Академический Документы
Профессиональный Документы
Культура Документы
Capital
Markets
2010-11
IPO-QIP Report
ZZZEDUDQGEHQFKFRP
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Rankings: Indian Law Firms
IPO QIP
7KH,QGLDQHTXLWLHVPDUNHWUHPDLQHGTXLWHDFWLYH Top 10 Rankings &0 BM &0 BM Total
WKURXJKWKHODVW¿QDQFLDO\HDUGHVSLWHJRLQJWKURXJK
WXUEXOHQWWLPHVFDXVHGE\FRUUXSWLRQVFDQGDOVDQG 1 $PDUFKDQG 8 11 43
LQÀDWLRQZRUULHV/DZ)LUPVERWKODUJHDQGPLG
WLHUFRQFOXGHGVRPHLQQRYDWLYHWUDQVDFWLRQV$V /XWKUD 6 20
FRPSDUHGWRODVW\HDrWKHUHZHUHQRVLJQL¿FDQW &UDZIRUG%D\OH\ 1 - 18
VXUSULVHVLQWKHFDSLWDOPDUNHWVOHDJXHWDEOHRI,QGLDQ
ODZ¿UPV $=% 8 16
Khaitan 6 15
6 -6DJDU $VVRFLDWHV - 8
6 5 7
2QFHDJDLQ$PDUFKDQGUHFRUGHGWKHKLJKHVW
QXPEHURIFDSLWDOPDUNHWPDQGDWHVDPRQJVW .DQJD &R 6 - 1 - 7
,QGLDQODZ¿UPVDFWLQJDVOHJDODGYLVRULQ
8 /LQN/HJDO
6 - - - 6
,324,3WUDQVDFWLRQVDVFRPSDUHGWR
WUDQVDFWLRQVODVW\HDU $/07/HJDO - - - 4
7KHSULPDU\GULYHURIGHFOLQHLQPDQGDWHV 0LQGVSULJKW/HJDO - - - 4
KDQGOHGE\$PDUFKDQGZDVWKH4,3PDUNHWDV &RUSRUDWH/DZ&KDPEHUV,QGLD - - - 3
WKHQXPEHURI4,3PDQGDWHVGHFUHDVHGIURP
WR2YHUDOO$PDUFKDQGFRQWLQXHGWREH 5DMDQL$VVRFLDWHV - - - 3
WKH³JRWR´,QGLDQ¿UPIRUWKHLVVXHUVDQGWKH
Vaish Associates Advocates - - - 3
LQYHVWPHQWEDQNV
7ULOHJDO 1 - - 3
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Trends
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Other Trends
6
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Indian Law Firms
7KHDYHUDJH,32VL]HWKLV\HDUKDVEHHQDW86 /XWKUD 6
PLOOLRQ5VFURUH6LQFH&RDO,QGLDUDLVHGQHDUO\ 6 5
SHUFHQWRIWKHWRWDOIXQGVUDLVHGWKLV\HDUWKH
DYHUDJHIXQGVUDLVHGWKURXJKWKH,32ZRXOGKDYH -6$
IDOOHQWR86PLOOLRQ5VFURUHSHU,32LI
6 Khaitan
QRWIRUWKH&RDO,QGLDWUDQVDFWLRQ7KLVWDEOHGHSLFWV
UDQNLQJVRI/DZ¿UPVWKDWKDYHFRQFOXGHG,324,3¶V 6 'XD
LQH[FHVVRIPLOOLRQ
6 7ULOHJDO
)R[ 1
,QGXV/DZ 1
.DQJD 1
1'$ 1
5DPDQL 1
Vaish 1
,QFOXGHVFRPSDQ\PDQGDWHVDQGEDQNHUPDQGDWHV
&DSLWDOUDLVHGRUSURSRVHGWREHUDLVHGKDVEHHQVRXUFHG
IURPSXEOLFDOO\DYDLODEOHLQIRUPDWLRQDQGFRPSDQ\UHSRUWV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Indian Law Firms
7UDQVDFWLRQ1RWH 7KH&RDO,QGLD,32ZKLFKZDVRYHUVXEVFULEHGE\
WLPHVDWWKHXSSHUEDQGRI5VSHUVKDUHHQGHG
:HZHUHYHU\FOHDUWKDWZHZDQWHGWRDGYLVHWKH
*RYHUQPHQWRQWKLVWUDQVDFWLRQ7KHUHDUHIHZ
/DUJHVW,QGLDQ,32HYHU ZLWKDSHUFHQWJDLQDW5VDVKDUHRQWKH%6( WUDQVDFWLRQVLQ\RXUFDUHHUZKLFK,EHOLHYHDOWHUV
