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Capital Market Report 2011

Capital Market Report 2011

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Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns

1
Bar & Bench
Capital
Markets
2010-11
IPO-QIP Report
( www.burundbencI.com zo11
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
z
Bombuv SLock ExcIunge`s (BSE) SensILIve ¡ndex
(Sensex) Ius been runge bound LIIs veur IoverIng
uround 1;,ooo - zo,ooo. However, zo1o-11 Ius been
unoLIer record veur Ior LIe ¡ndIun cupILuI murkeLs
wILI 1zq ¡POs (¡nILIuI PubIIc OIIerIngs) und ¡POs
(¡oIIow on PubIIc OIIerIngs) und q1 Q¡Ps (QuuIIhed
¡nsLILuLIonuI PIucemenLs).
AccordIng Lo BIoomberg duLu, proceeds Irom IresI
Issues (¡POs) bv ¡ndIun compunIes In zo1o surpussed
even LIe IeveIs reucIed In zoo;. TIe GovernmenL
mude u sLrong murk on LIe murkeLs, ruIsIng
sIgnIhcunL cupILuI wILI sLrIng oI ¡POs und ¡POs. TIII
MurcI zo11, 1zq ¡POs Iud uccounLed Ior Rs. =1,ooo
crore (US$11.¤ bIIIIon) In cupILuI ruIsed, uverugIng
cIose Lo u bIIIIon doIIur everv monLI. TIIs uIong wILI
q1 Q¡Ps LIuL ruIsed neurIv Rs. 1¤,;zz crore (US$q.¤
bIIIIon) meunL LIuL ¡ndIun compunIes ruIsed more
LIun Rs. ;o,ooo crore (US$1=.= bIIIIon) In LIe zo1o-
zo11 hnuncIuI veur.
KIuILun & Co., MunugIng PurLner, RubIndru
JIunjIunwuIu speukIng on LIe murkeLs suId, ¨TIe
¡ndIun murkeLs Iuve sIown sIudes oI recoverv posL
LIe gIobuI recessIon. ¡ndIun compunIes Iuve Luken
udvunLuge oI LIe pockeLs oI recoverv In LIe domesLIc
murkeLs¨.
ApurL Irom LIe GovernmenL compunIes und LIe
engIneerIng und reuI esLuLe secLors, LIIs veur suw
LIe emergence oI oLIer secLors In Iund ruIsIng. GoId
und IusIIon ure LIe new secLors Lo wuLcI ouL In zo11
wILI compunIes IIke JovuIukkus, TBZ, RuLuncIund,
Turu JeweIs und IusIIon suIon compunv promoLed
bv Juwed HubIb pIunnIng Lo ruIse cupILuI. GoId Ioun
compunv MuLIooL ¡Inunce uIso joIned LIe cupILuI-
ruIsIng spree wILI ILs Rs. 1,qoo crore ¡PO (US$¤11
mIIIIon).
Financial Year 2010-11
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
¤
Rankings: Indian Law Firms
zo
;
1o
8
6
¤
z
6
6
q
q
¤
¤
¤
1
TIe ¡ndIun equILIes murkeL remuIned quILe ucLIve
LIrougI LIe IusL hnuncIuI veur despILe goIng LIrougI
LurbuIenL LImes cuused bv corrupLIon scunduIs und
InßuLIon worrIes. ¡uw ¡Irms, boLI Iurge und mId
LIer concIuded some InnovuLIve LrunsucLIons. As
compured Lo IusL veur, LIere were no sIgnIhcunL
surprIses In LIe cupILuI murkeLs Ieugue LubIe oI ¡ndIun
Iuw hrms.
AmurcIund
¡uLIru
CruwIord BuvIev
AZB
Khaitan
J. Sugur & AssocIuLes
S & R
Kungu & Co.
¡Ink ¡eguI¯
A¡MT ¡eguI
MIndsprIgIL ¡eguI
CorporuLe ¡uw CIumbers ¡ndIu
RujunI AssocIuLes
Vaish Associates Advocates
TrIIeguI
1
z
¤
q
=
6
;
;
8
¤
¤
1o
1o
1o
1o
8
6
1
q
q
z
¤
-
-
-
-
-
-
-
z
11
z
;
z
¤
¤
o
1
-
-
-
-
-
-
-
q
=
-
z
z
-
z
-
-
-
-
-
-
-
-
43
20
18
16
15
8
7
7
6
4
4
3
3
3
3
CM BM Total
QIP IPO
CM BM
Top 10 Rankings
Once uguIn, AmurcIund recorded LIe IIgIesL
number oI cupILuI murkeL munduLes umongsL
¡ndIun Iuw hrms, ucLIng us IeguI udvIsor In
q¤ ¡PO J Q¡P LrunsucLIons us compured Lo 6;
LrunsucLIons IusL veur.
TIe prImurv drIver oI decIIne In munduLes
IundIed bv AmurcIund wus LIe Q¡P murkeL, us
LIe number oI Q¡P munduLes decreused Irom
¤1 Lo 1=. OveruII, AmurcIund conLInued Lo be
LIe ¨go Lo¨ ¡ndIun hrm Ior LIe Issuers und LIe
InvesLmenL bunks.
CM = Compunv MunduLes
BM = Bunker MunduLes
¯ ¡Ink ¡eguI merged wILI ZenILI IndIu In zo11
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
q
Indian capital markets in the post-
recessionary period
Cyril Shroff: ¡rom ubouL AprII zoo¤, we Iuve seen
subsLunLIuI ucLIvILv In LIe cupILuI murkeLs. We Iuve
benehLed Irom IuvIng LIe IurgesL cupILuI murkeLs
Leum ucross LIe counLrv. We Iuve Iurge cupILuI
murkeLs Leums In our MumbuI, DeIII und BunguIore
oIhces und u smuII Leum In Hvderubud. ¡n hscuI
veur zo1o LIe Iocus wus on compunIes wIIcI needed
cupILuI In LIe Iorm oI reuI esLuLe compunIes und
InIrusLrucLure compunIes und muInIv In LIe Iorm oI
Q¡P oIIerIngs. ¡n hscuI veur zo11 we Iuve seen verv
Iurge oIIerIngs Irom GovernmenL compunIes wIere
mosLIv LIe GovernmenL Ius reduced ILs sLuke. TIIs
Ius Iud some ImpucL on prIvuLe secLor oIIerIngs.
DespILe LIuL we Iuve ucLed on some oI LIe IurgesL und
mosL InLeresLIng cupILuI ruIsIng In ¡ndIu und InvoIvIng
¡ndIu. TIese IncIude ucLIng Ior LIe compunv on
¡DR Issuunce bv SLundurd CIurLered P¡C, udvIsIng
Essur Energv P¡C In LIe IIsLIng oI ILs oII und power
usseLs on LIe ¡ondon SLock ExcIunge (we were LIe
onIv ¡ndIun udvIsors on one oI LIe IurgesL IIsLIngs
on LIe ¡ondon SLock ExcIunge), udvIsIng LIe
underwrILers on ¡ndIu`s IurgesL pubIIc oIIerIng ever
oI CouI ¡ndIu, udvIsIng LIe underwrILers on LIe ADR
oI MukeMvTrIp ¡Ld. ¡n uddILIon, we uIso udvIsed LIe
GovernmenL und LIe Issuer on Iurge Issues sucI us
NTPC und Power GrId. On LIe prIvuLe secLor sIde, we
udvIsed on severuI LrunsucLIons IncIudIng LIe IoIIow
on pubIIc oIIerIng oI TuLu SLeeI ¡Ld. und Q¡Ps bv TuLu
MoLors und AdunI EnLerprIses ¡Ld.
Amarchand’s team - Has the capital market
team increased in size and your recruitment
plans for the year ahead.
Cyril Shroff: We ure LIe murkeL Ieuders In
cupILuI murkeLs und In uddILIon Lo Lwo MunugIng
PurLners, we Iuve LIree IuII LIme equILv cupILuI
murkeLs purLners workIng ouL oI MumbuI, DeIII
und BunguIore oIhces. Our Leum IncIudes neurIv 6o
Iuwvers wIo work on onIv equILv cupILuI murkeLs. ¡n
uddILIon, we Iuve uIso udded NIIouIer ¡um us u debL
cupILuI murkeL purLner und Ier Leum comprIses oI sIx
Iuwvers. We see cupILuI murkeLs us u verv Iocused
ureu und wIII conLInue Lo recruIL Ior LIIs prucLIce In
LIe nexL Iew veurs.
Bur & BencI spoke Lo LIe
CupILuI MurkeLs Leum uL
AmurcIund`s MumbuI &
DeIII oIhces
Trends
¨We ure LIe murkeL Ieuders In cupILuI
murkeLs und In uddILIon Lo Lwo
MunugIng PurLners,
we Iuve LIree IuII
LIme equILv cupILuI
murkeLs purLners
workIng ouL oI
MumbuI, DeIII und
BunguIore oIhces.¨
Cyril Shroff
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
=
Amarchand’s strategy for 2011 - Targets set in
terms of the number of transactions.

Cyril Shroff: Our sLruLegv remuIns Lo do ¡ndIu`s
IurgesL und LIe mosL cIuIIengIng cupILuI murkeLs
LrunsucLIons. TIIs Ius been evIdenced bv our
InvoIvemenL In SLundurd CIurLered P¡C ¡DR,
LIe CouI ¡ndIu ¡PO, LIe ¡PO oI Essur Energv P¡C,
eLc. We Iope Lo reLuIn our murkeL sIure on Iurge
LrunsucLIons und even on smuIIer ones wIere our
roIe Is Lo druIL LIe enLIre documenL. We beIIeve LIIs
upproucI uIIows us Lo keep our Leum excILed. We
ure quILe Iocused on LIIs. We LIInk LIuL new secLors
sucI us consumer IndusLrv und InLeresLIng pIuvers In
LIe hnuncIuI servIces spuce wIII be upproucIIng LIe
murkeL Ior Iunds In LIe comIng veurs.
