Leading Individuals

Rising Stars

Firms To Watch: Fintech and financial services regulatory

AK & Partners provides foreign banks, payment systems companies and other regulated entities with advice on a full range of regulatory matters, including licenses and approvals for acquisitions; Anuroop Omkar and Kritika Krishnamurthy lead the team.

Fintech and financial services regulatory in India

Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas fields a dynamic team with a wealth of experience in collaborating with regulators and policy makers. The ‘exceptionalAnu Tiwari often acts for domestic and international emerging technology companies on complex multi-jurisdictional matters, and Gazal Rawal frequently advises on regulatory matters and internal investigations, assisting a number of financial institutions and non-banking entities. The firm’s varied client base also includes numerous types of banks, core investment companies, and card payment networks. Other key members of the team include Rutu Gandhi and Ketaki Mehta. Gandhi is a securities law expert, providing advice on regulatory issues relating to compliance and enforcement, as well as capital markets transactions; and Mehta is a key member of the firm’s regional practice in Ahmedabad and has extensive experience in the financial regulatory landscape in India.

Practice head(s):

Anu Tiwari

Other key lawyers:

Gazal Rawal; Rutu Gandhi; Ketaki Mehta


‘Deep understanding of the industry, good availability and quick turn around time. Being ex-regulatory personnel, they provide valuable insights.’

‘Anu Tiwari is exceptional in understanding the regulatory framework and the Fintech industry and syncing the same with the needs of the business while always ensuring compliance.’

Key clients

Centrum Group and Resilient Innovations Pvt. Ltd. (BharatPe)

IDFC Limited

Madison Dearborn Partners

The Western Union Company (Western Union)

Association of Mutual Funds in India

American Express Banking Corp. India

Stripe Inc.

Nextbillion Technology Private Limited (‘Groww’)

Dreamplug Technologies Private Limited

Sumitomo Mitsui Banking Corporation

Work highlights

  • Advised the consortium of Centrum and BharatPe on setting up the Unity Small Finance Bank (in joint venture) for the acquisition of Punjab and Maharashtra Cooperative Bank.
  • Advised IDFC on the sale of its asset management business to a consortium of Bandhan Group, GIC and ChrysCapital.
  • Advised a consortium of SEBI registered mutual funds, via the Association of Mutual Funds in India, on a master payments processing agreement with several payment aggregators.

Finsec Law Advisors

Finsec Law Advisors acts for financial services clients on regulatory issues arising from business structurings and operations, in addition to advising all categories of SEBI-registered intermediaries and entities holding other financial sector licenses. Counting foreign and domestic investors, promoters, listed companies and market intermediaries among its key roster of clients, the team assists in developing internal policies for governance and compliance with securities and financial laws. Managing partner Sandeep Parekh, who focuses on securities regulation matters, jointly leads the practice alongside Anil Choudhary, who has experience in representing clients across a broad range of securities enforcement actions. Senior associate Raghuvamsi Meka is another key contact in the group.

Practice head(s):

Sandeep Parekh; Anil Choudhary

Other key lawyers:

Raghuvamsi Meka; Rahul Das


‘They are good in matters concerning SEBI regulations.’


The versatile team at IndusLaw serves a wide variety of clients, from digital brokers to microfinance companies and digital payments providers, on the full spectrum of regulatory risks and support, as well as compliance frameworks. Avimukt Dar and Namita Viswanath lead the team; Dar assists domestic and international clients on the digital policy in India regarding data protection, e-commerce payments and foreign direct investment, and Viswanath regularly advises companies on how to structure their operations to accommodate fintech activity, as well as emerging technology issues. Shreya Suri has a great deal of expertise in advising on product offerings, particularly in relation to e-commerce, financial services and technology. Principal associate Raghav Muthanna handles investments and acquisitions in the information and financial technology spaces.

Practice head(s):

Avimukt Dar; Namita Viswanath

Other key lawyers:

Shreya Suri; Raghav Muthanna

Key clients

EpowerX and RKSV Securities (Upstox)


Startselect B.V.