ZKHQOLVWHG7KH,32WKDWRSHQHGRQ2FWREHU \RXUSHUVSHFWLYHWRWUDQVDFWLRQDOZRUNIRUHYHU&RDO
&RDO,QGLD±5V PRELOL]HG5VFURUH86ELOOLRQ ,QGLDZDVRQHVXFKWUDQVDFWLRQ:HKDGPHQWDOO\
DOWKRXJKWKHWDUJHWZDVWRUDLVHRQO\5VFURUH SUHSDUHGRXUVHOYHVIRUWKHWDVNDWKDQG:KDWZHGLG
crore raised! 86ELOOLRQ&HUWDLQPHGLDUHSRUWVLQGLFDWHWKDW QRWUHDOLVHLVWKDWZKDWHYHUZHKDGLPDJLQHGKDGWR
WKHDPRXQWRIPRQH\WKDWZDVPRELOL]HGLQWKLV,32 EHPXOWLSOLHGE\¿IW\DQGZHZRXOGVWLOOIDOOVKRUWE\
LQDVSDQRIIRXUGD\VZDVPRUHWKDQODVW\HDU¶V*'3 DERXWDQRWKHUKXQGUHGSHUFHQWRQZKDWZHHQGHGXS
³2XUWHDPYLHZVWKHLU RIDERXWFRXQWULHV GRLQJ,WEXLOWFKDUDFWHU
FDUHHUVDVµOLIHEHIRUH
&RDO,QGLD¶DQGµOLIH Coal India’s IPO is the largest offering in &RDO,QGLDKDVDWKLUW\\HDUROGKLVWRU\DQGPDQ\
Indian capital markets history, surpassing OHJDF\LVVXHV,WLVRQHRI,QGLD¶VODUJHVWSXEOLFVHFWRU
DIWHU&RDO,QGLD¶:H
Reliance Power’s Rs. 13,500 crore (US$3 XQGHUWDNLQJV,WKDGHLJKWVXEVLGLDULHVZLWKKXJH
KDYHDOOJURZQ billion) listing in 2008. RSHUDWLRQV,WKDVFRPSOH[LVVXHVUDQJLQJIURP
PDQLIROGZLWK PLQLQJWRHPSOR\PHQWWRPXOWLSOHOLWLJDWLRQVLQ
WKLVWUDQVDFWLRQ´ :HVSRNHWRMadhurima MukherjeeOHDGODZ\HU DQHQYLURQPHQWDOO\VHQVLWLYHVHFWRU(VWLPDWLQJ
RQWKLVWUDQVDFWLRQKDQGOLQJWKH*RYHUQPHQW,32 DGHTXDWHVWDI¿QJZDVWKH¿UVWVWHS:HKDGD¿IWHHQ
PHPEHUWHDPEHWZHHQRXU0XPEDLDQG'HOKLRI¿FHV
<RXU¿UPDFWHGDVWKHDGYLVRURQWKH&RDO OHGE\0DQDQDQGPH:HGLYLGHGRXUZRUNORFDWLRQ
India IPO and the IPO remains one of the ZLVHDQGHQWLW\ZLVH7KHUHZDVQRTXHVWLRQRIJRLQJ
biggest and most talked about transactions of EDFNWRWKHVHORFDWLRQVVRPHRIZKLFKZHUHLQUHPRWH
WKH¿QDQFLDO\HDU7DONXVWKURXJKWKHSURFHVV SDUWVRIWKHFRXQWU\0DQDQDQG,KDGWRZRUNYHU\
RQDGYLVLQJRQWKLVODQGPDUN,32 FORVHO\WRJHWKHU7KHKDUGHVWWDVNZDVWRPDNH
SHRSOHDWHYHU\OHYHOLQWKHFRPSDQ\XQGHUVWDQGWKH
Madhurima:<HVWKDWLVULJKWWKH&RDO,QGLD,32 HQRUPLW\RIWKHWDVNDWKDQG%XWRQFHZHKDGWKHWRS
ZDVWKHODUJHVW,32HYHULQWKH,QGLDQPDUNHWWLOO PDQDJHPHQWFRQYLQFHGWKH\DQGWKH'HSDUWPHQWRI
GDWH,WZDVDOVRWKHVHFRQGODUJHVWSXEOLFRIIHULQJLQ 'LVLQYHVWPHQWZHUHH[WUHPHO\VXSSRUWLYH
WKHZRUOGLQ
8
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
News This Year
*RYHUQPHQW,32V
7KH83$*RYHUQPHQWWDUJHWHGDFROOHFWLRQRI5V 6LPLODUFULWHULDZHUHDOVRDGRSWHGIRUVHOHFWLRQ :LWK*RYHUQPHQWFRPSDQLHVSODQQLQJWRUDLVH
FURUH86ELOOLRQIURPWKHGLYHVWPHQW RIODZ¿UPV0DGKXULPD0XNKHUMHHKHDGRIWKH QHDUO\ELOOLRQERWKPLGWLHU¿UPVZKLFKXVXDOO\