Shardul Shroff: We Iuve ucLed on uII LIe ImporLunL
LrunsucLIons wIere we wouId Iuve IIked Lo see our
nume. GIven our reIuLIonsIIps und our prohIe In LIIs
prucLIce, we Iope Lo conLInue LIIs Lrend.
Yash J. Ashar: We Iope Lo be purL oI LIe mosL
InLeresLIng und cIuIIengIng LrunsucLIons In LIIs
spuce. TIe SLundurd CIurLered ¡DR wus u IunLusLIc
experIence wIere LIe reguIuLIons were cIungIng
und we were workIng on new sLrucLures und
documenLuLIon. Our eIIorLs wIII be Lo conLInue Lo
pILcI Ior sucI LrunsucLIons In LIe nexL Iew veurs.
Bur & BencI spoke Lo LIe
CupILuI MurkeLs Leum uL
AmurcIund`s MumbuI &
DeIII oIhces
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
6
Luthra moved up LIe Ieugue LubIe und wus pIuced
second wILI munduLes Ior zo ¡POJQ¡P LrunsucLIons.
¡nLeresLIngIv, IusL veur uIso suw ¡uLIru breuk
AmurcIund`s IoId on ucLIng us LIe IeguI udvIsors
Lo LIe pubIIc secLor underLukIngs. ¡uLIru wus
munduLed Lo ucL Ior CouI ¡ndIu, LIe IurgesL ¡ndIun
cupILuI murkeLs LrunsucLIon oI IusL veur. ¡uLIru
uIso sLrengLIened LIeIr cupILuI murkeLs prucLIce
und promoLed MunugIng AssocIuLe ¡ndruneeI Busu
Mujumdur Lo purLnersIIp.
Crawford Bayley Loo moved up LIe Ieugue LubIe
und wus pIuced LIIrd wILI munduLes Ior 18 ¡POJQ¡P
LrunsucLIons us compured Lo 1= ¡POJQ¡P LrunsucLIons
IusL veur. TIe CruwIord Leum conLInued Lo be LIe ¨go
Lo¨ hrm Ior LIe mId-cup und smuII-cup compunIes
proposIng Lo ruIse cupILuI.
OLIer noLubIe pIuvers In LIe ¡ndIun cupILuI murkeLs
were AZB, Khaitan, JSA and S&R.
DespILe LIe breukuwuv oI M&C PurLners und Anup
SIuI und LermInuLIon oI ILs besL IrIend reIuLIonsIIp
wILI CIIIIord CIunce, AZB runked IourLI wILI 16
¡POJQ¡P LrunsucLIons. KIuILun brougIL In Iormer
AZB PurLner, VuIsIuII SIurmu und Iormer CIIIIord
CIunce PurLner, DevIdus BunerjI Lo boosL ILs cupILuI
murkeLs prucLIce. KIuILun sLood uL number hve wILI
1= ¡POJQ¡P LrunsucLIons. MunugIng PurLner RubIndru
JIunjIunwuIu suId, ¨wIIIe we Iuve udded members
Lo our Leum, we Iuve mude eIIorLs Lo Increuse our
scope oI work und roIe on LrunsucLIons. TIe uddILIon
Lo LIe Leum Ius brougIL In rIcI experIence und
cupucILv. Our cupILuI murkeLs Leum sLrengLI ucross
our Iour oIhces Is z6 Iuwvers. We Iope Lo conLInue
uLLrucLIng dIverse LuIenL In LIe veurs uIeud.¨
S&R conLInued Lo be LIe Iuvored udvIsor Lo
InvesLmenL bunks. SundIp BIuguL, Co-¡oundIng
PurLner oI S&R suId, ¨LIe hrm ucLed us LIe
¡ndIun IeguI udvIsor on u runge oI cupILuI murkeLs
LrunsucLIons, IncIudIng LIe SEC-regIsLered ¡PO on
LIe Nusduq GIobuI MurkeL bv MukeMvTrIp und
LIe IIsLIng on LIe A¡M murkeL oI LIe ¡ondon SLock
ExcIunge bv JubIIunL Energv.¨ S&R uIso opened un
oIhce In MumbuI Lo beLLer servIce MumbuI bused
cIIenLs. On LIIs deveIopmenL, SundIp commenLed
¨sInce we work on LrunsucLIons ucross ¡ndIu, IL wus un
obvIous und nuLuruI nexL sLep Lo be presenL In ¡ndIu`s
hnuncIuI cupILuI.¨
An InLeresLIng Lrend LIIs veur wus LIe emergence oI
new Iuw hrms IIke Link Legal and Mindspright
Legal und LIe spreud oI work umongsL hrms. WIIIe
q8 Iuw hrms udvIsed on Iess LIun 1o LrunsucLIons
eucI, onIv = Iuw hrms mude IL Lo doubIe dIgILs.
Other Trends
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
;
Indian Law Firms
TIe uveruge ¡PO sIze LIIs veur Ius been uL US$¤1
mIIIIon (Rs. q11 crore). SInce CouI ¡ndIu ruIsed neurIv
¤o percenL oI LIe LoLuI Iunds ruIsed LIIs veur, LIe
uveruge Iunds ruIsed LIrougI LIe ¡PO wouId Iuve
IuIIen Lo US$6q mIIIIon (Rs. z88 crore) per ¡PO, II
noL Ior LIe CouI ¡ndIu LrunsucLIon. TIIs LubIe depIcLs
runkIngs oI ¡uw hrms LIuL Iuve concIuded ¡PO-Q¡P`s
In excess oI $1oo mIIIIon.¯¯
AMSS
AZB
¡uLIru
S & R
JSA
Khaitan
Duu
TrIIeguI
¡ox
¡ndus ¡uw
Kungu
NDA
RumunI
Vaish
1
z
¤
q
=
6
6
6
;
;
;
;
;
;
Rank Law Firm

8
6
=
¤
z
z
z
1
1
1
1
1
1
Total
Mandates*
¯¡ncIudes compunv munduLes und bunker munduLes
¯¯CupILuI ruIsed or proposed Lo be ruIsed Ius been sourced
Irom pubIIcuIIv uvuIIubIe InIormuLIon und compunv reporLs.
RunkIngs bused on
LrunsucLIon vuIue oI more
LIun US$ 1oo MIIIIon
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
8
TrunsucLIon NoLe:
¡urgesL ¡ndIun ¡PO ever:
CouI ¡ndIu - Rs. 1=,=oo
crore raised!
TIe CouI ¡ndIu ¡PO, wIIcI wus oversubscrIbed bv 1=
LImes uL LIe upper bund oI Rs. zq= per sIure, ended
wILI u q¤ percenL guIn uL Rs. ¤q¤ u sIure on LIe BSE
wIen IIsLed. TIe ¡PO LIuL opened on OcLober 18,
zo1o mobIIIzed Rs. z¤6,ooo crore (US$=z.q bIIIIon),
uILIougI LIe LurgeL wus Lo ruIse onIv Rs. 1=,=oo crore
(US$¤.q bIIIIon). CerLuIn medIu reporLs IndIcuLe LIuL
LIe umounL oI monev LIuL wus mobIIIzed In LIIs ¡PO
In u spun oI Iour duvs wus more LIun IusL veur`s GDP
oI ubouL 1qo counLrIes.
Coal India’s IPO is the largest offering in
Indian capital markets history, surpassing
Reliance Power’s Rs. 13,500 crore (US$3
billion) listing in 2008.
We spoke Lo Madhurima Mukherjee, Ieud Iuwver
on LIIs LrunsucLIon IundIIng LIe GovernmenL ¡PO
Yoor ñrm ucted us the udvisor on the Coul
India IPO and the IPO remains one of the
biggest and most talked about transactions of
the ñnunciul yeur. Tulk os throouh the process
on udvisinu on this lundmurk IPO.
Madhurima: Yes, LIuL Is rIgIL, LIe CouI ¡ndIu ¡PO
wus LIe IurgesL ¡PO ever In LIe ¡ndIun murkeL LIII
duLe. ¡L wus uIso LIe second IurgesL pubIIc oIIerIng In
LIe worId In zo1o.
We were verv cIeur LIuL we wunLed Lo udvIse LIe
GovernmenL on LIIs LrunsucLIon. TIere ure Iew
LrunsucLIons In vour cureer wIIcI (¡ beIIeve) uILers
vour perspecLIve Lo LrunsucLIonuI work Iorever. CouI
¡ndIu wus one sucI LrunsucLIon. We Iud menLuIIv
prepured ourseIves Ior LIe Lusk uL Iund. WIuL we dId
noL reuIIse Is LIuL wIuLever we Iud ImugIned Iud Lo
be muILIpIIed bv hILv und we wouId sLIII IuII sIorL bv
ubouL unoLIer Iundred percenL on wIuL we ended up
doIng. ¡L buIIL cIurucLer!