Pine Labs

PhonePe Private Limited

ViewTrade Securities

Diamond Standard Co


VisionFund International

Nextbillion Technologies Private Limited

Visage Holdings


Seracle Group

ASQI Advisors

Work highlights

  • Advising Upstox on regulatory compliance in the context of its expansion in multiple international jurisdictions.
  • Advised FalconX on setting up a crypto trading entity in India, involving matters of entity ownership structure, tax efficient structure, and regulatory overview of the crypto assets framework.
  • Advising GooglePay on RBI-related compliance, including contracts with merchants and financial institutions.

Juris Corp

Juris Corp houses an accomplished banking and finance team, which combines its varied expertise in structured finance, derivates, restructuring and corporate matters to guide clients through a regulatory landscape undergoing rapid change. Jayesh H is a key contact at the firm and Saurabh Sharma provides advice regarding foreign exchange laws, securitisation and overseas direct investment. The team often advises both international commercial and domestic banks, as well as financial institutions, on their LIBOR transition exercises and capital adequacy norms, an area in which Ankit Sinha has particular expertise. On the derivatives side of the practice, Smrithi Nair leads the team. Vedanarayanan Lakshmanan joined the team from IndusInd Bank and contributes his comprehensive knowledge, while Aashka Shah, who was promoted to partner in May 2022, has a particular interest in the ratification of primary diligence carried out by banks.

Practice head(s):

Jayesh H; Saurabh Sharma; Ankit Sinha; Vedanarayanan Lakshmanan

Other key lawyers:

Aashka Shah; Smrithi Nair

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

  • Assisted the committee constituted by the Reserve Bank of India on reviewing the working of asset reconstruction companies (ARCs).
  • Advised IndusInd Bank in relation to its transition exercise away from the London Interbank Offered Rate and adoption of appropriate risk-free reference rates.
  • Advised Emirates NBD Bank PJSC on its entry into an financing arrangement with a leading fashion retail company.

AZB & Partners

The team at AZB & Partners makes use of its corporate and transactional expertise to work at the forefront of the financial regulatory and fintech spheres. Ashwath Rau heads the practice, often advising banks, major fintech companies and insurance companies with a strong focus on financial services, while G. Padmanabhan has extensive experience in the regulation and supervision of debt markets, banks and foreign exchange markets. The team often receives instructions from large banks and major financial institutions for regulatory advisory services, particularly in relation to payment issues. Vipul Jain provides regulatory advice to offshore private equity firms and payment system intermediaries, and Rushabh Maniar often acts for multinational companies providing financial services regarding novel complex regulatory matters. Aditya Alok was promoted to partner and contributes his expertise in advising global financial service companies and online marketplaces on regulatory issues.

Practice head(s):

Ashwath Rau

Other key lawyers:

Vipul Jain; G. Padmanabhan; Rushabh Maniar; Aditya Alok


‘Access to consultants who have regulatory experience.’

Key clients

HDFC Limited

HDFC Life Insurance Limited

Citibank N.A.

Visa Inc.


Tiger Global Management

Kotak Mahindra Bank Limited

Brookfield Asset Management

Warburg Pincus LLP

HDFC Bank Limited

Standard Chartered Bank

Work highlights

  • Advising Housing Development Finance Corporation on its ongoing approx. $60bn merger with HDFC Bank.
  • Advising Visa International Service Association on the approx. $4.7bn acquisition of BillDesk by PayU, and the acquisition of a minority stake in Open Financial Technologies.
  • Advised HDFC Life Insurance Company on its acquisition of Exide Life Insurance Company.

Ikigai Law

Ikigai Law works at the heart of innovation and technology in India, often assisting fintech companies launching first-of-a-kind products, as well as helping to establish the blockchain and cryptocurrency industry in India. Anirudh Rastogi has over 15 years’ experience in advising technology businesses on a myriad of issues throughout the technology sector, while senior associate Astha Shrivastava provides strategic and regulatory advice regarding technology contracts and user-facing platform policies. The firm often engages in work relating to digital payments, lending and neo-banking within the fintech sphere, areas in which Aparajita Srivastava has a wealth of expertise. Neha Chaudhari leads the public policy practice and guides clients through the regulatory landscape, often advising international technology giants, the Indian government, and innovative start-ups.

