products and plans to launch new Oreo pack sizes. The company reported mid-single-digit percentage growth in the chocolate category in India in the second quarter. Coca-Cola also posted double-digit volume growth in India, while Unilever recorded sequential improvement in the country. PepsiCo’s Africa, Middle East and South Asia regions reported a rise, with the company expecting India to be the “big growth space” there. FROM PEPSICO TO P&G, INDIA BECOMES NEXT BIG GROWTH BET AS CHINA LAGS Deals $3 BLN Hyundai Motors India’s proposed IPO Deal Type: IPO Firms: Latham & Watkins; Shardul Amarchand Mangaldas & Co Jurisdictions: India, Korea $1.6 BLN Mankind Pharma’s acquisition of Bharat Serums and Vaccines Deal Type: M&A Firms: AZB & Partners; Khaitan & Co Jurisdictions: India, U.S. $1 BLN Vedanta’s QIP Deal Type: Capital Markets Firms: Cyril Amarchand Mangaldas; Khaitan & Co; Linklaters Jurisdiction: India $1 BLN Adani Energy Solutions’ QIP Deal Type: Capital Markets Firms: Cyril Amarchand Mangaldas; Latham & Watkins; Trilegal Jurisdiction: India $835 MLN CVC Capital Partners’ acquisition of stake in Aavas Financiers Deal Type: M&A Firms: Anagram Partners; Cyril Amarchand Mangaldas Jurisdictions: India, U.S. $734 MLN Ola Electric’s IPO Deal Type: IPO Firms: Cyril Amarchand Mangaldas; Latham & Watkins; Shardul Amarchand Mangaldas & Co; Linklaters Jurisdiction: India Image: REUTERS/Stephanie Lecocq
13 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE WWW.LEGALBUSINESSONLINE.COM In-house Insight HOW GENERAL COUNSEL CAN SET THE GOLD STANDARD BY ISHA RATHNAM Over my close to 20 years in the legal profession, I have heard and read many preconceived notions about in-house versus law firm experience. While some of them are true, a few are misplaced, and some have evolved over time. In both scenarios, as a lawyer, one requires astute analytical skills; cookie-cutter work exists everywhere, and the client is God. That said, having worked through the rungs as an in-house counsel in welloiled systems to leading teams, I have come to a clear deduction: Being a good lawyer is not the only defining factor in being an effective in-house counsel. As I began penning this amidst the Paris Olympics, I took the liberty to equate a top-functioning general counsel to the highest metallic accolade awarded to sportspersons. This analogy propelled me to think further that the comparison doesn’t end there. Similar to sports where one plays against another individual or team, an effective GC should, in equal measure, possess both proactive and reactive qualities. Moreover, they should have the ability to gauge when to implement and harness each or both of these qualities. Sportspersons representing countries that are recognised powerhouses of sports get ample infrastructural support in the form of the best coaches, facilities, and training. In contrast, those representing countries that are still finding their feet do not have the entire gamut of facilities yet must still compete and deliver. Similarly, a general counsel of a burgeoning business must keep the team lean, negotiate better terms with bigger entities, and litigate matters with stringent resources. They must hustle, be hands-on, evolve with the changing needs of the business, and make business-savvy decisions. In honour of all the finishers who came in fourth and missed the podium by a whisker in Paris 2024, I’m listing the top four key characteristics of an effective general counsel of a growing business: Get down to business: Understand the business inside out and become aware of how the industry operates and its standard practices. As a general counsel, you need to speak the language of the business, not theoretical jargon meted out in an opinion. Management needs actionable advice. To bridge this gap effectively, in-depth knowledge of the industry, its practices, and culture is crucial. A good GC must make productive decisions aligned with business objectives while taking into consideration potential ramifications. Knowing how the business functions at the micro level will aid in leading cross-functional teams and help tackle complicated compliance issues, business processes, and litigation. Money saved is money earned: Whether it’s the selection of external counsel, implementation of software, or team size, choose wisely based on the operational and business needs, and plan judiciously. Leverage cost savings through tactical negotiations, being cost-effective, and standardising processes, practices, and materials that reduce costs over the longer term. These are some ways of achieving lower costs, which is extremely critical to business. The GC can demonstrate that their office is not just a cost centre but in many scenarios is generating and saving revenue. Take calculated risks: From contract disputes to intellectual property issues, regulatory compliance to employment matters, a GC is the first port of call to build the defence. GCs who are proactive and strategic can pre-emptively anticipate issues before they arise, articulate potential risks to the business, and make informed decisions based on those risks. A GC is continuously straddled between making decisions that may involve a degree of calculated and acceptable risk and recognising risks that are unacceptable because they may have downstream business effects. Build value for the legal team: You are only as good as your team. Historically, in-house counsel in traditional setups were treated as paper pushers and a reactive support function. To ensure that this regressive mindset does not reappear, it is pertinent that the GC showcases the qualitative and quantitative value that the lawyers bring to the organisation as a whole. To successfully do so, it’s important to train the team to maintain consistency in delivery and timelines, keep open lines of communication with all other departments, and be a proactive partner to the business. A well-functioning legal team may not get applauded as much as an inconsistent one will be criticised. Therefore, building and maintaining a highperforming team is crucial for the GC’s success and the organisation’s overall legal health. About the author Isha Rathnam is the chief legal officer for Lionsgate Play Asia. Based in Mumbai, she has close to 20 years of experience in the M&E Industry, focusing on intellectual property, commercial and entertainment laws. ALB is soliciting articles from in-house counsel based in India for its bi-monthly e-magazine. For submission guidelines, email nimitt.dixit@tr.com.
https://www.legalbusinessonline.com/CONFERENCE/LEGALTECH2024 Amantha Chia amantha.chia@tr.com / (+65) 69738258 Amruta Manjrekar amruta.kishormanjrekar@tr.com / (+91) 977 3438471 https://www.gevme.com/alb-legal--technology-conference-2024
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