SURJUDP,QRUGHUWRVKRUWOLVWWKHLQYHVWPHQWEDQNV FDSLWDOPDUNHWVSUDFWLFHDW/XWKUD /XWKUDVDLG ELGIRU*RYHUQPHQW,32VDQGHYHQODUJHODZ¿UPV
WKH*RYHUQPHQWGHSDUWHGIURPWKHWUDGLWLRQRI ³DIWHUEHLQJVHOHFWHGWRUHSUHVHQW(QJLQHHUV,QGLD SXWLQWKHLUELGV$PDUFKDQG/XWKUD$=%DQG6 5
FKRRVLQJWKHORZHVWELGGHUDQGDGRSWHGD³FRVW WKH*RYHUQPHQWKDGSXWLQGHWDLOHGSURFHVVHVWR KDYHEHHQDJJUHVVLYHO\ELGGLQJIRUWKHVH,32VWRR
SOXVTXDOLW\VFKHPH´WRVHOHFWWKHEDQNHUVIRUWKH VKRUWOLVWODZ¿UPVDQGGLGDJUHDWMRE7KHODZ¿UPV 3UDVKDQW*XSWD3DUWQHUDWWKH$PDUFKDQGRI¿FHLQ
GLVLQYHVWPHQW7KH&KDLUPDQRI&RDO,QGLDH[SODLQHG ZHUH¿UVWVKRUWOLVWHGRQWHFKQLFDOSDUDPHWHUVVXFKDV 'HOKLZKRKDVDGYLVHGRQVHYHUDOGLVLQYHVWPHQWV
WKLVSURFHVVVD\LQJWKDW³WHFKQLFDOFDSDELOLW\JHWV SDVWUHFRUGDQGFDSLWDOPDUNHWVH[SHULHQFHSUR¿OHRI VDLG³8QGHUWKHGLVLQYHVWPHQWSURJUDPRIWKH
SHUFHQWZHLJKWDJHDQGSHUFHQWZHLJKWDJHLV SDUWQHUVOHDGLQJWKHWUDQVDFWLRQDQGWKHLULQGLYLGXDO *RYHUQPHQWRI,QGLDWKHSUHVVXUHWRFRPSOHWHLQD
NHSWIRUWKH¿QDQFLDOELGV´7KHUHZDVDFXWRIIVFRUH H[SHULHQFH2QFH\RXFOHDUWKHWHFKQLFDOELGVWKHQ WLPHO\PDQQHULVLPPHQVHEXWJLYHQRXUWHDPVL]H
IRUWHFKQLFDOFRPSHWHQFHDQGWKH¿QDQFLDOELGVRI ¿QDQFLDOELGVZHUHFRQVLGHUHG´ DQGH[SHULHQFHZHZHUHDEOHWRGHOLYHUTXDOLW\RQDOO
RQO\WKRVHELGGHUVZKRZHUHDERYHWKLVFXWRIIZHUH WKHVHWUDQVDFWLRQV:HKRSHWRFRQWLQXHWREHDFWLYHO\
FRQVLGHUHGIRUHYDOXDWLRQ LQYROYHGLQWKHVHWUDQVDFWLRQV´
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
News This Year
/DZ)LUP)HHV SHUFHQWSXEOLF
VKDUHKROGLQJDPHQGPHQW
'RPHVWLFODZ¿UPVDQGWKH,QWHUQDWLRQDO/HJDO 7KH*RYHUQPHQWKDVDPHQGHGWKH6HFXULWLHV
&RXQVHOV,/&VKDGWRELGMRLQWO\IRUDOO*RYHUQPHQW &RQWUDFWV5HJXODWLRQ5XOHVE\UDLVLQJWKHWKUHVKROG
FRPSDQ\GLVLQYHVWPHQWV/XWKUDHPHUJHGDVRQHRI IRUSXEOLFVKDUHKROGLQJLQWKHOLVWHGFRPSDQLHV
WKHIDYRXULWHVIRUODUJH*RYHUQPHQW,32VWKLV\HDU 7KURXJKWKH6HFXULWLHV&RQWUDFWV5HJXODWLRQ
7KLVMRLQWH[HUFLVHDOVRPHDQWWKDWWKH*RYHUQPHQW $PHQGPHQW5XOHVWKH*RYHUQPHQW
GLGQRWLQFXULQÀDWHGOHJDOELOOVIRUWKHVH,32V PDQGDWHGOLVWHGFRPSDQLHVWRDUULYHDWDSHUFHQW
SXEOLFVKDUHKROGLQJLQWKHQH[WWKUHH\HDUV7KH
/DZ¿UPVGUDVWLFDOO\FXWWKHLUOHJDOIHHIRU )LQDQFH0LQLVWHU3UDQDE0XNKHUMHHKDGVDLGLQKLV
*RYHUQPHQW,32VWKLV\HDU7RSWLHUGRPHVWLF EXGJHWVSHHFKWKDWLQRUGHUWRLQFUHDVHWUDQVSDUHQF\
ODZ¿UPVFKDUJHDQ\ZKHUHEHWZHHQ5VODNK DQGUHGXFHPDQLSXODWLRQWKHWKUHVKROGOLPLWRISXEOLF
86WR5VODNK86IRU VKDUHKROGLQJKDGWREHLQFUHDVHGWRSHUFHQW,Q
DQ,32ZKLOHIRUHLJQODZ¿UPVFKDUJHDQ\ZKHUH WHUPVRIWKHVSHFL¿FV
EHWZHHQ865VFURUHWR86 1. ([LVWLQJOLVWHGFRPSDQLHVZLWKOHVVWKDQSHUFHQW