CouI ¡ndIu Ius u LIIrLv veur oId IIsLorv und munv
Iegucv Issues. ¡L Is one oI ¡ndIu`s IurgesL pubIIc secLor
underLukIngs. ¡L Iud eIgIL subsIdIurIes wILI Iuge
operuLIons. ¡L Ius compIex Issues rungIng Irom
mInIng, Lo empIovmenL, Lo muILIpIe IILIguLIons In
un envIronmenLuIIv sensILIve secLor. EsLImuLIng
udequuLe sLuIhng wus LIe hrsL sLep. We Iud u hILeen
member Leum beLween our MumbuI und DeIII oIhces
Ied bv Munun und me. We dIvIded our work IocuLIon
wIse und enLILv wIse. TIere wus no quesLIon oI goIng
buck Lo LIese IocuLIons some oI wIIcI were In remoLe
purLs oI LIe counLrv. Munun und ¡ Iud Lo work verv
cIoseIv LogeLIer. TIe IurdesL Lusk wus Lo muke
peopIe uL everv IeveI In LIe compunv undersLund LIe
enormILv oI LIe Lusk uL Iund. BuL once we Iud LIe Lop
munugemenL convInced, LIev und LIe DepurLmenL oI
DIsInvesLmenL were exLremeIv supporLIve.
Indian Law Firms
¨Our Leum vIews LIeIr
cureers us 'IIIe beIore
CouI ¡ndIu` und 'IIIe
uILer CouI ¡ndIu`. We
Iuve uII grown
munIIoId wILI
LIIs LrunsucLIon.¨
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
¤
We Iud Lo monILor work on u duIIv busIs,
coordInuLIng wILI LIe bunks, reporLIng Lo LIe
DepurLmenL oI DIsInvesLmenL, jusL spendIng LIe
pIvsIcuI LIme Lo wude LIrougI LIe InIormuLIon Lo hnd
wIuL Is reIevunL. ¡L needed mucIIne-IIke precIsIon Lo
ucIIeve LIe neur-ImpossIbIe LImeIIne seL Ior us.
What according to you are the nuances of a
Government IPO?
Madhurima: You cunnoL cuLegorIse uII PSU
pubIIc oIIers In LIe sume sIoL. ¡ Iuve mosLIv worked
wILI pubIIc secLor compunIes wIIcI ure verv Iurge.
TIereIore, mv personuI experIence Is IImILed Lo
sucI exLenL. ¡ wouId spIIL LIe nuunces InLo Issues
oI Iuw und LIuL oI IundIIng LIe LrunsucLIon. ¡urge
pubIIc secLor compunIes usuuIIv Iuve Iegucv Issues
due Lo nuLIonuIIsuLIon, LIe usseLs LIev IoId und
purpose oI LIeIr IncorporuLIon. TIev ure oILen In
sensILIve secLors. SomeLImes LIev ure In u monopoIv
posILIon due Lo GovernmenL proLecLIon In prIcIng,
eLc. AII LIIs needs Lo be exumIned und expIuIned
In dIscIosure documenLs. TIese compunIes ure
beIemoLIs und Iuve Iong operuLIonuI IIsLorIes.
TIIs LIrows up cIuIIenges In due dIIIgence und
documenL munugemenL und sensILIve Issues wIIcI
requIre uLLenLIon. ¡n dIsInvesLmenLs, we cunnoL
onIv LIInk commercIuIIv. We need Lo Luke LIe poIIcv
oI LIe GovernmenL und LIe mucro ugendu InLo
consIderuLIon wIen we oIIer IeguI soIuLIons Lo Issues.
TIe DepurLmenL oI DIsInvesLmenL Is exLremeIv
supporLIve becuuse LIev Iuve cerLuIn InLernuI LurgeLs
und poIIcv mIIesLones Lo ucIIeve; Iowever LIe
LImeIInes gIven ure uggressIve. We someLImes work
on u wur IooLIng Lo ucIIeve LIe LImeIInes.
Yoor thoouhts on the ever-chunuinu cupitul
markets trends in India.
Madhurima: As Iur us LIe cupILuI murkeLs Lrends
ure concerned, IL`s Iurd Lo LeII. TIe word on LIe sLreeL
Is LIuL LIIngs ure goIng Lo sIow down In LIe sIorL run,
buL we ure uL our busIesL. PeopIe wunL Lo be reudv Lo
IuuncI wIen LIe murkeLs Iook beLLer. TIIs Is good
news Ior LIe Iuwvers, ¡ guess. We Luke u sIowdown us
u weIcome breuk Lo LruIn our peopIe und regroup.
¡I ¡ndIu Is growIng uL 8-¤ percenL, Iow cun LIe
cupILuI murkeLs be IeIL beIInd. PeopIe wILI robusL
busInesses need monev. So, we muv see u surge oI
more InnovuLIve sLrucLures und InsLrumenLs. Bunks
ure InnovuLIng und us ¡ suId, IopeIuIIv, we wIII be
LIere Lo IeIp LIem.
What is Luthra’s strategy with respect to its
cupitul murkets teum? Any speciñc turuets Ior
the cominu yeur?
Madhurima: TIe sLruLegv Is Lo conLInue
concenLruLIng on quuIILv ruLIer LIun quunLILv. We
do noL wunL Lo do everv deuI on LIe sLreeL. We wunL
Lo work on LIe besL deuIs II we cun, wILI LIe besL
bunks. ¡n order Lo meeL LIIs uspIruLIon, we wunL Lo
produce quuIILv documenLuLIon und gIve udequuLe
uLLenLIon Lo deLuII. ¡ndIun hrms oILen compromIse on
LIe quuIILv oI documenLuLIon becuuse eILIer LIev do
noL concenLruLe on deveIopIng LIeIr Iumun resources
or LIev jusL Luke on more LIun LIev cun servIce.
TIuL Is noL our modeI. WIIIe no one cun geL uwuv
Irom prIcIng pressures, we do noL wunL our prucLIce
Lo be drIven bv LIuL. We beIIeve LIuL compromIses
quuIILv oI IeguI work uL some IeveI. Bunks ure sIowIv
reuIIsIng LIuL wILI LIe voIume oI SEB¡ InvesLIguLIons
und IoIIow ups, cuLLIng corners on IeguI cosLs wIII noL
IeIp. We wunL Lo work wILI LIe bunks Lo IeIp LIem
beLLer undersLund IIubIIILv Issues und Improve on LIe
generuI IeveI oI due dIIIgence und documenLuLIon.
Our LurgeL Is Lo do everv kInd oI work, Irom prIvuLe
LrunsucLIons Lo dIsInvesLmenLs. HopeIuIIv, we wIII geL
usked on LIe more InnovuLIve und excILIng deuIs.
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
1o
TIe UPA GovernmenL LurgeLed u coIIecLIon oI Rs.
qo,ooo crore (US$8.¤ bIIIIon) Irom LIe dIvesLmenL
progrum. ¡n order Lo sIorLIIsL LIe InvesLmenL bunks,
LIe GovernmenL depurLed Irom LIe LrudILIon oI
cIoosIng LIe IowesL bIdder und udopLed u ¨cosL
pIus quuIILv scIeme¨ Lo seIecL LIe bunkers Ior LIe
dIsInvesLmenL. TIe CIuIrmun oI CouI ¡ndIu expIuIned
LIIs process suvIng LIuL ¨LecInIcuI cupubIIILv geLs
;o percenL weIgILuge und ¤o percenL weIgILuge Is
kepL Ior LIe hnuncIuI bIds.¨ TIere wus u cuL-oII score
Ior LecInIcuI compeLence und LIe hnuncIuI bIds oI
onIv LIose bIdders wIo were ubove LIIs cuL-oII were
consIdered Ior evuIuuLIon.
WILI GovernmenL compunIes pIunnIng Lo ruIse
neurIv $¤ bIIIIon, boLI mId LIer hrms (wIIcI usuuIIv
bId Ior GovernmenL ¡POs) und even Iurge Iuw hrms
puL In LIeIr bIds. AmurcIund, ¡uLIru, AZB und S&R
Iuve been uggressIveIv bIddIng Ior LIese ¡POs Loo.
PrusIunL GupLu, PurLner uL LIe AmurcIund oIhce In
DeIII, wIo Ius udvIsed on severuI dIsInvesLmenLs
suId, ¨Under LIe dIsInvesLmenL progrum oI LIe
GovernmenL oI ¡ndIu, LIe pressure Lo compIeLe In u
LImeIv munner Is Immense, buL gIven our Leum sIze
und experIence we were ubIe Lo deIIver quuIILv on uII
LIese LrunsucLIons. We Iope Lo conLInue Lo be ucLIveIv
InvoIved In LIese LrunsucLIons.¨
GovernmenL ¡POs
News This Year
SImIIur crILerIu were uIso udopLed Ior seIecLIon
oI Iuw hrms. MudIurImu MukIerjee, Ieud oI LIe
cupILuI murkeLs prucLIce uL ¡uLIru & ¡uLIru, suId,
¨uILer beIng seIecLed Lo represenL EngIneers ¡ndIu,
LIe GovernmenL Iud puL In deLuIIed processes Lo
sIorLIIsL Iuw hrms und dId u greuL job. TIe Iuw hrms
were hrsL sIorLIIsLed on LecInIcuI purumeLers sucI us
pusL record und cupILuI murkeLs experIence, prohIe oI
purLners IeudIng LIe LrunsucLIon und LIeIr IndIvIduuI
experIence. Once vou cIeur LIe LecInIcuI bIds LIen
hnuncIuI bIds were consIdered.¨
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11
DomesLIc Iuw hrms und LIe ¡nLernuLIonuI ¡eguI
CounseIs (¡¡Cs) Iud Lo bId joInLIv Ior uII GovernmenL
compunv dIsInvesLmenLs. ¡uLIru emerged us one oI
LIe IuvourILes Ior Iurge GovernmenL ¡POs LIIs veur.
TIIs joInL exercIse uIso meunL LIuL LIe GovernmenL
dId noL Incur InßuLed IeguI bIIIs Ior LIese ¡POs.
