Firms To Watch: Fintech and financial services regulatory

Regstreet Law Advisors is a Mumbai-based boutique with a niche focus on work that relates to the RBI, SEBI and other Indian regulatory bodies. Practice head Sumit Agrawal is a ‘prominent, well-respected financial regulatory lawyer’ who ‘understands the mind of the regulator’.

Fintech and financial services regulatory in India

Cyril Amarchand Mangaldas

Domestic and global banks, core investment companies and digital lenders are among the clients of the ‘exceptional’ team at Cyril Amarchand Mangaldas, with work including public and private M&A concerning regulated financial services companies, asset transfers, compliance, risk assessment and investigations. The practice is jointly led by fintech specialist Anu Tiwari, who is described as ‘top notch in the payments and bank regulatory space’; managing partner Cyril Shroff and L. Viswanathan, who is well placed to advise on the regulatory aspects of major energy projects. Ketaki Mehta specialises in venture capital and angel investments, while Jian Johnson has specific expertise pertaining to transactions involving transport infrastructure. Principal associate Utkarsh Bhatnagar is another name to note.

Practice head(s):

Cyril Shroff; L. Viswanathan; Anu Tiwari

Other key lawyers:

Ketaki Mehta; Jian Johnson; Utkarsh Bhatnagar


‘They are very easy to integrate as India local counsel. They do a very good job staying in touch and providing relevant updates on legal issues in India.’

‘Most of my work is with Anu Tiwari. He is top notch in the payments and bank regulatory space. He is efficient, pro-active and capable. He inspires confidence, looks for creative solutions to issues and is an excellent team player.’

‘Team has overall knowledge and is open to hear different approaches and is solution-oriented.’

‘Anu Tiwari -has in-depth and wide knowledge of various issues in the fintech sector.’

‘Pallavi Rao is reasonable and open to alternate views.’

‘CAM is my go to firm in India. They are exceptional.’

‘Anu Tiwari is a true leader in his field and I would highly recommend him and his team.’

Key clients

IDFC Group

Bank of Baroda


American Express

Madison Dearborn Partners

Nextbillion Technology Private Limited (“Groww”)

DMI Finance Group (“DMI”)

Resilient Innovations Private Limited (“BharartPe”)

Saudi National Bank

Bitcipher LLP (“CoinSwitch Kuber”)


IndusLaw supports clients across a wide range of work including setting up business for fintech innovators, M&A concerning financial institutions, representations before the Indian exchange control regulators and regulatory compliance for virtual assets including cryptocurrencies and NFTs. A quartet of partners head up the practice: Avimukt Dar frequently assists private equity investors with strategic financial investment transactions; Suneeth Katarki is noted for his prowess in corporate restructuring mandates; TMT specialist Namita Viswanath is a leading choice for regulatory matters relating to data usage, storage and security; and Shreya Suri is well versed in payments infrastructure work. Principle associate Raghav Muthanna is singled out for his fintech expertise.

Practice head(s):

Avimukt Dar; Suneeth Katarki; Namita Viswanath; Shreya Suri

Other key lawyers:

Raghav Muthanna

Key clients

Google India Digital Services Private Limited

Pine Labs Pte. Ltd. (Pine Labs)


EpowerX and RKSV Securities

Ricoh India Limited

Billionbrains Garage Ventures Private Limited and its group companies (conducting business as Groww)

R360 Payment Services Private Limited

Fampay Solutions Private Limited

Nehat Tech Solutions Private Limited

Refyne Tech Private Limited (Refyne)

QFI Technologies Private Limited (Niro Money)

Aspire Fintech Private Limited

Vouchagram India Private Limited (Vouchagram)

Cipherhut Software India Private Limited (CoinXV)

Scapia Technology Private Limited

Artistfirst Technology India Private Limited

Work highlights

  • Advised Google on various payments and financial technology matters, including advice on digital lending regime.
  • Advised PineLabs on a one hundred percent strategic acquisition of SETU.
  • Advised RKSV Securities Private Limited (Upstox) in an internal business restructuring.