5VFURUH)RUWKH(,/,32LQVLGHUVRXUFHV SXEOLFKROGLQJKDYHWRUHDFKWKHPLQLPXPSHUFHQW
UHYHDOHGWKDW/XWKUDDQG'/$3LSHUKDGMRLQWO\ OHYHOE\DQDQQXDODGGLWLRQRIQRWOHVVWKDQSHUFHQW
TXRWHGDERXW5VFURUH86 WRSXEOLFKROGLQJ
$PDUFKDQGDQG2¶0HOYHQ\KDGTXRWHG5VFURUH 2. )RUQHZOLVWLQJVLIWKHSRVWLVVXHFDSLWDORIWKH
86DQG6 5DORQJZLWK'RUVH\KDGSXWLQ FRPSDQ\FDOFXODWHGDWRIIHUSULFHLVPRUHWKDQ
DELGRIDERXW5VFURUH86 5VFURUH86PLOOLRQWKHFRPSDQ\
PD\EHDOORZHGWRJRSXEOLFZLWKSHUFHQWSXEOLF
VKDUHKROGLQJDQGFRPSO\ZLWKWKHSHUFHQWSXEOLF
VKDUHKROGLQJUHTXLUHPHQWE\LQFUHDVLQJLWVSXEOLF
VKDUHKROGLQJE\DWOHDVWSHUFHQWSHUDQQXP
11
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
News This Year
1HZ6(%,FKLHI 8SHQGUD.XPDU6LQKDWRRNFKDUJHDVWKH&KDLUPDQ
RIWKH6HFXULWLHV([FKDQJH%RDUGRI,QGLD6(%,
6LQKDLVFUHGLWHGZLWKVWDUWLQJWKHPLFURSHQVLRQ
PRYHPHQWLQWKHFRXQWU\IRUPRELOLVLQJUHWLUHPHQW
8.6LQKDDSSRLQWHGQHZ RQ)HEUXDU\IURP&KDQGUDVHNKDU%KDVNDU VDYLQJVIURPORZHDUQLQJ±XQRUJDQL]HGVHFWRU
%KDYH3ULRUWRWKLV6LQKDZDV&KDLUPDQ 0DQDJLQJ ZRUNHUV
6(%,&KDLUPDQ 'LUHFWRURI87,$VVHW0DQDJHPHQW&RPSDQ\/WG
DQG&KDLUPDQRI$VVRFLDWLRQRI0XWXDO)XQGV
LQ,QGLD6LQKDDIRUPHU,$6RI¿FHURIWKH%LKDU
FDGUHZDVDOVRWKH-RLQW6HFUHWDU\LQWKH)LQDQFH
0LQLVWU\EHWZHHQ-XQHDQG2FWREHU+H
ORRNHGDIWHUFDSLWDOPDUNHWVH[WHUQDOFRPPHUFLDO
ERUURZLQJVSHQVLRQUHIRUPVDQGIRUHLJQH[FKDQJH
PDQDJHPHQWIXQFWLRQVLQWKHPLQLVWU\+HKDVDOVR
SOD\HGDQLPSRUWDQWUROHGXULQJWKHGUDIWLQJRIWKH
6(%,$PHQGPHQW$FW87,5HSHDO$FW
DQGWKH6HFXULWLHV/DZ$PHQGPHQW$FW
6LQKDZDVWKH&KDLUPDQRIWKH:RUNLQJ*URXSRQ
)RUHLJQ,QYHVWPHQWVLQ,QGLD+HZDVDPHPEHU
RIVHYHUDOFRPPLWWHHVVHWE\*RYHUQPHQWRI,QGLD
LQFOXGLQJWKH&RPPLWWHHRQ/LTXLGLW\0DQDJHPHQW
),,V&RUSRUDWH%RQG0DUNHWDQG,QYHVWRU3URWHFWLRQ
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
News This Year
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
&RQYHUVDWLRQV
S&R Associates, established in 2005 are Sandip BhagatRI6 5$VVRFLDWHV $OVRLIWKHFRPSDQ\LVZHOOSUHSDUHGHVSHFLDOO\ZLWK
NQRZQIRUWKHLUFDSLWDOPDUNHWVH[SHUWLVH LWV¿QDQFLDOVWDWHPHQWVWKHRIIHULQJSURFHVVFDQ
7KH\RSHQHGD0XPEDLRI¿FHWKLV\HDUDQG What kind of capital markets transactions EHUHODWLYHO\UDSLG±IRUH[DPSOHWKH0DNH0\7ULS
Sandip Bhagat, one of the co-founders of the GLG6 5DGYLVHLQWKHODVW¿QDQFLDO\HDU"$Q\ OLVWLQJLQWKH86ZDVFRPSOHWHGLQDSSUR[LPDWHO\VL[
¿UPPRYHGEDVHWRWKH¿QDQFLDOFDSLWDO LQWHUHVWLQJWUHQGV" PRQWKVZKLFKLVSUREDEO\IDVWHUWKDQPRVW,32VLQ
India.
