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Teamwork is rooted in affluence DNA and we very much acknowledge the outcome of team work.

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We firmly believe that Confidentiality is the cornerstone of our Profession and strive to maintain it to the fullest possible extent.

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About

Affluence

Globalization has paved way for international financing which helps the organization to engage in cross-border transactions with foreign business partners, such as customers, investors, suppliers, and lenders. Indian companies have an option to mobilize funds through ECB mode from the foreign market to have optimum capital structure.

What is ECB?

Borrowings of commercial loans by eligible resident Indian entities from external sources i.e. entities that are resident outside India are called External Commercial borrowings or ECB. ECB means borrowing from outside India in accordance with the framework decided by the Reserve Bank in consultation with the Government of India.

Basically, it helps Indian organizations to raise funds in foreign currencies from outside India. It can be raised by eligible resident entities from recognized non-resident entities and should conform to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc.

ECB is different from FDI. It means foreign funding which is not in the form of equity and when it is used in the form of equity capital, then it is called Foreign Direct Investment (FDI).

Modes of ECB Resident entities can raise ECB in INR or any freely convertible Foreign Currency from abroad -quantitative, cost and end-use and tenor restriction with minimum maturity of 3 years. ECBs can be raised under automatic route as well as the approval route, under the ECB Framework.

EXTERNAL COMMERCIAL BORROWINGS

Provisions under Companies Act, 2013

Rule 2 (c) Deposit – does not include any amount received from foreign Governments, foreign or international banks, multilateral financial institutions foreign Governments owned development financial institutions, foreign export credit agencies, foreign collaborators, foreign bodies corporate and foreign citizens, foreign authorities or persons resident outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999) and rules and regulations made there under:

  • Loan from PRIO
  • Loan from members beyond permissible limit under Co. Act
  • Loan from Director / Relative of Director
  • Export Advance

Different Types of ECB

  1. Loans including bank loans
  2. Securitised instruments (such as floating rate notes, fixed-rate notes, bonds, debentures) Other than fully and compulsorily convertible instruments and preference shares in case of INR denominated ECB
  3. Trade Credits (Buyers Credit/Suppliers Credit) beyond 3 years
  4. Foreign Currency Convertible Bonds (FCCBs) in case of FCY denominated ECB
  5. Financial Lease and
  6. Foreign Currency Exchangeable Bonds (FCEB) in case of FCY denominated ECB.

However, ECB framework is not applicable in respect of the investment in Nonconvertible Debentures (NCDs) in India made by Registered Foreign Portfolio Investors (RFPIs).

Currency of borrowings in case of ECB

ECBs can be raised in Indian National Rupees (INR) or any other freely convertible currency. Any unit raising INR denominated ECB is not permitted to convert the liability of this ECB into liability of foreign currency in any manner or assume foreign currency risk in any way by entering into derivative contract or otherwise.

 

FCY denominated ECB

INR denominated ECB

Currency of borrowing

Any freely convertible Foreign Currency

Indian Rupee (INR)

 

Eligible Borrowers

All entities eligible to receive FDI. Further, the following entities are also eligible to raise ECB:

i. Port Trusts;

ii. Units in SEZ;

iii. SIDBI; and

iv. EXIM Bank of India.

a) All entities eligible to raise FCY ECB; and

b) Registered entities engaged in micro-finance activities, viz., registered Not for Profit companies, registered societies/trusts/ cooperatives, and Non-Government Organizations.

Prohibited sectors

The FEMA Rules prescribe certain sectors/ activities in which FDI is totally prohibited, viz., lottery business, gambling, betting, chit funds, real estate business, nidhi company, manufacturing of cigars, etc.

 

Therefore, an Indian entity that is engaged in the business of prohibited sectors (as per FEMA Rules) is not eligible to raise ECB either under automatic route or approval route.