¡uw hrms drusLIcuIIv cuL LIeIr IeguI Iee Ior
GovernmenL ¡POs LIIs veur. Top LIer domesLIc
Iuw hrms cIurge unvwIere beLween Rs. ¤o IukI
(US$6=,ooo) Lo Rs. 8o IukI (US$1;o,ooo) Ior
un ¡PO, wIIIe IoreIgn Iuw hrms cIurge unvwIere
beLween US$z=o,ooo (Rs.1.1 crore) Lo US$=oo,ooo
(Rs.z.z= crore). ¡or LIe E¡¡ ¡PO, InsIder sources
reveuIed LIuL ¡uLIru und D¡A PIper Iud joInLIv
quoLed ubouL Rs.1.¤= crore (US$¤oo,ooo),
AmurcIund und O`MeIvenv Iud quoLed Rs.1.6= crore
(US$¤66,ooo) und S&R uIong wILI Dorsev Iud puL In
u bId oI ubouL Rs.1.;= crore (US$¤88,ooo).
TIe GovernmenL Ius umended LIe SecurILIes
ConLrucLs (ReguIuLIon) RuIes bv ruIsIng LIe LIresIoId
Ior pubIIc sIureIoIdIng In LIe IIsLed compunIes.
TIrougI LIe SecurILIes ConLrucLs (ReguIuLIon)
(AmendmenL) RuIes, zo1o, LIe GovernmenL
munduLed IIsLed compunIes Lo urrIve uL u z= percenL
pubIIc sIureIoIdIng In LIe nexL LIree veurs. TIe
¡Inunce MInIsLer, Prunub MukIerjee, Iud suId In IIs
budgeL speecI LIuL In order Lo Increuse Lrunspurencv
und reduce munIpuIuLIon LIe LIresIoId IImIL oI pubIIc
sIureIoIdIng Iud Lo be Increused Lo z= percenL. ¡n
Lerms oI LIe specIhcs:
1. ExIsLIng IIsLed compunIes wILI Iess LIun z= percenL
pubIIc IoIdIng Iuve Lo reucI LIe mInImum z= percenL
IeveI bv un unnuuI uddILIon oI noL Iess LIun = percenL
Lo pubIIc IoIdIng.
2. ¡or new IIsLIngs, II LIe posL Issue cupILuI oI LIe
compunv cuIcuIuLed uL oIIer prIce Is more LIun
Rs. q,ooo crore (US$8¤¤ mIIIIon), LIe compunv
muv be uIIowed Lo go pubIIc wILI 1o percenL pubIIc
sIureIoIdIng und compIv wILI LIe z= percenL pubIIc
sIureIoIdIng requIremenL bv IncreusIng ILs pubIIc
sIureIoIdIng bv uL IeusL = percenL per unnum.
¡uw ¡Irm ¡ees z= percenL pubIIc
sIureIoIdIng umendmenL
News This Year
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1z
Upendru Kumur SInIu Look cIurge us LIe CIuIrmun
oI LIe SecurILIes ExcIunge Bourd oI ¡ndIu (SEB¡)
on ¡ebruurv 18, zo11 Irom CIundrusekIur BIuskur
BIuve. PrIor Lo LIIs, SInIu wus CIuIrmun & MunugIng
DIrecLor oI UT¡ AsseL MunugemenL Compunv ¡Ld.
und CIuIrmun oI AssocIuLIon oI MuLuuI ¡unds
In ¡ndIu. SInIu, u Iormer ¡AS oIhcer oI LIe BIIur
cudre, wus uIso LIe JoInL SecreLurv In LIe ¡Inunce
MInIsLrv beLween June zooz und OcLober zoo=. He
Iooked uILer cupILuI murkeLs, exLernuI commercIuI
borrowIngs, pensIon reIorms und IoreIgn excIunge
munugemenL IuncLIons In LIe mInIsLrv. He Ius uIso
pIuved un ImporLunL roIe durIng LIe druILIng oI LIe
SEB¡ (AmendmenL) AcL, zooz, UT¡ (RepeuI) AcL,
zooz und LIe SecurILIes ¡uw AmendmenL AcL, zooq.
SInIu wus LIe CIuIrmun oI LIe WorkIng Group on
¡oreIgn ¡nvesLmenLs In ¡ndIu. He wus u member
oI severuI commILLees seL bv GovernmenL oI ¡ndIu,
IncIudIng LIe CommILLee on ¡IquIdILv MunugemenL,
¡¡¡s, CorporuLe Bond MurkeL und ¡nvesLor ProLecLIon.
New SEB¡ cIIeI:
U K SInIu uppoInLed new
SEB¡ CIuIrmun
SInIu Is credILed wILI sLurLIng LIe mIcro pensIon
movemenL In LIe counLrv Ior mobIIIsIng reLIremenL
suvIngs Irom Iow eurnIng - unorgunIzed secLor
workers.
News This Year
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You merged Zenith with Link Legal. How has
the cupitul murkets pructice evolved in the
new set op?
Raj Rani Bhalla: We ure verv Iuppv Lo Iuve Luken
LIe decIsIon Lo merge. TIe eIIecL oI LrunsILIon Irom u
bouLIque hrm Lo u mId sIze hrm Ius been evIdenL In
LIe hrsL quurLer oI LIe presenL cuIendur veur ILseII (we
merged wILI eIIecL Irom o1.o1.zo11). We Iuve been
ubIe Lo Ieveruge upon LIe exIsLIng cupubIIILIes und
reIuLIonsIIps oI ¡Ink ¡eguI und uLIIIse our experIence
In cupILuI murkeLs prucLIce. We Iuve IurLIer been
ubIe Lo expund LIe specLrum oI servIces LIuL we cun
render und cun pIuv u bIgger roIe In our pre-exIsLIng
ussIgnmenLs. We Iuve uIso been ubIe Lo reucI ouL
Lo mercIunL bunkers wIo ure InvoIved In Iurger
transactions.
Yoo huve experience workinu with SIBI. How
has your journey been on the other side of the
Ience (Irom the perspective oI ronninu u luw
ñrm)?
Raj Rani Bhalla: Mv experIence wILI SEB¡ wus
quILe enrIcIIng. ¡ Iud u Iong InnIng oI Len veurs wILI
u IoL oI IeurnIng und responsIbIIILv uL LIe sume LIme.
However, LIe journev oI IusL Iour und u IuII veurs
Ius been equuIIv cIuIIengIng und suLIsIvIng. BeIng
LIe MunugIng PurLner oI Z¡¡, ¡ wus runnIng LIe
hrm sIngIe IundedIv. ApurL Irom LIe proIessIonuI
work und ensurIng quuIILv oI servIce, LIere wus u
IoL oI work oI udmInIsLruLIve responsIbIIILIes. As un
empIovee wILI SEB¡, ¡ dId noL Iuve Lo boLIer ubouL
LIese muLLers. BuL us ¡ suId beIore, IL Ius been u
IuIhIIIng experIence und Lo be IonesL, II ¡ dId noL Iuve
LIuL experIence, ¡ couId Iuve never evoIved us u good
Iuwver und goL LIe recognILIon wIIcI ¡ Iuve been ubIe
Lo geL In wIuLever smuII meusures.
Any interestinu murket trends thut yoo huve
observed in the lust yeur?
Raj Rani Bhalla: TIe cupILuI murkeLs Iuve been
quILe voIuLIIe. TIe ¡InuncIuI Yeur zo1o-11 Iud
ILs sIure oI IIgIs und Iows. TIe BSE Sensex rose
more LIun 1; percenL In zo1o Lo be umong LIe besL
perIormIng mujor AsIun murkeLs LIIs veur. TIe
second quurLer oI LIe veur wus wIen LIe murkeL wus
uL ILs peuk, wILI mosL oI LIe compunIes LIuL were
conLempIuLIng LIeIr decIsIon oI goIng pubIIc ucLuuIIv
geurIng up und hIIng DRHPs wILI SEB¡. However, LIe
IusL quurLer wus quILe mIId us compured Lo LIe oLIer
quurLers. WIIIe LIe ouLIook Is excILIng In some wuvs,
currenL domesLIc und InLernuLIonuI deveIopmenLs
creuLe u sense oI uncerLuInLv und mIgIL Ieud Lo
InLermILLenL ImpucL on LIe murkeLs. BuL uII In uII, LIe
¡ndIu sLorv couId be LIe drIver.
¡Ink ¡eguI - ZenILI ¡ndIu
Merger: Emergence oI mId
LIer hrms
¡Ink ¡eguI merged LIIs veur wILI ZenILI ¡ndIu
¡uwvers Lo Iocus on ILs cupILuI murkeLs prucLIce In
ILs MumbuI oIhce. ¡ormer SEB¡ ¡eguI oIhcer und
co-Iounder oI ZenILI ¡ndIu ¡uwvers (Z¡¡) Raj Rani
Bhalla joIned us u purLner In MumbuI oIhce oI ¡Ink
¡eguI. Bur & BencI spoke Lo Raj Rani Bhalla ubouL
LIe merger
News This Year
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1q
Conversutions
S&R Associates, established in 2005 are
known Ior their cupitul murkets expertise.
They opened u Mombui oIñce this yeur und
Sandip Bhagat, one of the co-founders of the
ñrm moved buse to the ñnunciul cupitul.
Sandip Bhagat oI S&R AssocIuLes
What kind of capital markets transactions
did S&R udvise in the lust ñnunciul yeur? Any
interestinu trends?
Sandip Bhagat: SInce AprII 1, zo1o, S&R Ius
conLInued Lo udvIse on u IuII runge oI cupILuI murkeLs
LrunsucLIons, IncIudIng LIe SEC-regIsLered ¡PO on LIe
Nusduq GIobuI MurkeL bv MukeMvTrIp, LIe IIsLIng
on LIe A¡M murkeL oI LIe ¡ondon SLock ExcIunge
bv JubIIunL Energv, severuI ¡POs und Q¡P Issues
In ¡ndIu bv compunIes sucI us SKS MIcrohnunce,
AzZ EngIneerIng & MuInLenunce ServIces, Eros
¡nLernuLIonuI MedIu, ¡ndus¡nd Bunk und ¡D¡C, u
sIgnIhcunL buIk deuI und oLIer LrunsucLIons sucI us
¡CCBs und rIgILs Issues.