Sandip Bhagat: 6LQFH$SULO6 5KDV
FRQWLQXHGWRDGYLVHRQDIXOOUDQJHRIFDSLWDOPDUNHWV E7KH*RYHUQPHQWFRQWLQXHGWRXQGHUWDNH
WUDQVDFWLRQVLQFOXGLQJWKH6(&UHJLVWHUHG,32RQWKH GLYHVWPHQWHIIRUWVWKURXJKWKHFDSLWDOPDUNHWVZKLFK
1DVGDT*OREDO0DUNHWE\0DNH0\7ULSWKHOLVWLQJ KHOSHGLQPHHWLQJLWVEXGJHWWDUJHWV&HUWDLQODUJH
RQWKH$,0PDUNHWRIWKH/RQGRQ6WRFN([FKDQJH WUDQVDFWLRQVZHUHFRPSOHWHGDOWKRXJKVRPHRWKHU
E\-XELODQW(QHUJ\VHYHUDO,32VDQG4,3LVVXHV WUDQVDFWLRQVKDYHEHHQGHIHUUHGXQWLOWKHQH[W¿VFDO
³2XU¿UPVHHNVWRGLVWLQJXLVKLWVHOIRQ
LQ,QGLDE\FRPSDQLHVVXFKDV6.60LFUR¿QDQFH \HDU
WKHEDVLVRIWKHTXDOLW\RIRXUVHUYLFHV $=(QJLQHHULQJ 0DLQWHQDQFH6HUYLFHV(URV
,QDGGLWLRQPDQ\RIRXUODZ\HUVKDYH ,QWHUQDWLRQDO0HGLD,QGXV,QG%DQNDQG,')&D F%DQNVDQG¿QDQFLDOLQVWLWXWLRQVKDYHORRNHG
SUHYLRXVO\SUDFWLVHG VLJQL¿FDQWEXONGHDODQGRWKHUWUDQVDFWLRQVVXFKDV WRDUPWKHPVHOYHVZLWKVXI¿FLHQWFDSLWDOWR
law in other )&&%VDQGULJKWVLVVXHV DGGUHVVFDSLWDODGHTXDF\UHTXLUHPHQWVDQG
MXULVGLFWLRQVDVZHOO LQFUHDVHWKHLUIXQGLQJWRPHHWH[SHFWHGGHPDQG
VXFKDVWKH8QLWHG 6RPHRIWKHLQWHUHVWLQJWUHQGV +RZHYHUFKDQJHVWRWKHUHJXODWLRQVLPSDFWLQJWKH
PLFUR¿QDQFHVHFWRULQFOXGLQJWKHHQDFWPHQWRI
6WDWHVWKH8QLWHG
D7KHVXFFHVVRI0DNH0\7ULS¶V86OLVWLQJZKHUH VWULQJHQWODZVLQRQHVWDWHKDYHOHGWRXQFHUWDLQW\LQ
.LQJGRPDQG ZHDFWHGDV,QGLDQFRXQVHOWRWKHLVVXHUDSSHDUV LQYHVWPHQWVDQGH[SRVXUHWRWKLVVHFWRU
6LQJDSRUH´ WRKDYHERRVWHGFDSLWDOUDLVLQJSODQVE\FRPSDQLHV
ORRNLQJWRWDSWKH86PDUNHWVSDUWLFXODUO\LQYROYLQJ G&DSLWDOPDUNHWVDFWLYLW\KDVVORZHGWRZDUGVWKH
WKHOLVWLQJRIWKHRYHUVHDVHQWLW\ZLWKDQ,QGLDQ HQGRIODVW\HDULQSDUWGXHWRPDUNHWYRODWLOLW\DQG
SUHVHQFH7KHVHFRPSDQLHVDUHLQDUHDVIRFXVLQJRQ DVRPHZKDWÀDWWUHQG7KLVKDVVORZHGWKHRIIHULQJ
WKH,QGLDFRQVXPSWLRQDQGJURZWKVWRU\LQFOXGLQJLQ SURFHVVIRUVRPHLVVXHUVDQGUHFDOLEUDWHGPDUNHW