Practice head(s):

Anirudh Rastogi; Nehaa Chaudhari; Aparajita Srivastava

Other key lawyers:

Astha Shrivastava

Key clients

Department of Financial Services and National Investment Promotion & Facilitation Agency




Coin DCX



Dinero AI



Work highlights

  • Advised Xiaomi on the launch of a wearable payment product.
  • Advised Tide on the launch of its neo-bank in India.
  • Advised Primestack (Coin DCX) on its Series C and Series D fundraise, making it India’s first crypto unicorn with a milestone valuation above $1bn.


The team at JSA Law is equipped to assist in cross-border matters on behalf of a lucrative list of clients, which includes Google, Netflix, Airbnb and Mastercard. Probir Roy Chowdhury heads the practice and often advises global technology conglomerates on e-commerce and data protection issues. Yajas Setlur was promoted to partner in April 2022 and frequently provides guidance for international clients looking to launch global product initiatives, helping them to navigate a complex regulatory framework surrounding payment systems and foreign exchange. The team maintains a balanced practice, handling a mix of regulatory and compliance matters, as well as investment issues relating to fintech companies; Sidharrth Shankar assists the team in this area, advising clients on their investments in the fintech space.

Practice head(s):

Probir Roy Chowdhury

Other key lawyers:

Yajas Setlur; Manvinder Singh; Sidharrth Shankar; Sajai Singh

Key clients

Datamesh Group


Euronet Worldwide









AU Small Finance Bank

Glance InMobi

Deutsche Bank


Amica Financial Technologies Private Limited (Jupiter Money)

Wunderbaked Technologies Private Limited (Hypto)

UMBO InsurDataTech Systems Private Limited (Riskcovry)

PayU Global B.V.

Credit Suisse

Giottus Technologies Private Limited

IMC International Shares Group Limited

Work highlights

  • Advised B Capital on its investments in CoinDCX; the investment established CoinDCX as the first crypto unicorn of India.
  • Assisted A91 Partners with its investment in Moshpit Technologies (FinBox).
  • Advised Verifone on the regulation governing payment aggregators and Online Payment Gateway Service Providers.

Spice Route Legal

The team at Spice Route Legal makes use of its ‘deep-seated financial services expertise‘ and ‘unparalleled understanding‘ of fintech to assist domestic and international banks, as well as cryptocurrency, fintech and payments companies. Mathew Chacko heads the fintech practice and draws on over 19 years’ experience in advising on blockchain, trade finance platforms, and the structuring of new fintech products. The ‘fantasticAnkita Hariramani was promoted to counsel in July 2022; she focuses on assisting blockchain and fintech clients on the complex regulation surrounding payments, settlements, lending and wealth management. Senior associate Aadya Misra contributes her data expertise and often provides advice on cybersecurity architecture and the structuring of breach responses from a regulatory angle.

Practice head(s):

Mathew Chacko

Other key lawyers:

Ankita Hariramani; Aadya Misra


‘Spice Route Legal has one of the most advanced Fintech and FSR practices I have come across. The team derives its unique position from the deep-seated financial services expertise, coupled with a passion and understanding of the technology behind it. They have the unique ability to predict the regulator’s moves and have earned the RBI’s respect through their keen observations. They have also helped us structure our product, behind which there is an unparalleled understanding.’

‘They’re always available and feels like they are not an external counsel, but rather approach things like in-house teammates!’

‘Business friendly and genuine set of people. They keep themselves updated about regulatory guidelines, well connected with financial startup eco-system to validate that helps a lot when in doubt.’

‘Ankita’s work is fantastic.’

‘Ankita has been able to help us with our queries. Very grateful for the SRL Fintech practice and Ankita, and their willingness to take challenges and help us out.’