Some oI LIe InLeresLIng Lrends:
(u) TIe success oI MukeMvTrIp`s U.S. IIsLIng, wIere
we ucLed us ¡ndIun counseI Lo LIe Issuer, uppeurs
Lo Iuve boosLed cupILuI ruIsIng pIuns bv compunIes
IookIng Lo Lup LIe U.S. murkeLs, purLIcuIurIv InvoIvIng
LIe IIsLIng oI LIe overseus enLILv (wILI un ¡ndIun
presence). TIese compunIes ure In ureus IocusIng on
LIe ¡ndIu consumpLIon und growLI sLorv, IncIudIng In
LIe ¡nLerneL, LecInoIogv und medIu-reIuLed secLors.
AIso, II LIe compunv Is weII prepured (especIuIIv wILI
ILs hnuncIuI sLuLemenLs), LIe oIIerIng process cun
be reIuLIveIv rupId - Ior exumpIe, LIe MukeMvTrIp
IIsLIng In LIe U.S. wus compIeLed In upproxImuLeIv sIx
monLIs, wIIcI Is probubIv IusLer LIun mosL ¡POs In
India.
(b) TIe GovernmenL conLInued Lo underLuke
dIvesLmenL eIIorLs LIrougI LIe cupILuI murkeLs, wIIcI
IeIped In meeLIng ILs budgeL LurgeLs. CerLuIn Iurge
LrunsucLIons were compIeLed, uILIougI some oLIer
LrunsucLIons Iuve been deIerred unLII LIe nexL hscuI
veur.
(c) Bunks und hnuncIuI InsLILuLIons Iuve Iooked
Lo urm LIemseIves wILI suIhcIenL cupILuI Lo
uddress cupILuI udequucv requIremenLs und
Increuse LIeIr IundIng Lo meeL expecLed demund.
However, cIunges Lo LIe reguIuLIons ImpucLIng LIe
mIcrohnunce secLor, IncIudIng LIe enucLmenL oI
sLrIngenL Iuws In one sLuLe, Iuve Ied Lo uncerLuInLv In
InvesLmenLs und exposure Lo LIIs secLor.
(d) CupILuI murkeLs ucLIvILv Ius sIowed Lowurds LIe
end oI IusL veur, In purL due Lo murkeL voIuLIIILv und
u somewIuL ßuL Lrend. TIIs Ius sIowed LIe oIIerIng
process Ior some Issuers und re-cuIIbruLed murkeL
expecLuLIons.
¨Our hrm seeks Lo dIsLInguIsI ILseII on
LIe busIs oI LIe quuIILv oI our servIces.
¡n uddILIon, munv oI our Iuwvers Iuve
prevIousIv prucLIsed
law in other
jurIsdIcLIons us weII,
sucI us LIe UnILed
SLuLes, LIe UnILed
KIngdom und
SIngupore.¨
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
1=
Conversutions
(e) TIere Iuve been Increused eIIorLs Lo Improve LIe
debL cupILuI murkeLs. AIso, some IeudIng corporuLes
Iuve successIuIIv Issued InsLrumenLs sucI us bonds
und non-converLIbIe debenLures Lo reLuII InvesLors.
(I) TIe GovernmenL und LIe SEB¡ Iuve conLInued
Lo InLroduce cIunges LIuL Iuve ImpucLed cupILuI
murkeLs oIIerIngs - Ior exumpIe, LIe InLroducLIon oI
LIe mInImum z= percenL pubIIc ßouL requIremenL
wus u mujor cIunge IusL veur; oLIers were 1oo
percenL puvmenL bv Q¡Bs upIronL, ASBA Ior uII
InvesLors, eLc. SLundurd CIurLered compIeLed LIe
hrsL oIIerIng oI ¡DRs IusL summer.
S&R set op u new oIñce in the ñnunciul hob
of the country in 2010. What has been the
impuct und udvuntuue oI soch u move?
Sandip Bhagat: We opened un oIhce IusL summer
uL One ¡ndIubuIIs CenLre In MumbuI`s cenLruI
busIness dIsLrIcL. TIe hrm wIII conLInue servIcIng
IongsLundIng ¡ndIun und gIobuI corporuLe, InvesLmenL
bunkIng und prIvuLe equILv cIIenLs In MumbuI ucross
ILs prucLIce ureus oI mergers und ucquIsILIons; cupILuI
murkeLs; hnuncIng; generuI corporuLe; und IILIguLIon
und urbILruLIon. WIIIe we work on LrunsucLIons
ucross ¡ndIu, IL wus un obvIous und nuLuruI nexL sLep
Lo be presenL In ¡ndIu`s hnuncIuI cupILuI wIere we
uIreudv currIed on u subsLunLIuI porLIon oI our work
eurIIer. Our new oIhce works cIoseIv wILI our DeIII
Leum us one hrm Ior our cIIenLs und provIdes u IuII
runge oI servIces.
¡ Iuve reIocuLed IuII-LIme Lo MumbuI Lo Ieud our
new oIhce. Our work In LIe pusL veur Ius InvoIved u
combInuLIon oI M&A, generuI corporuLe und cupILuI
murkeLs muLLers (us ¡`ve menLIoned beIore, cupILuI
murkeLs Is Iess LIun u quurLer oI our busIness). We`ve
goL u Leum oI senIor, mId-IeveI und junIor ussocIuLes
LogeLIer, und ure geured Lo servIce cIIenLs ucross our
practice areas.
Your key clients on capital markets
trunsuctions seem to be investment bunks.
What about S&R do you think attracts
bunkers?
Sandip Bhagat: Our hrm seeks Lo dIsLInguIsI
ILseII on LIe busIs oI LIe quuIILv oI our servIces. ¡n
uddILIon, munv oI our Iuwvers Iuve prevIousIv
prucLIsed Iuw In oLIer jurIsdIcLIons us weII, sucI
us LIe UnILed SLuLes, LIe UnILed KIngdom und
SIngupore. TIIs Ius gIven LIem LIe experIence und
depLI Lo deIIver quuIILv execuLIon und ¡ LIInk cIIenLs,
purLIcuIurIv LIose uccusLomed Lo u IIgI-quuIILv
envIronmenL und compIex LrunsucLIons, respond Lo
LIese IucLors. TIese IncIude ¡orLune =oo compunIes
und gIobuI prIvuLe equILv hrms, In uddILIon Lo
InvesLmenL bunks.
AIso, we Iuve seen some sIgnIhcunL Issuer-sIde
represenLuLIons In LIe pusL veur, IncIudIng Ior
MukeMvTrIp und AzZ. TvpIcuIIv, even II we ure
InvoIved us counseI Lo LIe InvesLmenL bunks, our
roIe us druILIng counseI und our InvoIvemenL In LIe
LrunsucLIon Lends Lo be subsLunLIuI. One poInL Lo noLe
- reIuLIve Lo LIe sIze oI our hrm, our InvoIvemenL In
Iurge deuIs, IncIudIng In cupILuI murkeLs, Ius been
dIsproporLIonuLeIv IIgI.

Which capital markets transactions were the
most chullenuinu lust yeur, und why?
Sandip Bhagat: MukeMvTrIp wus un InLeresLIng
deuI LIuL InvoIved LIree jurIsdIcLIons - LIe UnILed
SLuLes, MuurILIus und ¡ndIu. ¡n LIe ¡PO bv SKS, our
cIuIIenge wus Lo presenL LIe hrsL mIcrohnunce Issuer
Lo LIe murkeL. OIIerIngs bv hnuncIuI InsLILuLIons,
sucI us our work on Q¡Ps Ior ¡ndus¡nd und ¡D¡C, ure
uIwuvs InLeresLIng gIven LIe reguIuLIons governIng
bunkIng In ¡ndIu.
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
16
Client's Perspective
Ajay Vaidya wIo Ieuds KoLuk`s ¡eguI und
CompIIunce dIvIsIon spoke Lo Bur & BencI on LIe
demunds oI un In-Iouse counseI und Iow Iuw hrms
need Lo sIupe up Lo provIde prucLIcuI deuI mukIng
udvIce. One oI LIe mosL respecLed In-Iouse counseIs,
Ajuv VuIdvu gIves some cundId udvIse Lo Iuw hrms.
Ajay Vaidya, CIIeI ¡eguI und CompIIunce OIhcer,
KoLuk MuIIndru
Your thoughts on the role of in-house lawyers
Jcompliunce depurtments ut investment
banks.
Ajay Vaidya: ¡ IeeI IL Is un exLremeIv ImporLunL
IuncLIon, seeIng LIe wuv ¡ndIu Is deveIopIng on LIe
reguIuLorv IronL. TIe roIe Is ImporLunL In Lerms oI
rIsk munugemenL und In guIdIng peopIe InLernuIIv.
¡L`s IIgI LIme LIuL noL onIv In LIe hnuncIuI secLor,
buL ucross ¡ndIu, compunIes InvesL In LIIs ImporLunL
posILIon us LIev cun Luke cure oI noL jusL LIe IeguI
conLrucLuuI Issues buL oLIer ImporLunL Issues, Ior
exumpIe, sucI us seLLIng up InLernuI procedures Ior
compIIunce wILI LIe US ¡oreIgn CorrupL PrucLIces
AcL, II uppIIcubIe und InsIder LrudIng uspecLs us LIese
ure exLremeIv ImporLunL IuncLIons.