WKH,QWHUQHWWHFKQRORJ\DQGPHGLDUHODWHGVHFWRUV H[SHFWDWLRQV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
&RQYHUVDWLRQV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
&OLHQW¶V3HUVSHFWLYH
Kotak Mahindra has been one of the top three Ajay VaidyaZKRKHDGV.RWDN¶V/HJDODQG ,GRQ¶WVHHGHYHORSPHQWLQ,QGLDQ¿UPVDFURVVDQG,
LQYHVWPHQWEDQNVWKLV\HDU.RWDNOHGRI &RPSOLDQFHGLYLVLRQVSRNHWR%DU %HQFKRQWKH WKLQNWKHJHQHUDOFRXQVHOLQKRXVHFRXQVHOKDVWREH
the 20 largest Indian transactions, including, GHPDQGVRIDQLQKRXVHFRXQVHODQGKRZODZ¿UPV GHYHORSHG7UDGLWLRQDOO\LW¶VEHHQMXVWDFRRUGLQDWLRQ
&RDO,QGLD173&6.60LFUR¿QDQFHDQGD QHHGWRVKDSHXSWRSURYLGHSUDFWLFDOGHDOPDNLQJ UROHEHWZHHQLQWHUQDODQGH[WHUQDOODZ\HUV,GRQ¶W
host of large cap transactions. DGYLFH2QHRIWKHPRVWUHVSHFWHGLQKRXVHFRXQVHOV WKLQNWKDWZRUNVLQ,QGLDDQ\PRUHDQGLW¶VJRLQJWREH
$MD\9DLG\DJLYHVVRPHFDQGLGDGYLVHWRODZ¿UPV KLJKO\ULVN\LIFRQWLQXHG
16
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
<RXUWKRXJKWVRQWKHTXDOLW\RIOHJDODGYLFH QDWLRQDOODZFROOHJHVFUHDWHJRRGODZ\HUVDQGWKHUHLV
on Indian capital markets transactions. Any IXQGDPHQWDOWHDFKLQJDERXWODZWRGD\FRPSDUHGWR
VSHFL¿FDUHDVRILPSURYHPHQW" WKDWRIHDUOLHUFROOHJHVWKHUHLVDEHWWHUXQGHUVWDQGLQJ
RIWKHFRQFHSWVRIODZ
Ajay Vaidya:)UDQNO\LWFDQGH¿QLWHO\LPSURYH
,¿QGWKDWOHJDO¿UPVDUHVRPHWLPHVDOLWWOHOHVV ,I\RXDUHJRLQJWREHDFDSLWDOPDUNHWVODZ\HU\RX
FRQVFLRXVRIWKHSUDFWLFDOGHDOPDNLQJ)RUH[DPSOH VKRXOGKDYHH[WUHPHO\JRRGNQRZOHGJHDERXWWKH
LI,QHHGDGYLFHRQWKHVWRFNH[FKDQJH,GRQ¶WWKLQN FDSLWDOPDUNHWV
WKHUHDUHPDQ\ODZ\HUVZLWKLQGHSWKXQGHUVWDQGLQJ
RILVVXHVVXFKDVKRZVHWWOHPHQWVKDSSHQPDUJLQV
etc.
,IHHODWWLPHVWKHLUNQRZOHGJHRISUDFWLFDODVSHFWV
RIDFDSLWDOPDUNHWVWUDQVDFWLRQFRXOGLPSURYHLWV
WKHRUHWLFDOIURPWKHZD\,ORRNDWLW,WKLQNWKH\
FRXOGGHYHORSDEHWWHUXQGHUVWDQGLQJRIWKHSURGXFWV
and be better advisors.