‘Mathew Chacko and his team have been our go-to lawyers for the last 6 years. We value the attention our mandates receive from the SRL team. When it comes to Fintech and FSR, Ankita is a key member of the team. Ankita’s understanding of how technology functions in the financial services industry are unparalleled.’

‘The fintech team of Spice Route Legal has an extensive understanding of how financial products work.’

‘Reasonable and genuine set of people.’

Key clients



Disney+ Hotstar

IBBIC Pvt. Ltd. (formerly known as Blockchain India Consortium)



Bank Open


Banque Nationale

DBS Bank




Indipaisa (formerly known as Nexxo)

Instamojo Inc.


Milaap Inc.






Slice (formerly known as SlicePay)

Tally Solutions

Yodlee Inc.


Work highlights

  • Assisting IBBIC with its blockchain-focused trade finance platform.
  • Advising Slice (formerly known as SlicePay) on undertaking a detailed compliance of its Buy Now Pay Later product, Prepaid Card Instrument and multiple digital lending products.
  • Advising two of India’s leading neo-banks (Bank Open and Decentro) on structuring multiple banking products.

DSK Legal

DSK Legal’s team combines its ‘vast experience‘ and varied expertise to assist its clients, with a strong focus on product development in the fintech and financial regulatory space. Avinash Kumar Khard is a key contact on the banking and finance side of the practice, and Anjan Dasgupta frequently advises domestic and international banks and financial institutions on compliance and product development. On the technology side, Rishi Anand leads the team, while Nakul Batra contributes his deep experience in commercial arrangements within the technology space. Siddharth Suresh and Karan Ajitsaria  joined the team from Dua Associates in April 2022. Suresh has a particular interest in technology and fintech, frequently advising on digital lending platforms regarding compliance with RBI guidelines; and Ajitsaria is well versed in company law compliance and general corporate advisory matters.

Practice head(s):

Anjan Dasgupta; Rishi Anand; Avinash Kumar Khard; Nakul Batra

Other key lawyers:

Roochi Loona; Chirag Jain; Karan Ajitsaria; Siddarth Suresh


‘The team has understanding of the Fintech Products prevailing in the market and legal nitty-gritty around them; vast experience in structuring of complex fintech product while keeping the multi-regulatory requirements in mind; and have a quick turnaround time while maintaining the highest quality of work.’

‘They understand the ever evolving regulatory enviroment related to fintech and financial innovations in India. They are able to guide the client to design or modify the product in line with the regulatory expectation and market expectations.’

‘DSK understands the client’s problem in a unique way and are extremely solution driven.  They are cooperative. They have shown good knowledge and expertise in the fintech and data privacy sector, with leading lawyers such as Anjan Dasgupta and Avinash Khard, who are effective in understanding technology laws together with the BFSI requirments.’

‘Avinash Khard and Anjan Dasgupta have been exceptional in supporting our company across all of its Fintech offerings. Their deep market insights and vast legal acumen have helped us in structuring complex fintech products within least timelines while maintaining highest compliance requirements, and their approachable attitude and professional conduct is commendable.’

‘Avinash Khard understands the nitty-gritty of various financial products that cut through various different regulatory requirements and this ability puts him above the competition while developing new and innovative financial products.’

‘Anjan provides a complete package from assisting on the traditional financial products to the most innovative products being rolled out by Fintechs either as a partner of scheduled banks or NBFCs.’

‘Anjan is solution driven, cooperative, humble and understands client issues.’

‘Avinash has a very good and stable approach. Very good knowledge of FEMA and SEBI laws pertaining to the BFSI space.’

Key clients

Flipkart Internet Private Limited

PhonePe Private Limited

Wise Payments Limited

Walmart USA

UBS Switzerland

Maersk Trade Finance A/S

IndusInd Bank

True Credits Private Limited

Bhartipay Services Private Limited

Sonu Infratech Private Limited

Sood Infomatics LLP

OnePlus Technology India Private Limited

UltraTech Cement Limited

Appcino Technologies Private Limited

Technogen IT Services Pte. Ltd.