¡ don`L see deveIopmenL In ¡ndIun hrms ucross und ¡
LIInk LIe generuI counseIJIn-Iouse counseI Ius Lo be
deveIoped. TrudILIonuIIv, IL`s been jusL u coordInuLIon
roIe beLween InLernuI und exLernuI Iuwvers. ¡ don`L
LIInk LIuL works In ¡ndIu unvmore und IL`s goIng Lo be
IIgIIv rIskv II conLInued.
What are the factors considered while
uppointinu externul leuul udvisors (luw ñrms)
in IPOJQIP trunsuctions?
Ajay Vaidya: TIev ure compeLence, cupubIIILIes
und experIenced peopIe. TIe mosL ImporLunL LIIng
LIuL ¡ Iook Ior In u Iuw hrm Is LIe IeguI Leum. ¡ Iook uL
noL onIv LIe purLners, buL LIe depLI oI LIe Leum und
II LIe LrunsucLIons ure run uL un ussocIuLe or senIor
ussocIuLe IeveI. ¡L`s LIe depLI oI LIe hrm In Lerms oI
undersLundIng und knowIedge oI LIe producLs. ¡L`s
someLIIng ¡ wouId Iook InLo verv deepIv. ¡I IL`s u hrm
wILI u verv sLrong purLner, buL Ius u verv weuk Leum
under IImJIer, personuIIv ¡ won`L go Ior IL. ¡ wIII onIv
go Ior u verv good Leum ruLIer LIun un IndIvIduuI.
Kotak Mahindra has been one of the top three
investment bunks this yeur. Kotuk led 1¬ oI
the 20 largest Indian transactions, including,
Coul Indiu, NTPC, SKS Microñnunce und u
host of large cap transactions.
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
1;
Yoor thoouhts on the qoulity oI leuul udvice
on Indian capital markets transactions. Any
speciñc ureus oI improvement?
Ajay Vaidya: ¡runkIv, IL cun dehnILeIv Improve.
¡ hnd LIuL IeguI hrms ure someLImes u IILLIe Iess
conscIous oI LIe prucLIcuI deuI mukIng. ¡or exumpIe,
II ¡ need udvIce on LIe sLock excIunge, ¡ don`L LIInk
LIere ure munv Iuwvers wILI In-depLI undersLundIng
oI Issues sucI us Iow seLLIemenLs Iuppen, murgIns,
etc.
¡ IeeI uL LImes LIeIr knowIedge oI prucLIcuI uspecLs
oI u cupILuI murkeLs LrunsucLIon couId Improve ILs
LIeoreLIcuI Irom LIe wuv ¡ Iook uL IL. ¡ LIInk LIev
couId deveIop u beLLer undersLundIng oI LIe producLs
and be better advisors.
Toduv, IookIng Ior cuse Iuw Is verv eusv; vou cun go
LIrougI MunupuLru und eusIIv reLrIeve InIormuLIon.
WIuL Is ImporLunL Is LIuL vou sIouId undersLund
LIuL Iuw Ius uIso moved In ¡ndIu. ¡L Ius become
u IIberuIIzed regIme Irom u verv rIgId regIme. ¡L
Is ImporLunL Lo undersLund LIIs move. AIso, LIe
nuLIonuI Iuw coIIeges creuLe good Iuwvers und LIere Is
IundumenLuI LeucIIng ubouL Iuw Loduv, compured Lo
LIuL oI eurIIer coIIeges LIere Is u beLLer undersLundIng
oI LIe concepLs oI Iuw.
¡I vou ure goIng Lo be u cupILuI murkeLs Iuwver, vou
sIouId Iuve exLremeIv good knowIedge ubouL LIe
cupILuI murkeLs.
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
18
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns

In 2010-2011 year nearly 42 companies
(33 percent), planning to raise capital
by way of an IPO and 24 companies (58
percent) plunninu u QIP soouht leuul udvice
Irom Ioreiun luw ñrms. Ioreiun luw ñrms
continoed to uctively porsoe mundutes
in India. On display were a wide range of
struteuies by luw ñrms on issoes soch us
marketing, professional fees and recruitment.
AggressIve prIcIng sLruLegv Ied Lo D¡A PIper
emergIng us LIe murkeL Ieuder (In Lerms oI number
oI munduLes). D¡A uIso sLrengLIened ILs Leum bused
In SIngupore bv IIrIng IuLeruIIv und uIso secondIng
Iuwvers wILI experIence oI LIe ¡ndIun murkeLs Lo
SIngupore. BIswujIL CIuLerjee, PurLner uL D¡A PIper
spoke Lo Bur & BencI und suId, ¨As u hrm we Iuve
cIoseIv IoIIowed LIe ¡ndIun murkeL In LIe IusL coupIe
oI veurs - LIere`s u dehnILe buovuncv und conhdence
umong ¡ndIun corporuLes expundIng gIobuIIv ucross
vurIous secLors - IncIudIng nuLuruI resources,
munuIucLurIng und servIces.¨ CommenLIng on LIeIr
sLrIng oI munduLes BIswujIL suId, ¨TIe ¡ndIu Iocused
cupILuI murkeLs Leum uL D¡A PIper wus seL up IusL
veur und we beIIeve we Iuve deveIoped u sLrong
prohIe wILIIn u reIuLIveIv sIorL perIod. SLepIen
PeepeIs (Ieud oI LIe US CupILuI MurkeLs - AsIu)
und ¡ Iuve boLI worked exLensIveIv In ¡ndIu.¨
TIe resL oI LIe Ieugue LubIe Ior LIe InLernuLIonuI
Iuw hrms Iud LIe usuuI suspecLs, IncIudIng Jones
Duv, Dorsev, CIIIIord CIunce und ¡InkIuLers. Jones
Duv`s Munoj BIurguvu bused In SIngupore Ieuds LIe
¡ndIu cupILuI murkeLs prucLIce uL LIe US hrm. Jones
Duv Ius been un ucLIve pIuver In LIe ¡ndIun murkeL
over LIe IusL Iew veurs und conLInues Lo consIsLenLIv
geL munduLed on numerous deuIs. ReßecLIng on
LIe IusL veur Munoj suId, ¨We udvIsed on munv
successIuI oIIerIngs In zo1o. TIe hrsL quurLer oI zo11
Ius been somewIuL cIoppv buL LIe buIunce oI LIe
veur promIses Lo be beLLer.¨ He udded, ¨Our Leum
conLInues Lo be busv und Is enguged on oIIerIngs
Ior Issuers In u dIverse runge oI secLors sucI us
InIrusLrucLure, energv und power, reuI esLuLe, hnunce,
¡&B und LrunsporLuLIon, umong oLIers.¨
¡usL veur uIso suw CIIIIord CIunce buIId on LIe
momenLum IL Iud generuLed wILI LIe IIrIng oI RuIuI
International Law Firms
GupLun us purLner In LIeIr SIngupore oIhce. ¡uw
hrms sucI us ¡InkIuLers und ¡uLIum were InvoIved
In InLeresLIng InnovuLIve ¡ndIun IIsLIngs und In
LrunsucLIons InvoIvIng ¡ndIun compunIes ruIsIng
cupILuI In LIe US und LIe UK. ¡InkIuLers ucLed us
LIe InLernuLIonuI counseI Lo LIe underwrILers In LIe
hrsL-ever Issuunce oI ¡ndIun DeposILorv ReceIpLs,
wIIcI wus underLuken bv SLundurd CIurLered.
SLundurd CIurLered becume LIe hrsL ever IoreIgn
compunv Lo IIsL on LIe ¡ndIun sLock excIunges.
DespILe LIe cIuIIengIng InLernuLIonuI murkeLs, LIere
wus renewed InLeresL umongsL ¡ndIun compunIes
In IIsLIng securILIes ouLsIde ¡ndIu, wILI LrunsucLIons
sucI us Essur Energv`s IIsLIng on LIe ¡ondon SLock
ExcIunge und LIe NASDAQ IIsLIng bv IeudIng
¡ndIun LruveI porLuI, MukeMvTrIp.com. RujIv GupLu,
PurLner, ¡uLIum & WuLkIns commenLIng on LIIs
deveIopmenL suId, ¨zo1o suw LIe reLurn oI ¡ndIun
compunIes` InLeresL In US IIsLIngs uILer u gup oI ¤
veurs. MukeMvTrIp becume LIe hrsL ¡ndIun compunv
Lo IIsL In LIe US In zo1o sInce SLerIILe und GenpucL`s
IIsLIng In LIe US In zoo;. zo11 Ius sLurLed on u sIow
noLe buL sIouId see conLInued InLeresL In US IIsLIngs
Irom ¡ndIun compunIes.¨
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
zo
International Legal Counsels
D¡A PIper
Dorsev & WIILnev
Jones Duv
CIIIIord CIunce
¡InkIuLers
AIIen & Overv
AsIursL
CroweII MorIng
O`MeIvenv & Mvers
WIILe & Cuse
GIde ¡ovreLLe NoueI
SuIIIvun & CromweII
Skudden Arps
1
z
¤
q
=
6
6
6
6
6
;
;
;
Rank Law Firm
¯¡ncIudes compunv munduLes und bunker munduLes
11
8
6
6
z
1
z
-
z
z
1
-
-
IPO
q
6
;
¤
z
1
-
z
-
-
-
1
1
QIP
15
14
13
9
4
2
2
2
2
2
1
1
1
Total
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
z1
Why is Indiu importunt Ior Linkluters? Tulk
os throouh the ñrm's struteuy to urow in
India.