Juris Corp

Praised for being ‘knowledgeable about the Indian market and cross-border deals’, Juris Corp pulls together a strong offering with expertise encompassing  the development and launch of new products, the implementation of payment services in India and issues related  to data protection and outsourcing. Ankit Sinha is a key contact at the firm and is particularly strong at handling transactions relating to asset-based lending. Saurabh Sharma has a proven track record of assisting foreign clients with their overseas direct investments. Jayesh H is noted for his work on leveraged buyouts and restructuring mandates. Counsel Aashka Shah guides clients including domestic and foreign banks and insurance companies through Indian and foreign legislation impacting OTC derivatives in India, while associate Akshay Kelkar is well versed in advisory matters relating to cross-border finance.

Practice head(s):

Jayesh H; Vedanarayanan Lakshmanan; Ankit Sinha; Saurabh Sharma; Apurva Kanvinda; Smrithi Nair; Aashka Shah

Other key lawyers:

Mahak Saboo; Akshay Kelkar; Shreyansh Sethi


‘Great to work with. Knowledgeable of the Indian market and cross-border deals. Competitively priced.’

‘Saurabh Sharma is a leading Indian lawyer for banking and finance, always a pleasure to work with him and his team. Ankit Sinha is also another heavyweight for the team.’


Key clients

JSW Steel Limited

DBS Bank Ltd.

Reliance Industries Limited

Citibank N.A.

Deutsche Bank AG

Mashreqbank PSC

Barclays Bank PLC

Yes Bank Limited

J.C. Flowers Asset Reconstruction Private Limited

Volvo Financial Services (India) Pvt Ltd

IndusInd Bank Limited

Axis Bank Limited

Bank of India

Coöperatieve Rabobank U.A.

MUFG Bank, Ltd.

Work highlights

  • Advised a foreign bank in relation to the bank launching its debit card services in India.
  • Advised a client in relation to a transition away from Libor and adoption of SOFR as the rate for all its historical transactions wherein the currency of disbursement was USD.

AZB & Partners

Transactional work in the fintech space and regulatory advisory services, including around payments issues are core pillars of AZB & Partners‘ fintech and digital practice. The team, praised for ‘understanding the entire life cycle of an issue’, has corporate expertise spanning capital raisings, joint ventures and big-ticket M&A. On the regulatory front, the team is active on mandates such as representations before Indian regulators and internal investigations. Ashwath Rau drives the team’s offering and has a strong track record in handling the regulatory aspects of major M&A involving financial institutions. G. Padmanabhan‘s expertise extends to payments work; he is frequently mandated by major players in the space to advise on the regulatory landscape in India. Vipul Jain is geared to handle entry strategy, licensing and compliance work for clients such as banks and offshore private equity firms.

Practice head(s):

Ashwath Rau

Other key lawyers:

Vipul Jain; G. Padmanabhan; Rushabh Maniar; Rohan Bagai; Aditya Alok; Karthik Mudaliar; Gautam Ganjawala


‘Very competent legal professionals . Well versed in market realities and the regulatory landscape – Always available and have a collaborative approach.’

‘ The firm understands the entire life cycle of an issue or matter  including the way in which a regulator / court may perceive it.’

‘The team is able to understand technology well and proactivity communicates developments which they think may affect clients. They are also able to tap on their links to give insights on regulatory intent and provide a better understanding of new developments.’


Key clients

Mercury Technologies Inc.

MP Payments Limited


HDFC Limited

Citibank N.A.

Visa Inc.


Tiger Global Management

HDFC Bank Limited

Standard Chartered Bank Limited

People Center Inc. (Rippling)

Payglocal Technologies Private Limited

Greenizon Agritech Consultancy Private Limited (Jai Kisan)

Uniorbit Technologies Private Limited

Sporta Technologies Private Limited (Dream11)

Newbazaar Technologies Private Limited (Shopse)

HDFC Property Ventures Limited

HDFC Venture Capital Limited

HDFC Capital Advisors Limited

Airbnb Inc.

Tata Motors Finance Limited

Finsec Law Advisors

Finsec Law Advisors‘ close ties to regulators allow the firm to ‘look at the regulatory environment for innovative products where current regulations don’t cover the product completely’. The team is also geared to advise major stock exchanges, intermediaries and listed companies on various regulatory matters such as business structuring, corporate governance and regulatory compliance. Practice co-head Sandeep Parekhstands out for his blend of commercial and regulatory experience’. Fellow co-head Anil Choudhary has a proven track record of advising on capital markets transactions. Raghuvamsi Meka frequently represents clients before the Securities and Exchange Board of India.