Amazon Seller Services Private Limited

Glamyo Technologies Private Limited

Reliance Retail Limited & Reliance Brands Limited

Herbalife International Inc., USA

Herbalife International India Private Limited

HDFC Securities Limited

Healthquad Capital Advisors Private Limited

Appcino Technologies Private Limited

UltraTech Cement Limited

Reliance Retail Limited

Shopsense Retail Technologies Private Limited

Bitcipher Labs LLP

Work highlights

  • Advising Flipkart, PhonePe and Walmart on fintech and financial services matters.
  • Advised IndusInd Bank in relation to the structuring of its arrangement with entities which provide online gaming services.
  • Advised Bolly Technology, a non-fungible token (NFT) platform, in relation to the legal framework surrounding the NFT platforms and operators in India.

Nishith Desai Associates

The ‘fantastic‘ and ‘proactive‘ team at Nishith Desai Associates advises a diverse client base on a full range of contentious, regulatory and transactional matters in the fintech and financial services space. Gowree Gokhale directs her focus towards advising domestic and international conglomerates and digital companies in the pharmaceutical, technology and media sectors on payment systems and regulatory matters. Associate Aaron Kamath acts for multinational corporations on compliance and regulatory-related issues in the e-commerce, fintech and retail industries.

Practice head(s):

Gowree Gokhale

Other key lawyers:

Aaron Kamath


‘The team are fantastic, they keep up-to-date with legal developments and are proactive and commercial in their advice.’

‘Aaron Kamath took his time to understand us and the contextual setting first before jumping on to the queries. His ability to listen patiently and respond aptly is amazing.’

‘Aaron Kamath is a go-to lawyer for employment and privacy. I trust my clients will be in safe hands.’

Key clients



Coinswitch Kuber





Internet and Mobile Association of India (IAMAI)



Viacom 18

Jupiter South Asia Investment Company Limited

Lone Pine Capital

Matthews Asia

Work highlights

  • Advised several global and Indian crypto-asset businesses, including FTX, WazirX, Coinswitch Kuber, CoinDCX, Zebpay and Unocoin, on Indian law regulatory and strategic advice.
  • Advised various NFT ventures of Hungama, WazirX and Viacom18 Media which were commercialising their assets as NFTs on the risks arising from ambiguities under Indian law relating to crypto-assets and on the creation of an NFT marketplace.
  • Advised Baker McKenzie on Indian legal and regulatory laws for their clients investing business in India, including queries on the marketing of offshore funds in India.


The practice at Trilegal acts for clients operating in a financial services sector that frequently undergoes rapid change; the team offers assistance with contentious and non-contentious and enforcement matters. Shruti Rajan leads the team and has a particular interest in enforcement and governance, and handles pre-contentious issues such as regulatory inspections and investigations. Garima Joshi has a wealth of experience in providing strategic advice relating to regulatory and compliance issues. The team regularly acts for financial sponsors, listed companies, and domestic and foreign financial institutions. Other key members of the team include counsels Anubhav Ghosh and Prashant Prakhar; Ghosh’s practice focuses mostly on contentious matters and concerns financial sector intermediaries, and Prakhar often advises multinational companies which face regulatory enforcement under exchange control and securities laws.

Practice head(s):

Shruti Rajan

Other key lawyers:

Garima Joshi; Anubhav Ghosh; Prashant Prakhar

Key clients

National Stock Exchange of India

Bank of America

Clearing Corporation of India Limited

Edelweiss Securities/Broking Limited

ICICI Securities Limited

Mirae Asset

Citadel Securities


IMC Trading


Everstone Capital


Hong Kong Exchanges and Clearing Limited

Avendus Capital

BNP Paribas Arbitrage

Macquarie Finance India Private Limited

Way2Wealth Brokers Private Limited

Nomura Group

UTI Asset Management Company Limited

Goldman Sachs

Work highlights

  • Advising National Stock Exchange on the Karvy Stock broking default.
  • Advising Way2 Wealth Securities in relation to the NSE co-location issue and subsequent litigation.