Minimum Average Maturity Period (MAMP)

 

MAMP for ECB will be 3 years. Call and put options, if any, shall not be exercisable prior to completion of minimum average maturity. However, for the specific categories mentioned below, the MAMP will be as prescribed therein:

 

Category

MAMP

(a)

manufacturing companies may raise ECBs up to USD 50 million or its equivalent per financial year.

1 year

(b)

ECB raised from foreign equity holder for working capital purposes, general corporate purposes or for repayment of Rupee loans

5 years

4(c)

ECB raised for

(i) working capital purposes or general corporate purposes

(ii) on-lending by NBFCs for working capital purposes or general corporate purposes

10 years

(d)

ECB raised for

(i) repayment of Rupee loans availed domestically for capital expenditure

(ii) on-lending by NBFCs for the same purpose

7 years

(e)

ECB raised for

(i) repayment of Rupee loans availed domestically for purposes other than capital expenditure

(ii) on-lending by NBFCs for the same purpose

10 years

 

For the categories mentioned at (b) to (e) –

(i) ECB cannot be raised from foreign branches / subsidiaries of Indian banks

(ii) the prescribed MAMP will have to be strictly complied with under all circumstances.

All-in-cost ceiling per annum

 

 

Benchmark Rate plus 550 bps spread: For existing ECBs linked to LIBOR whose benchmarks are changed to ARR.

 

Benchmark rate plus 500 bps spread: For new ECBs.

Benchmark rate plus 450 bps spread.

 

Benchmark rate

Benchmark rate in case of FCY ECB/TC refers to any widely accepted interbank rate or ARR of 6-month tenor, applicable to the currency of borrowing.

Benchmark rate in case of Rupee denominated ECB/TC will be prevailing yield of the Government of India securities of corresponding maturity.

Who can lend ECB i.e. Eligible Lender?

The lender should be a resident of FATF or IOSCO (International Organization of Securities Commission) compliant country, including on transfer of ECBs. However:

  1. Multilateral and Regional Financial Institutions where India is a member country will also be considered as recognized lenders;
  2. Individuals as lenders can only be permitted if they are foreign equity holders or for subscription to bonds/debentures listed abroad; and
  3. Foreign branches / subsidiaries of Indian banks are permitted as recognized lenders only for FCY ECB (except FCCBs and FCEBs). Foreign branches / subsidiaries of Indian banks, subject to applicable prudential norms, can participate as arrangers/underwriters/market-makers/traders for Rupee denominated Bonds issued overseas. However, underwriting by foreign branches/subsidiaries of Indian banks for issuances by Indian banks will not be allowed.

Foreign Equity holder is a person who owns

  1. Direct equity stake with minimum 25% by the lender in the borrowing entity,
  2. Group company with common overseas parent (XYZ Inc holding 51% of ABC Pvt Ltd and 51% of LMN Pte Ltd, hence in this case XYZ Inc is overseas parent and ABC Pvt ltd and LMN Pte Ltd are group companies)
  3. Indirect equity holder with minimum indirect equity holding of 51%, (LMN Pte Ltd holding 51% in ABC Pvt Ltd and XYZ Inc holding 51% of LMN Pte Ltd that means XYZ Inc holds indirectly in ABC Pvt Ltd)
  4. Disposal of shareholding not allowed during tenure of the loan

End- Uses i.e. ECB cannot be utilized for the following:

  1. Real estate activities.
  2. Investment in capital market.
  3. Equity investment.
  4. Working capital purposes, except in case of ECB from foreign equity holder and from others- Minimum Average Maturity Period is more than 10 years.
  5. General corporate purposes, except in case of ECB from foreign equity holder and from others- Minimum Average Maturity Period is more than 10 years.
  6. Repayment of Rupee loans, except in case of ECB from foreign equity holder with Minimum Average Maturity Period is more than 5 years, ECB availed for capital expenditure with Minimum Average Maturity Period of 7 years and other than capital expenditure with Minimum Average Maturity Period of 10 years.
  7. On-lending to entities for the above activities, except in case of ECB raised by NBFCs or working capital purposes or general corporate purposes with Minimum Average Maturity Period is more than 10 years.