7RGD\ORRNLQJIRUFDVHODZLVYHU\HDV\\RXFDQJR
WKURXJK0DQXSDWUDDQGHDVLO\UHWULHYHLQIRUPDWLRQ
:KDWLVLPSRUWDQWLVWKDW\RXVKRXOGXQGHUVWDQG
WKDWODZKDVDOVRPRYHGLQ,QGLD,WKDVEHFRPH
DOLEHUDOL]HGUHJLPHIURPDYHU\ULJLGUHJLPH,W
LVLPSRUWDQWWRXQGHUVWDQGWKLVPRYH$OVRWKH
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
18
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
International Law Firms
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
International Legal Counsels
1 '/$3LSHU 11 15
'RUVH\ :KLWQH\ 8 6 14
-RQHV'D\ 6 13
&OLIIRUG&KDQFH 6 9
/LQNODWHUV 4
6 $OOHQ 2YHU\ 1 1 2
6 $VKXUVW - 2
6 &URZHOO0RULQJ - 2
6 2¶0HOYHQ\ 0\HUV - 2
6 :KLWH &DVH - 2
*LGH/R\UHWWH1RXHO 1 - 1
6XOOLYDQ &URPZHOO - 1 1
6NDGGHQ$USV - 1 1
,QFOXGHVFRPSDQ\PDQGDWHVDQGEDQNHUPDQGDWHV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
International Legal Counsels
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
WKHPWRH[SORUHQRYHOSURGXFWVVWUXFWXUHVDQGGHDO $QGZKDWGRHVWKLVPHDQIRUODZ¿UPV¶FDSLWDO
WHFKQLTXHV$VDFRQVHTXHQFHVRPHWUHQGVWKDWZH PDUNHWVSUDFWLFHV"
VKRXOGH[SHFWWRVHHDUHWKHHPHUJHQFHRIDGHHSHU
DQGPRUHOLTXLGGHEWPDUNHWIRU,QGLDQLVVXHUV Arun Balasubramanian:2YHUWKHODVWIHZ\HDUV
WKHUHOD[DWLRQRIUHVWULFWLRQVWKDWKLQGHULVVXDQFHV WKHUHKDYHEHHQVHYHUDOQHZODZ¿UPHQWUDQWVLQWR
RIKLJK\LHOGGHEWDQGK\EULGFDSLWDODQGWKHVORZ WKHLQWHUQDWLRQDODQGGRPHVWLFVLGHRIWKHSUDFWLFH
HPHUJHQFHRIDGHULYDWLYHVPDUNHWLQ,QGLD,QWKH 7KLVKDVUHVXOWHGLQLQWHQVHSULFHFRPSHWLWLRQZKLFK
PHDQWLPH,EHOLHYHWKDWWKHHTXLW\HTXLW\OLQNHG LVWREHH[SHFWHG,WLVLPSRUWDQWKRZHYHUQRWWR
DQGYDQLOODGHEWPDUNHWVZLOOFRQWLQXHWREHPDMRU OHWSULFLQJSUHVVXUHVDIIHFWH[HFXWLRQVWDQGDUGV,
VRXUFHVRIIRUHLJQFDSLWDOIRU,QGLDQFRPSDQLHV FRQWLQXHWREHOLHYHWKDWWKHUHLVVXI¿FLHQWVSDFHLQWKH
&KDOOHQJHVUHPDLQIRUH[DPSOHWKHPXFKSXEOLFL]HG PDUNHWIRUWKHVHQHZHQWUDQWVDQGWKHLQFXPEHQWV
DOOHJDWLRQVRIODSVHVLQJRYHUQDQFHDQGLQWHJULW\E\ DQGWKDWTXDOLW\ZLOOEHWKHUHDOGLIIHUHQWLDWRU)LUPV
VRPHPDMRUFRPSDQLHVDQGWKHLUH[HFXWLYHV7KHVH VKRXOGIRFXVRQGHOLYHULQJVHUYLFHWKDWLVRIWKH
QHHGXUJHQWUHJXODWRU\LQWHUYHQWLRQDQGHIIHFWLYH KLJKHVWLQWHUQDWLRQDOVWDQGDUGVDYRLGLQJWKHYROXPH
HQIRUFHPHQWLQWKHDEVHQFHRIZKLFKLQYHVWRU JDPHDQGHQVXULQJWKDWHDFKPDWWHUKDVDGHTXDWH
FRQ¿GHQFHLQWKH,QGLDQFDSLWDOPDUNHWVLVERXQGWR DWWHQWLRQIURPH[SHULHQFHGSDUWQHUVDQGDVVRFLDWHV
VXIIHU 7KH¿UPVWKDWDUHDEOHWRGRWKLVDVFHQGWKHYDOXH
FKDLQDQGFRQVLVWHQWO\FDSWXUHWKHFRPSOH[KLJKHQG
ZRUNWKDWLVLQFUHDVLQJO\DYDLODEOHLQ,QGLDQPDUNHW
ZLOOVHHWKLVDVDUHZDUGLQJDQGVXVWDLQDEOHORQJWHUP
practice.