Practice head(s):

Sandeep Parekh; Anil Choudhary

Other key lawyers:

Raghuvamsi Meka


‘The team has deep relationships with financial regulators and understands their thinking. They also understand business issues which make them a great resource when looking at the regulatory environment for innovative products where current regulations don’t cover the product completely.’

‘Sandeep Parekh is the managing partner and stands out for his blend of commercial and regulatory experience.’


Key clients

Accel India

Coin DCX

Bitkuber Investments private Limited and its Affiliates (Coinswtich)

ICICI Bank Limited

Multi Commodity Exchange of India Limited (MCX)

Morningstar Investment Advisers India Private Limited

Navi Asset Management Company

Digital Gold India Private Limited (Safegold)

Smallcase technologies Private Limited and Group Companies


Work highlights

  • Advised Accel India on a proposed to invest in a small finance bank, which is heavily regulated by the RBI.
  • Assisted Digital Gold India Private Limited in relation to the launch of a gold leasing platform.
  • Providing legal assistance to WintWealth concerning the applicability and interpretation of various Indian securities laws.


Advising on payment aggregator regulations and prepaid payment instrument regulations stand out as recent areas of activity for JSA Law, whose team is also well placed to advise on alternative lending and payment platforms, blockchain enabled service offerings and a wide array of internet-related service offerings. The team is headed up by Probir Roy Chowdhury; the Bangalore-based lawyer is well placed to advise on outsourcing, payment structures and direct carrier billing systems. His colleague Yajas Setlur has a proven track record of advising on commercial transactions in the tech space.

Practice head(s):

Probir Roy Chowdhury

Other key lawyers:

Yajas Setlur


JSA have a industry leading Fintech practice. I have worked with them on matters that need them to think out-of-the box and provide sound advice and practical solutions. They have not disappointed.

Key clients

Ola Money (OLA Financial Services Private Limited)



Angel One

Think Analytics

Coda Payments

Datamesh Group


Euronet Worldwide



Retalio (Ayro Retail Solutions Private Limited)





AU Small Finance Bank

Glance InMobi

Deutsche Bank

Jupiter Money (Amica Financial Technologies Private Limited)

Hypto (Wunderbaked Technologies Private Limited)

Riskcovry (UMBO InsurDataTech Systems Private Limited)

PayU Global B.V.

Credit Suisse

Giottus Technologies Private Limited

IMC International Shares Group Limited

Work highlights

  • Advised Euronet Worldwide in relation to its payment processing services in India.
  • Assisted the DataMesh Group in establishing its payment processing operations in India operations and helped kickstart its global expansion.
  • Advised Minkasu extensively on the launch of its mobile payments and authentication solution.

Kochhar & Co.

Kochhar & Co.‘s broad fintech offering encompasses on NPCI issues, online digital payments and data and privacy issues. The unit is additionally well placed to advise on matters concerning blockchain and cryptocurrencies. Savitha Kesav Jagadeesan frequently assists start-ups to navigate issues associated with e-commerce and internet-related transactions. Stephen Mathias is a data privacy expert. Anuj Kaila‘s varied practice extends to advice on digital lending matters. Sharmil Bhushan, who joined in November 2022 from HSA Advocates, is well versed in debt restructuring mandates.

Practice head(s):

Stephen Mathias; Savitha Kesav Jagadeesan; Anuj Kaila; Sharmil Bhushan


‘The team has in depth knowledge of all related regulations and are able to come with responses for any query raised related to business situations. The partners and associates are very cordial.’

Savitha Keshav Jagadeesan was involved in the assignment at all times.


Saraf and Partners

Saraf and Partners is a key destination for leading corporates, banks and industry players in need of regulatory compliance advice and assistance with their tech-based offerings. Founding partner Mohit Saraf leads the practice alongside Vaibhav Kakkar, who has deep experience of structuring transactions and product offerings for the clients in the fintech arena. Sahil Arora frequently assists payment institutions, online marketplaces and technology companies on the contractual structuring of new products. Keshav Pareek handles complex transactional and advisory work in the fintech space.