The most notable development with regard to the relaxation in policy is that of the new permissibility of ECB usage for working capital, and general corporate purposes with a minimum average maturity period (MAMP) of 10 years.

ECB Limit

All eligible borrowers can raise ECB up to USD 750 million or equivalent per financial year under the automatic route.

Both ECB and equity amounts will be calculated with respect to the foreign equity holder.

In case of FCY denominated ECB raised from direct foreign equity holder ECB liability-equity ratio for ECBs raised under the automatic route cannot exceed 7:1. However, this ratio will not be applicable if the outstanding amount of all ECB, including the proposed one, is up to USD 5 million or its equivalent.

Currency of Borrowing

  • Can be raised in any freely convertible foreign currency as well as Indian Rupees.
  • Change of one foreign currency to another foreign currency or Indian Rupees is permitted.
  • Change of currency of ECB into INR can be at the exchange rate prevailing on the date of the agreement (or less) between the parties concerned for such change.
  • Change of INR to FC is not permitted.

No Guarantees

Issuance of guarantee, standby Letter of Credit, letter of undertaking or letter of comfort by banks, Financial Institutions and NBFCs from India relating to ECB is not permitted.

Parking of ECB Proceeds

ECB proceeds meant for Rupee expenditure in India (local sourcing of capital goods, on-lending to Self Help Groups or for micro credit, payment for spectrum allocation, etc.) to be brought to India immediately. It should be credited to Rupee accounts with AD Category I Banks in India. ECB borrowers are also allowed to park ECB proceeds in term deposits with AD Category I banks in India for a maximum period of 12 months cumulatively. These term deposits should be kept in unencumbered position.

ECB proceeds meant for expenditure in Foreign Currency can be retained abroad and till utilization can be parked in (a) deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s; (b) Treasury bills and other monetary instruments of one-year maturity having minimum rating as indicated above and (c) deposits with foreign branches/subsidiaries of Indian banks abroad.

ECB/TC proceeds cannot be used for payment of interest/charges.

Onus of Compliance with ECB guidelines

The primary responsibility for ensuring that the borrowing is in compliance with the applicable ECB guidelines is that of the borrower concerned. Structures which bypass/circumvent ECB guidelines in any manner and/or raising borrowings in any other manner which is not permitted/disguising borrowing under the wrap of other kind of transactions and/or contravening provisions of Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations, 2018 would also invite penal action under FEMA.

Effect of ECB in the Balance sheet

ECBs will be shown under the head Long term borrowings in the balance sheet. The Companies has to choose ECB mode of funding wisely as this could lead to companies borrowing with abandon and could lead to higher debt on the balance sheet of the company, thereby adversely affecting financial ratios. Since raising funds through External Commercial Borrowing is done in foreign currencies, the principal and the interest shall have to be paid in foreign currencies. As such, the company opens itself up to the risks associated with exchange rates. Hedging costs may have to be incurred by the company, thereby leading the company to incur heavy losses. Thus, the ECB funds must be utilized in an effective manner.

Benefits of ECB:

Lower Interest Rates: Companies tend to avail loans at minimum interest rates, which they wouldn’t have got within the local limits.

Debt–oriented funds: External Commercial Borrowings not necessarily be equity-oriented, i.e. they will not dilute the proprietorship of the present members. This will not give voting powers to the lender & retain the control of the present stakeholders of the company.

Enhance Economy: The Government can manage the funds’ flow more towards a particular sector of the economy which will enhance the economy.

Diverse Investor Base: Easy access to funds through diversified foreign investors.

Fulfilling Larger Necessities: Since the possibility of borrowing is increased by crossing local limits, it aids the companies to fulfil their requirements which might not be achievable within local limits.