Arun Balasubramanian: ¡or u number oI veurs
¡ndIu Ius been und conLInues Lo be u sLruLegIc prIorILv
Ior ¡InkIuLers. We were LIe hrsL InLernuLIonuI Iuw
hrm Lo seL up un InLegruLed ¡ndIu Iocused group und
eIecL purLners ucross prucLIce ureus wIo Iocused on
¡ndIu reIuLed work. We buIIL purLner und ussocIuLe
Leums wILI ¡ndIu experLIse ucross oIhces und
prucLIce ureus, und Iuve InvesLed In deveIopIng deep
reIuLIonsIIps wILI u runge oI IeudIng corporuLe und
bunkIng cIIenLs. Our eIIorLs Iuve resuILed In u IIgI
quuIILv, murkeL IeudIng prucLIce wIIcI Ius been
recognIzed us sucI bv LIe murkeL. ¡or exumpIe,
Ior LIe IusL Lwo veurs, LIe CIumbers IeguI dIrecLorv
Ius ruLed ¡InkIuLers us u 'TIer One` hrm rIgIL ucross
corporuLeJM&A, cupILuI murkeLs und bunkIngJ
projecLs; we ure LIe onIv InLernuLIonuI hrm Lo beur
LIIs dIsLIncLIon. Our sLruLegv Is Lo buIId on LIIs
IounduLIon, muInLuIn IeudersIIp und provIde u sLrong
cureer pIuLIorm Lo our ¡ndIu-Iocused junIor Iuwvers.
What is the strategy for Linklaters’ India
cupitul murkets pructice?
Arun Balasubramanian: Our vIsIon Is Lo buIId u
susLuInubIe und prohLubIe cupILuI murkeLs prucLIce
LIuL remuIns uL LIe IoreIronL oI LIe murkeL. Our
Iocus Is noL on voIume or LIe Ieugue LubIes, buL
on brIngIng our hrm`s cupubIIILIes Lo beur on our
cIIenLs` mosL cIuIIengIng und compIex work. ¡n
LIe medIum Lo Iong Lerm, u IeudIng cupILuI murkeLs
prucLIce needs Lo Iuve LIe IoIIowIng uLLrIbuLes: (u)
sLrengLI ucross LIe IuII breudLI oI cupILuI murkeLs
producLs, I.e., equILv, debL, equILv-IInked, derIvuLIves
und sLrucLured producLs, (b) IeudIng prucLILIoners
wIo ure renowned us sucI ucross LIese producL
ureus, (c) equuI sLrengLI In US und EngIIsI Iuw, us
weII us un undersLundIng oI ¡ndIun Iuw muLLers und
Iow LIev uppIv Lo LIe producLs und sLrucLures In
quesLIon, (d) consIsLencv oI quuIILv ucross oIhces und
experLIse LIuL cun be deIIvered Lo cIIenLs IocuIIv, II
requIred, und (e) u good buIunce beLween Issuer und
underwrILer sIde represenLuLIon. ¡ beIIeve LIuL we
Iuve sLrong IounduLIons In eucI oI LIe IoregoIng, und
our cIuIIenge wIII be Lo buIId on LIem In u IoIIsLIc
munner wILI u hrm eve on Iong Lerm susLuInubIIILv.
Linkluters hus been one oI the ñrst Iew
ñrms to boild u dedicuted Indiu pructice.
Linklaters wooed Rhodes Scholar Arun
Bulusobrumuniun to move Irom Cruvuth,
Swaine & Moore. Arun who worked for nearly
S yeurs in New York on u vuriety oI cupitul
markets transaction spoke to Bar & Bench
about the India strategy for Linklaters and a
vuriety oI issoes.
International Legal Counsels
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
zz
¡urLIermore, we consIsLenLIv Lrv Lo deveIop LIe
reIuLIonsIIps generuLed LIrougI LIe cupILuI murkeLs
prucLIce Lo generuLe work Ior oLIer prucLIce ureus und
LIe hrm`s gIobuI neLwork, und we vIew LIe resuILs us u
kev meusure oI our perIormunce.
Any interestinu murket trends over the lust
yeur?
Arun Balasubramanian: ¡usL veur murked LIe
resurgence oI Iurge LIckeL deuIs, drIven IurgeIv bv
LIe GovernmenL dIsInvesLmenLs oI pubIIc secLor
compunIes. ¡n LIe prIvuLe secLor, we suw evIdence
oI un Increused wIIIIngness Lo move uwuv Irom LIe
¡POJQ¡PJ¡CCB norm und expIore new producLs und
murkeLs. ¡or exumpIe, we worked on LIe hrsL-ever
Issuunce oI ¡ndIun DeposILorv ReceIpLs, wIIcI wus
underLuken bv SLundurd CIurLered Lo become LIe
hrsL ever IoreIgn compunv Lo IIsL on LIe ¡ndIun sLock
excIunges. TIIs wus u LrunsucLIon oI enormous
sIgnIhcunce und wus possIbIe onIv becuuse oI LIe
ImugInuLIon und creuLIvILv sIown bv vurIous murkeL
purLIcIpunLs, IncIudIng LIe reguIuLors. We uIso
suw renewed InLeresL umong ¡ndIun busInesses In
overseus IIsLIngs, sucI us Essur Energv`s IIsLIng on LIe
¡ondon SLock ExcIunge, wIIcI we udvIsed on, us weII
us smuIIer ones IIke MukeMvTrIp.com wIIcI IIsLed In
LIe UnILed SLuLes. We ure uIso sLurLIng Lo see InLeresL
In SIngupore und Hong Kong IIsLIngs. On LIe debL
sIde, LIe ¡CCB murkeL wus reIuLIveIv quIeL buL ¡ndIun
Issuers dId ruIse u subsLunLIuI umounL oI sLruIgIL debL
In LIe InLernuLIonuI und domesLIc bond murkeLs.
We uIso suw u greuLer wIIIIngness Lo embruce some
oI LIe more InLeresLIng sLrucLures LIuL we work on
gIobuIIv. ¡or exumpIe, we were ubIe Lo sLrucLure un
enIunced conversIon Lender oIIer Ior converLIbIe
bonds oI TuLu MoLors, wIIcI Is someLIIng LIuL wus
noL seen In ¡ndIu beIore. We LIen worked on u mujor
Q¡P oI TuLu MoLors DVRs (Iow voLIng sIures). AII oI
LIIs meuns LIuL us LIe cupILuI sLrucLure und hnuncIng
needs oI ¡ndIun compunIes become ever more
compIex, LIere Is u greuLer wIIIIngness on LIeIr purL Lo
expIore new producLs und sLrucLures. ObvIousIv, LIe
reguIuLorv Issues remuIn buL LIere does uppeur Lo be
u Lrend Lowurds reguIuLorv ßexIbIIILv.
Your predictions for the Indian capital
markets.
Arun Balasubramanian: TIe growLI prospecLs
und LIe reIuLed cupILuI requIremenLs oI ¡ndIun
compunIes wIII conLInue Lo drIve sLrong growLI In
LIe ¡ndIun cupILuI murkeLs. Over LIe Iong Lerm, us
enougI IIquIdILv buIIds In LIe ¡ndIun svsLem, LIese
requIremenLs muv be subsLunLIuIIv meL domesLIcuIIv.
¡n LIe meunLIme, Iowever, LIe InLernuLIonuI cupILuI
murkeLs wIII conLInue Lo see ucLIve InvoIvemenL
Irom ¡ndIun compunIes. ¡ expecL LIIs InvoIvemenL Lo
dIversIIv uwuv Irom vunIIIu producLs Lo embruce some
oI LIe more compIex sLrucLures und InsLrumenLs LIuL
ure seen In LIe InLernuLIonuI murkeLs. ObvIousIv,
LIere ure u number oI peopIe wIo beIIeve LIuL LIe
ubsence oI LIese compIex InsLrumenLs Iud u greuL
deuI Lo do wILI LIe reIuLIve sLubIIILv oI LIe ¡ndIun
hnuncIuI svsLem durIng LIe gIobuI hnuncIuI crIsIs.
On LIe oLIer Iund, ¡ndIun compunIes ure growIng
gIobuIIv und LIeIr hnuncIng und rIsk munugemenL
needs ure becomIng more compIex. TIIs wIII requIre
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns

LIem Lo expIore noveI producLs, sLrucLures und deuI
LecInIques. As u consequence, some Lrends LIuL we
sIouId expecL Lo see ure LIe emergence oI u deeper
und more IIquId debL murkeL Ior ¡ndIun Issuers,
LIe reIuxuLIon oI resLrIcLIons LIuL IInder Issuunces
oI IIgI vIeId debL und IvbrId cupILuI, und LIe sIow
emergence oI u derIvuLIves murkeL In ¡ndIu. ¡n LIe
meunLIme, ¡ beIIeve LIuL LIe equILv, equILv IInked
und vunIIIu debL murkeLs wIII conLInue Lo be mujor
sources oI IoreIgn cupILuI Ior ¡ndIun compunIes.
CIuIIenges remuIn, Ior exumpIe LIe mucI pubIIcIzed
uIIeguLIons oI Iupses In governunce und InLegrILv bv
some mujor compunIes und LIeIr execuLIves. TIese
need urgenL reguIuLorv InLervenLIon und eIIecLIve
enIorcemenL, In LIe ubsence oI wIIcI InvesLor
conhdence In LIe ¡ndIun cupILuI murkeLs Is bound Lo
suIIer.
And whut does this meun Ior luw ñrms' cupitul
murkets pructices?
Arun Balasubramanian: Over LIe IusL Iew veurs
LIere Iuve been severuI new Iuw hrm enLrunLs InLo
LIe InLernuLIonuI und domesLIc sIde oI LIe prucLIce.