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
International Legal Counsels
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Rankings: Indian Law Firms
IPO QIP IPO QIP
Rankings Rankings
&0 BM &0 BM Total &0 BM &0 BM Total
1 $PDUFKDQG 8 11 43 11 7HPSXV/DZ$VVRFLDWHV 1 - 1 - 2
/XWKUD 6 20 11 :DGLD*KDQG\ 1 - 1 - 2
&UDZIRUG%D\OH\ 1 - 18 11 'KLU 'KLU - - - 2
$=% 8 16 11 '6./HJDO 1 - 1 - 2
Khaitan 6 15 11 'XD$VVRFLDWHV 1 1 - - 2
6 -6DJDU $VVRFLDWHV - 8 %KDUGZDM $VVRFLDWHV 1 - - - 1
6 5 - 7 %KDUXFKD 3DUWQHUV - - - 1 1
.DQJD &R 6 - 1 - 7 +HPDQW6HWKL &R 1 - - - 1
8 /LQN/HJDO
6 - - - 6 ,QGLD/DZ$OOLDQFH - - 1 - 1
$/07/HJDO - - - 4 ,QGXV/DZ 1 - - - 1
0LQGVSULJKW/HJDO - - - 4 -RE\0DWKHZ 1 - - - 1
&RUSRUDWH/DZ&KDPEHUV,QGLD - - - 3 /LWWOH &R - - 1 - 1
5DMDQL$VVRFLDWHV - - - 3 0DQHNVKD 6HWKQD - - 1 - 1
Vaish Associates Advocates - - - 3 0'KUXYD 3DUWQHUV 1 - - - 1
7ULOHJDO 1 - - 3 0LKLU9/DNKLD 1 - - - 1
11 $OOLDQFH&RUSRUDWH/DZ\HUV 1 - 1 - 2 06%/HJDO 1 - - - 1
11 $[RQ3DUWQHUV//3 1 - 1 - 2 Navin K. Pahwa 1 - - - 1
11 )R[0DQGDO 1 - 1 - 2 1HZ'HOKL/DZ2I¿FHV 1 - - - 1
11 .ULVQDPXUWK\ &R 1 - 1 - 2 2DVLV&RXQVHO$GYLVRU\ - - 1 - 1
11 /DNVKPL6XEUDPDQLDQ $VVRFLDWHV 1 - 1 - 2 3DZDQ.XPDU$JDUZDO 1 - - - 1
11 M.R. Patel & Associates - - - 2 P. Pal Associates 1 - - - 1
11 1LVKLWK'HVDL$VVRFLDWHV 1 - 1 - 2 5DMHHY*RHO $VVRFLDWHVs 1 - - - 1
11 .ULVKQDPXUWK\ - - - 2
&0 &RPSDQ\0DQGDWHV
%0 %DQNHU0DQGDWHV
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
Rankings: Indian Law Firms
IPO QIP
Rankings Law Firm Rankings: Methodology
&0 BM &0 BM Total
5DPDQL 6KDQNDU$GYRFDWHV 1 - - - 1 3DUDPHWHUVFRQVLGHUHGIRUUDQNLQJV
6DWLVK.XPDU$JJDUZDO 1 - - - 1 :HKDYHIDFWRUHGLQDOOWUDQVDFWLRQVZKHUHD
6XGKLU00HKWD 1 - - - 1 LQFDVHRIDQ,32DFRPSDQ\KDV¿OHGWKHGUDIWUHG
KHUULQJSURVSHFWXVUHGKHUULQJSURVSHFWXVRUD
6XQLO6KXNOD - - - 1 1 SURVSHFWXVZLWKWKH6(%,DQGELQFDVHRID4,3
DFRPSDQ\KDV¿OHGDSODFHPHQWGRFXPHQWZLWKWKH
7DOZDU7KDNRUH - 1 - - 1
VWRFNH[FKDQJHVEHWZHHQ$SULOWR0DUFK
9LFWRU0RVHV &R 1 - - - 1
9LQRGNXPDU'*DMMDU 1 - - - 1
:HZRXOGOLNHWRKLJKOLJKWWKDWWKHUHDUHVHYHUDO
965DMX $VVRFLDWHV 1 - - - 1 LQVWDQFHVZKHUHFRPSDQLHVKDYH¿OHGWKHLUGUDIW
UHGKHUULQJSURVSHFWXVZLWK6(%,EXWKDYHQRW\HW
UDLVHGFDSLWDOIURPWKHPDUNHW:HKDYHLQFOXGHG
&0 &RPSDQ\0DQGDWHV
VXFKWUDQVDFWLRQVIRUWKHSXUSRVHVRIGHWHUPLQLQJ
%0 %DQNHU0DQGDWHV
WKHUDQNLQJV
3OHDVHQRWHWKLVUHSRUWLVOLPLWHGWRRQO\,32V
LQFOXGLQJ)32VDQG4,3VDQGGRHVQRWFRYHU
RWKHUIRUPVRIFDSLWDOUDLVLQJ3OHDVHDOVRQRWHWKDW
WKLVUHSRUWGRHVQRWLQFOXGH5+3¿OHGZLWK52&IRU
WKH¿QDQFLDO\HDU
Bar & Bench 1HZV_$UWLFOHV_,QWHUYLHZV_3UR¿OHV_&ROXPQV
&RS\ULJKWwww.barandbench.coP
%DU %HQFKSXEOLVKHVFULVSDFFXUDWHDQGWLPHO\
QHZVRQOHJDOGHYHORSPHQWVLQ,QGLDDQGDURXQGWKH
JOREH:HRIIHURXUUHDGHUVODWHVW1HZV,QWHUYLHZV
ZLWKLQGXVWU\OHDGHUVDQG&ROXPQVE\OHJDOH[SHUWV
)RUDGHWDLOHGWDEOHRIWKH,324,3WUDQVDFWLRQV
ZLWKDOLVWRIOHJDODGYLVRUVIRUHDFKWUDQVDFWLRQLQ
WKH¿VFDO\HDURISOHDVHZULWHWRRXU
$VVRFLDWH(GLWRU*DXUL0DQJDDW
JDXULPDQJD#EDUDQGEHQFKFRP