Conclusion:

It is clear that due to the relaxation of norms by RBI in minimum average maturity period and end-use restrictions, ECB can be availed as a primary vehicle by eligible borrowers to bring foreign funds in India. Master Directions issued by the Reserve Bank of India, from time to time with relaxed norms have improved the effortlessness of doing business in India. It has helped the eligible Indian organizations to combat their funding needs and this will enable the entity to grow, which will enhance the economy ultimately.

Bibliography:

Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 notified vide Notification No. FEMA.3(R)/2018-RB dated December 17, 2018

RBI/FED/2018-19/67 FED Master Direction No.5/2018-19

Master Direction – External Commercial Borrowings, Trade Credits and Structured Obligations dated June 09, 2022

Our Expertise

Our Services

  • 01
    Valuation

    Valuation opinion requires the right blend of analysis, experience and professional judgement. Our team has a Registered Valuer as required under

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  • 02
    Due Diligence

    We provide financial, tax and corporate law due diligence support to our clients for inbound and outbound transactions.

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  • 03
    ESOP

    ESOPs are one of the important tools to attract and retain employees and have long term career with the organization.

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  • 04
    RBI / FEMA Compliance

    There are several compliances specified under FEMA for Indian Companies having FDI and ODI (Indian entities having investments in overseas Joint Venture

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  • 05
    NBFC Registration and Compliances

    We carry experience of 15 years for registration of the NBCF with the RBI or carry out the process for change in management and control of the NBFC.

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  • 06
    Fintech

    FinTech Companies are broadly categorized into digital payments or digital lending Companies. At Affluence,

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  • 07
    Foreign Entities

    India has emerged as one of the most attractive destinations not only for investments

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  • 08
    Company Secretarial Compliances

    We provide the entire gamut of Corporate Law Services, essential in rapidly changing regulatory and corporate environment.

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  • 09
    SEBI Registration and Compliances

    SEBI plays an important role in regulating all the players operating in the Indian capital markets. It attempts to protect the interest of investors and aims at

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  • 10
    Stressed Asset Resolution under IBC

    We provide advisory and support services to the corporates/other entities, devising and structuring solutions for stress mitigation in their enterprises/units.

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  • 11
    Initial Public Offer

    On the journey of transformation of a private company into a public company, success depends a great deal on a coordinated team

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  • 12
    Direct Tax

    The efforts of any management in modern business environment are towards enhancing a shareholder’s value. The taxes (both direct and indirect) and

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  • 13
    Indirect Tax

    We at Affluence, adopt a comprehensive approach for implementation and compliances related to the GST and with an object to offer seamless services to our clients listed below.

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  • 14
    Accounts Outsourcing

    In the fast-changing environment, procuring and retaining skilled staff is a challenge. Specially in the case of SMEs, in the absence of accounting manual

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  • 15
    Risk Advisory

    Today’s businesses across the globe increasingly seek better decision-making and stronger internal controls in order to attain greater shareholder value.

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  • 16
    Startup and MSME Advisory

    ‘Startup India’ is a flagship initiative of the Government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and

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  • 17
    Assurance

    Assurance and accounting services are directed towards supporting stakeholders such as lenders and investors. Our standardized

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  • 18
    Directors Due Diligence

    Director stand in a fiduciary position with the Company and Director will be held liable if Director do not act diligently in discharging his/her duties.

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What Clients Say About Us

  • The team at Affluence Advisory Services played an important role in helping us draft various applications, including that for applying to the RBI for registration as an NBFC. Ably led by you, the team has a thorough understanding of regulations and procedures. Their approach is very professional, proactive and they respond promptly to all queries. Our entire experience during the above process was seamless and solution oriented. Due to this pleasant experience, we continued to seek the guidance for all subsequent engagements wrt secretarial and regulatory compliances as well.We thank you and your team for the continued support and good wishes. We are happy to recommend you to organisations/ individuals seeking guidance on regulatory/ secretarial/ corporate affairs matters.