TIIs Ius resuILed In InLense prIce compeLILIon, wIIcI
Is Lo be expecLed. ¡L Is ImporLunL, Iowever, noL Lo
IeL prIcIng pressures uIIecL execuLIon sLundurds. ¡
conLInue Lo beIIeve LIuL LIere Is suIhcIenL spuce In LIe
murkeL Ior LIese new enLrunLs und LIe IncumbenLs,
und LIuL quuIILv wIII be LIe reuI dIIIerenLIuLor. ¡Irms
sIouId Iocus on deIIverIng servIce LIuL Is oI LIe
IIgIesL InLernuLIonuI sLundurds, uvoIdIng LIe voIume
gume und ensurIng LIuL eucI muLLer Ius udequuLe
uLLenLIon Irom experIenced purLners und ussocIuLes.
TIe hrms LIuL ure ubIe Lo do LIIs, uscend LIe vuIue
cIuIn und consIsLenLIv cupLure LIe compIex, IIgI-end
work LIuL Is IncreusIngIv uvuIIubIe In ¡ndIun murkeL,
wIII see LIIs us u rewurdIng und susLuInubIe Iong Lerm
practice.
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
zq
O'Melveny & Myers (OMM) hired Pooja Sinha
us u Coonsel Ior its Sinuupore oIñce. Pooja
Sinha joined OMM Irom the Sinuupore oIñce
of Linklaters where she spent two years.
Ðuvid Mukurechiun, cupitul murkets purtner
suid, "Oor Iocos is to expund the Indiu
offerings and Pooja is well respected in the
murket. Brinuinu her will help os to expund
und provide ureuter breudth oI services to oor
clients in the long term and Pooja is part of
that long term strategy.”
International Legal Counsels
In whut munner is Indiu importunt Ior OMM?
Tulk os throouh the ñrm's struteuy to urow in
India, especially the capital markets practice.
Pooja Sinha: HIsLorIcuIIv, OMM Ius been one oI
LIe Iew Iur-LIInkIng US hrms wIIcI Ius Iocused on
AsIu rIgIL Irom LIe sLurL, IuvIng opened our SIungIuI
oIhce us Iur buck us In LIe eurIv 1¤¤o`s. We Iuve un
exLremeIv successIuI CIInu und ¡ndonesIu prucLIce -
deveIopIng un ¡ndIu prucLIce Is u nuLuruI progressIon
Ior OMM. ¡n reIuLIon Lo InLernuLIonuI cupILuI murkeLs
work generuLed ouL oI ¡ndIu, we ure IookIng Lo be u
premIum ¨go Lo¨ Iuw hrm combInIng InLernuLIonuI
sLundurds und besL prucLIces Ior deuI execuLIon wILI
IocuI experLIse cuLLIng ucross secLors und producLs.
Any interestinu murket trends over the lust
year, and where do you think the Indian
cupitul murkets is heuded over the next Iew
yeurs?
Pooja Sinha: ¡ LIInk LIe mosL InLeresLIng murkeL
Lrend Is LIe reLurn Lo Iocus on deuI execuLIon In IIgIL
oI LIe Increused rIsk oI IILIguLIon In u voIuLIIe murkeL.
¡n uddILIon, LIunks Lo LIe Go¡ deuIs, we Iuve seen u
number oI Reg SJ1qqA deuIs wILI Lwo InLernuLIonuI
counseIs, wIIcI Is In IucL LIe norm In murkeLs ouLsIde
¡ndIu. HopeIuIIv, LIIs Lrend wIII uIso Luke rooL In
prIvuLe deuIs In LIe nexL Iew veurs. ¡L Is uILImuLeIv
greuLer proLecLIon Ior LIe Compunv, bunks und
udvIsers II LIere ure Lwo puIrs oI eves InvoIved In LIe
dIIIgenceJdruILIng eIIorL.
Yoor thoouhts on the lust ñnunciul yeur.
Pooja Sinha: We Iuve worked on severuI oI LIe
IurgesL governmenL dIsInvesLmenLs In LIe IusL veur-
NTPC, PowergrId, SIIppIng CorporuLIon und ure
currenLIv workIng on LIe Power ¡Inunce CorporuLIon
LrunsucLIon. EucI oI LIese LrunsucLIons InvoIved
unIque execuLIon cIuIIenges gIven LIe muILIpIe Issues
oI US securILIes Iuw LIuL Iud Lo be worked LIrougI
und LIe need Lo compIeLe LIese LrunsucLIons wILIIn
un exLremeIv LIgIL LImeIrume.
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
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-
1
-
-
-
-
1
-
-
1
1
-
-
-
-
-
1
-
-
-
2
2
2
2
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Rankings: Indian Law Firms
zo
;
1o
8
6
¤
z
6
6
q
q
¤
¤
¤
1
1
1
1
1
1
z
1
z
AmurcIund
¡uLIru
CruwIord BuvIev
AZB
Khaitan
J. Sugur & AssocIuLes
S & R
Kungu & Co.
¡Ink ¡eguI¯
A¡MT ¡eguI
MIndsprIgIL ¡eguI
CorporuLe ¡uw CIumbers ¡ndIu
RujunI AssocIuLes
Vaish Associates Advocates
TrIIeguI
AIIIunce CorporuLe ¡uwvers
Axon PurLners ¡¡P
¡oxMunduI
KrIsnumurLIv & Co.
¡uksImI SubrumunIun & AssocIuLes
M.R. Patel & Associates
NIsIILI DesuI AssocIuLes
KrIsInumurLIv
1
z
¤
q
=
6
;
;
8
¤
¤
1o
1o
1o
1o
11
11
11
11
11
11
11
11
8
6
1
q
q
z
¤
-
-
-
-
-
-
-
z
-
-
-
-
-
-
-
-
11
z
;
z
¤
¤
-
1
-
-
-
-
-
-
-
1
1
1
1
1
-
1
-
q
=
-
z
z
-
z
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
43
20
18
16
15
8
7
7
6
4
4
3
3
3
3
2
2
2
2
2
2
2
2
CM BM Total
IPO
Rankings
CM = Compunv MunduLes
BM = Bunker MunduLes
CM BM
QIP
1
1
z
1
1
1
-
1
-
1
1
-
-
1
1
1
1
1
-
1
1
1
Tempus ¡uw AssocIuLes
WudIu GIundv
DIIr & DIIr
DSK ¡eguI
Duu AssocIuLes
BIurdwuj & AssocIuLes
BIurucIu & PurLners
HemunL SeLII & Co.
¡ndIu ¡uw AIIIunce
¡ndus ¡uw
Jobv MuLIew
¡ILLIe & Co.
MuneksIu & SeLInu
M. DIruvu & PurLners
MIIIr V. ¡ukIIu
MSB ¡eguI
Navin K. Pahwa
New DeIII ¡uw OIhces
OusIs CounseI AdvIsorv
Puwun Kumur AgurwuI
P. Pal Associates
Rujeev GoeI & AssocIuLess
11
11
11
11
11
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
1z
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
CM BM Total
IPO
Rankings
CM BM
QIP
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
z6
Rankings: Indian Law Firms
RumunI & SIunkur AdvocuLes
SuLIsI Kumur AggurwuI
SudIIr M. MeILu
SunII SIukIu
TuIwur TIukore
VIcLor Moses & Co.
VInodkumur D Gujjur
V.S. Ruju & AssocIuLes
1z
1z
1z
1z
1z
1z
1z
1z
CM BM Total
QIP IPO
1
1
1
-
-
1
1
1
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
1
1
1
1
1
1
1
1
CM BM
Rankings
Law Firm Rankings: Methodology
PurumeLers consIdered Ior runkIngs:

1) We Iuve IucLored In uII LrunsucLIons wIere: (u)
In cuse oI un ¡PO, u compunv Ius hIed LIe druIL red
IerrIng prospecLus, red IerrIng prospecLus or u
prospecLus wILI LIe SEB¡; und (b) In cuse oI u Q¡P,
u compunv Ius hIed u pIucemenL documenL wILI LIe
sLock excIunges beLween AprII 1, zo1o Lo MurcI ¤1,
zo11.
z) We wouId IIke Lo IIgIIIgIL LIuL LIere ure severuI
InsLunces wIere compunIes Iuve hIed LIeIr druIL
red IerrIng prospecLus wILI SEB¡ buL Iuve noL veL
ruIsed cupILuI Irom LIe murkeL. We Iuve IncIuded
sucI LrunsucLIons Ior LIe purposes oI deLermInIng
LIe runkIngs.
¤) PIeuse noLe LIIs reporL Is IImILed Lo onIv ¡POs
(IncIudIng ¡POs) und Q¡Ps und does noL cover
oLIer Iorms oI cupILuI ruIsIng. PIeuse uIso noLe LIuL
LIIs reporL does noL IncIude RHP hIed wILI ROC Ior
LIe hnuncIuI veur zo1o-zo11.
CM = Compunv MunduLes
BM = Bunker MunduLes
Bar & Bench News ] ArLIcIes ] ¡nLervIews ] ProhIes ] CoIumns
z;
CopvrIgIL ( www.barandbench.com
Bur & BencI pubIIsIes crIsp, uccuruLe und LImeIv
news on IeguI deveIopmenLs In ¡ndIu und uround LIe
gIobe. We oIIer our reuders, IuLesL News, ¡nLervIews
wILI IndusLrv Ieuders und CoIumns bv IeguI experLs.
¡or u deLuIIed LubIe oI LIe ¡PO J Q¡P LrunsucLIons
wILI u IIsL oI IeguI udvIsors Ior eucI LrunsucLIon In
LIe hscuI veur oI zo1o-11 pIeuse wrILe Lo our
AssocIuLe EdILor GuurI Mungu uL
guurI.munguOburundbencI.com

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