Practice head(s):

Mohit Saraf; Vaibhav Kakkar

Other key lawyers:

Sahil Arora; Keshav Pareek

Key clients






Airplus – Lufthansa

Epic Games

Play Games24x7


Bill & Melinda Gates Foundation

Work highlights

  • Providing fintech arrangements and fintech-related advisory work for Google.
  • Providing fintech arrangements and fintech-related advisory work for Meesho.
  • Advising Zomato on various fintech matters as well as M&A transactions in the fintech space.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co is well positioned to advise major fintech platforms on product structuring, regulatory compliance and strategy. The firm also works with a wide range of  investors on issues connected with strategic investments in the fintech space. Shilpa Mankar Ahluwalia oversees matters from the firm’s Delhi office. She assists slew of household names, such as American Express, Whatsapp and Revolut with a host of fintech issues. Foreign direct investment in the fintech and payments space is a core part of Shubhangi Garg‘s practice. Ekta Gupta frequently leverages her corporate experience to advise on fintech mandates. Himanshu Malhotra has a proven track record in advising major multinationals on their product offerings.

Practice head(s):

Shilpa Mankar Ahluwalia

Other key lawyers:

Shubhangi Garg; Ekta Gupta; Himanshu Malhotra

Key clients

Whizdom Innovation Private Limited (“Moneyview”)

Tata Digital

FACE (Fintech Association for Consumer Empowerment)


Money View



Bharat Pe

American Express

Clix Capital

Bajaj Finance

Capital Float





Revolut Ltd.

White Wizard Technologies Private Limited (Velocity)


Tools for Humanity Corp (WorldCoin) and Totality Corp (NFTs) Limited (BillDesk)

Work highlights

  • Advised Money View on a capital raise of $75m led by Apis Partners and a simultaneous restructuring of Money View’s entire digital lending business in light of new digital lending guidelines.

Spice Route Legal

Notably active on mandates concerning tech in banking, Spice Route Legal‘s broad practice encompasses expertise in payments, financial sector crimes, digital lending and anti-money laundering. The unit is also well placed to assist with regulatory investigations, and has seen an uptick in instructions relating to both global and Indian financial services investigations. Practice head Mathew Chacko ‘s regulatory expertise was recently showcased in a complex outsourcing matter for HDFC that aims to allow the lender to launch a digital-only banking service. Ankita Hariamani is an ‘unparalleled’ expert on financial services regulations and their interaction with technology, while Aadya Misra is a key contact for matters concerning data and privacy such as cybersecurity architecture or breach responses.

Practice head(s):

Mathew Chacko

Other key lawyers:

Ankita Hariramani; Aadya Misra; Harshda Bakshi; Ruchika Jha


‘In the digital lending and larger fintech space we have found Spice Route to be one of the most competent firms.’

‘The Partners, Senior and Junior associates are thorough professionals. They are one of the best legal teams around in terms of knowledge, subject matter expertise, conduct, billing and flexibility.’

‘Matthew Chacko is one of the most thorough and awesome people I have ever worked with.  He is a super sounding board and has deep knowledge on most things.’

‘Analytical and research skills, managing the legal consequences of business failures, risk assessment, regulatory knowledge & and attention to detail are the major strengths. ’

‘Organization, time-management and project management, Problem-solving, Teamworking, interpersonal skills, Adaptability and flexibility makes the individuals I work with really stand out.’

‘They have excellent commercial acumen coupled with top-notch legal and regulatory expertise. Financial services regulations in India are complex and ever-changing, but the ease with which this team navigates the landscape gives me a lot of comfort.’

‘I have worked with the team extensively and the individuals who stand out are Mathew Chacko, Ankita Hariramani, Harshda Bakshi and Ruchika Jha. Ankita’s command of technology and regulations is unparalleled. ’

‘Great team!’

Key clients

Aditya Birla Group

Bank of Montreal




Commercial Imperial Bank of Canada

DBS Bank

Digiotech Solutions Private Limited

Digiwin Technologies (also known as Pillow Fund)




ICICI Securities


Northern Arc



Samsung Reinsurance



Yodlee Envestnet

Work highlights

  • Advised HDFC Bank on its over $200 million partnership with Zeta to create and launch India’s first digital only bank.
  • Assisting Chargebacks911 – one of the world’s largest chargeback management service providers – and its Indian affiliates in a precedent-setting dispute involving theft of trade secrets.
  • Advised Bayer on its partnership with Mastercard, Rabo Partnerships, and other lending service providers to create a platform through which Indian farmers can gain easy access loans.