    Utpal Isser
    Co-founder, MD and CEO of Sarvagram Fincare
  • We recently partnerd with Affluence Advisory for ESOP implementation and ongoing administration, and the experience has been very good. The team ensured a smooth and compliant setup, and their support in managing grants,vesting, and documentation has been promt and professional. Their expertise gave us confidence throughout the process.

    Dinshaw S. Irani
    CEO, Helios Capital
  • As a listed entity, implementing and managing an ESOP requires not just technical expertise but also a deep understanding of regulatory compliance, stakeholder communication, and market expectations. We partnered with Affluence Advisory for end-to-end ESOP advisory, and their contribution has been truly exceptional.
    Their team brought in-depth knowledge of SEBI regulations, Companies Act provisions, and best practices in structuring ESOPs for listed companies. From designing the scheme and obtaining necessary approvals to drafting documentation and aligning with investor expectations, their guidance was comprehensive, timely, and highly professional.
    We particularly appreciate their ability to collaborate seamlessly with our internal teams and board members. Thanks to their support, we were able to implement an ESOP framework that is strategic, compliant, and aligned with our long-term value creation goals.
    We would highly recommend Affluence Advisory to any listed company exploring equity-based compensation strategies.
    CS Sudha Didwania
    Compliance officer, Autoriders International Ltd.
  • As an established listed entity with large number of employees, implementing and managing an ESOP requires not just technical expertise but also an understanding of structure, framework, regulatory compliance, stakeholder communication, and market expectations. We partnered with Affluence Advisory for end-to-end ESOP advisory, and their contribution has been valuable.
    We appreciate their knowledge of Structuring the Scheme, SEBI regulations, Companies Act provisions, and Market Best practices in structuring ESOPs.
    We particularly appreciate their ability to collaborate seamlessly with our internal teams and would recommend Affluence Advisory for exploring equity-based compensation strategies

    Jaidip Chatterjee
    (CHRO) Group Human Resources,RELIANCE
  • We met Affluence when they were advising Mumbai Oncocare  (our portfolio company) on their fund raise. During the course of this investment journey, we were exposed to the 360 degree approach that Affluence and CA Nimish Khakhar brought to the table which was not merely limited to due diligence and modelling but went way beyond in terms of regulatory compliances, MIS development, Finance and Account support, secretarial support and so on. We were extremely relieved and pleased with the post investment support that they continue to give to Mumbai Oncocare. We actively encourage our portfolio companies to evaluate Affluence’s service offerings and have already co-opted them with some of our other portfolio companies. Affluence does a great job of identifying gaps and help bridge the same with its committed and professional approach to the tasks that they undertake. I look forward to building on this partnership with Affluence.

    Mr. Vamesh Chovatia
    Partner, TATA CAPITAL Healthcare Fund
  • We are consulting Affluence Advisory for over 15 years for tax and compliance matters. We appreciate their competence and commitment to the engagements offered to them. Affluence’s simplified and solution-based approach is very unique and commendable. My personal best wishes to Team Affluence Advisory.

    Mr. K Ullas Kamath,
    Joint Managing Director, Jyothy Labs Ltd, Chairman – FICCI Karnataka State Council
  • We have worked with Affluence and Nimish,for well over 9 years from.From creating our companies, to handling them when they are at a multi billion dollar stage, we have found them taking care of each aspect with as much attention & perfection.
    I would go on to say, that they are one of the pillars and architects of our success and wish them the very best in everything.

    Mr. Siddharth Shah
    Co-founder, MD and CEO of Pharmeasy
  • We are incredibly grateful to Affluence and their team for their exceptional support in streamlining and helping us navigate the complexities of RBI and secretarial compliances. Their in-depth knowledge and clear guidance have not only made the process more understandable but also allowed us to stay fully compliant.
    What truly sets Affluence apart is their unwavering support, even during challenging times. Whether it’s responding promptly to urgent queries or providing proactive advice, they’ve always been there when we needed them most. Their professionalism, expertise, and dedication have been invaluable to us, and we look forward to continuing our successful partnership with them.
    Thank you, Affluence, for being a trusted and reliable partner in our growth!