The ‘experts in the field’ at Trilegal are geared to handle a broad array of fintech and regulatory matters with the team notably strong in projects with a cross-border element. Areas of activity include digital lending, NPCI regulations and advisory and enforcement work in  contentious and non-contentious areas of the regulatory landscape. Rahul Matthan heads up the team and is an authority on digital public infrastructure and emerging technologies. Nikhil Narendran has a strong track record in payment regulations work for fintech and banking clients. Shruti Rajan’s practice extends to advising regulated entities and listed companies on regulatory risk identification. Jyotsna Jayaram further extends the payments expertise at the firm.

Practice head(s):

Rahul Matthan

Other key lawyers:

Nikhil Narendran; Shruti Rajan; Jyotsna Jayaram; Jaideep Reddy


‘Trilegal’s fintech and financial services regulatory team is the best in the industry. The practical advice keeping in mind the risk appetite of clients is what set them apart. ’

‘Shruti Rajan is one of the top financial regulatory lawyer in the country. She has a very good grasp over the regulatory landscape and is someone who does not mind going the extra mile.’

‘Trilegal’s team are experts in the field who provide timely, actionable feedback under tight deadlines. Their advice is practical, and the team has a deep understanding of the industry and regulators.’

Key clients

Blackhawk Network India

63ideas Infolabs Private Limited (Ninjacart)

Adyen India Technology Services Pvt. Ltd.

Savii New Cross Technology Pvt. Ltd.

Ante Multimedia Private Limited (GGX)

Unocoin Technologies Private Limited




White Squire Technologies LLP (39K Partners)

Work highlights

  • Advised on the Government of India-backed e-commerce network – ONDC – including on structuring the payment collection and payment flows between network participants.

Nishith Desai Associates

Alongside obtaining regulatory licenses from the RBI and SEBI, Nishith Desai Associates assists with transactions, compliance  and crypto-related disputes that help to shape India’s regulatory landscape.  Payment aggregators, banking partners and cross-border service facilitators are among the firm’s clients.  Tech expert Gowree Gokhale co-heads the practice and frequently assists international clients with regulatory advice, litigation and arbitration. Fellow co-head Huzefa Tavawalla leads the firm’s disruptive tech group and has a notable focus on matters in the digital payments space. Kishore Joshi completes the leadership team and is an authority on securities and exchange control laws. Aaron Kamath‘s regulatory experience includes making representations to the Indian Government on issues such as foreign direct investment conditions for the e-commerce sector.

Practice head(s):

Gowree Gokhale; Huzefa Tavawalla; Kishore Joshi

Other key lawyers:

Aaron Kamath


‘Nishith Desai Associates’ fintech and financial services regulatory practice stands out in the legal industry due to its unique approach and remarkable strengths.’

‘The individuals at Nishith Desai Associates truly stand out in the legal industry, and their distinct qualities set them apart from competitors. Over the years, I have had the privilege of working closely with several standout partners and associates, each of whom has brought unique strengths and qualities to the table.

Key clients




Coinswitch Kuber

Work highlights

  • Advised global and Indian crypto-asset businesses, including WazirX and Coinswitch Kuber on how to navigate the complex Indian law landscape, where there is no express clarity on crypto-assets.
  • Advised various traditional and new-age businesses, including Viacom18 and WazirX, on commercialising their assets as NFTs.

Talwar Thakore & Associates

Talwar Thakore & Associates is known in the market for advising financial institutions and fintech companies on payment systems, the clearing and settlement of securities and exchange traded derivatives. Practice head Rahul Gulati has worked extensively on mandates relating to the structuring of OTC derivatives in the Indian market. Deepa Christopher has specific expertise relating to data privacy and data collection matters. Neville Golwalla has longstanding experience of advising on court approved restructurings in the fintech arena. Ritika Singal is a further key contact at the firm.

Practice head(s):

Rahul Gulati

Other key lawyers:

Deepa Christopher; Neville Golwalla; Ritika Singal


Ritika and team have been very helpful in ensuring that we meet our deadlines.

Key clients

PayU Payments Private Limited

Futures Industry Association (“FIA”)

Bank of America, N.A.

Global Financial Markets Association

Work highlights

  • Advised Bank of America, N.A. in relation to the rules and regulations applicable to numerous payment and settlement systems in India.
  • Assisted PayU Payments Private Limited with its application for a payment aggregator licence to the Reserve Bank of India.
  • Advising the Futures Industry Association on a quarterly basis in relation to the clearing and settlement rules of two Indian central counterparties.