    Pooja Jain
    AVP – Finance, Vivifi India Finance Private Limited
We are Professional

Our Team

People are our greatest asset and we believe in our people. Our multi disciplinary team would always go that extra mile to ensure that all the client deliverables are prepared within agreed time frame to technical standards and presentational quality. Our success is greatly dependent on quality and performance of our people.

  • CA Nimish Khakhar

    Nimish Khakhar

    He is a fellow member of the Institute of Chartered Accountants of India. He has over 23 years of experience in Transaction (M &A) and Transaction Support Services (Vendor and Buyer side Due Diligence). His Portfolio includes both Brick and Mortar and Modern Trade Businesses. He has played key roles in a few large M & A transactions and is also been actively involved in advising Unicorns since the commencement of operations.

  • CS S. N. Baheti

    S. N. Baheti

    He is an Associate Member of the Institute of Company Secretaries of India. He has 42 years of work experience in banking and financial services (including 34 years in IDBI group), with a diversified work profile having all-round exposure to activities of Development Financial Institutions, Infrastructure Debt Fund (NBFC), Mutual Funds, Commercial Banking, NBFC-HFC, and Company Boards including MD and CEO positions and Directorships in large corporates. Presently handling assignments as Insolvency Professional. He has played a key role as RBI representative in the resolution of one of the largest NBFC transaction.

  • CA Dwiresh Oza

    Dwiresh Oza

    He is having 27 years of extensive professional experience in Corporate Finance, Project Finance, Private Equity, Public/Rights Issues, Due Diligence, Corporate Debt Restructuring (CDR), ERP implementation, 50:50 International Joint Venture, Closely held as well as Listed Manufacturing Accounting, Statutory/Internal/Tax Audit and knowledge of IFRS. Have worked for more than 10 years in Infrastructure, viz. Ports and roads. Have demonstrated the ability to work across teams and with the senior management and Board of Directors in achieving various strategic initiatives on a time-bound and structured approach.

  • Subhamoy Chatterjee

    Subhamoy Chatterjee

    He has experience of over 21+ years in the Banking and Financial Services Industry. He has essayed leadership roles across key functions of market advisory, treasury, relationship management, and product strategy. He expertise extends to inorganic growth through acquisitions, strategy development, and technology integration. He's successfully managed Profit and Loss centers, implemented cost-saving measures, and contributed to organizations like ICICI Bank, Standard Chartered, and Thomson Reuters.

  • Tushar Trivedi

    Tushar Trivedi

    He is an Operation and Digital Transformation Consultant with 31+ years of experience in working with MNCs and large corporate clients in India and overseas like Oracle India, PwC, Citi Bank, Kotak Mahindra Bank, and NBAD. He has also been the recipient of prestigious awards from several institutions and publications.

  • CA Payal Gada

    Payal Gada

    She is a fellow member of the Institute of Chartered Accountants of India and has 18 years of post-qualification experience. She is a registered valuer with IBBI as Valuation Professional and for the last 8 years, she is working on financial modeling and fair value analysis across different industries for diverse purposes, including regulatory/compliance, investment, and financial reporting. Fair valuation across asset classes including but not limited to business valuation, intangible, ESOPs, convertible instruments, and other complex instruments.

  • CA Rashmi Dubey

    Rashmi Dubey

    She is an associate member of the Institute of Chartered Accountants of India. Over 6 years of post-qualification experience she has specialized in Risk Advisory. Her Risk Advisory experience includes internal audit, ICFR, designing of SOPs, corporate governance, enterprise risk management, internal audits.

  • CA Anand Shroff

    Anand Shroff

    He have experience of over 22+ years in Strategic Advisory and Corporate Finance. As a finance head, Anand has demonstrated the ability to work across functional teams and with the senior management and Board of Directors and achieved the organizational goals within a scheduled time through his structured approach. During his stint in the industry, Anand shouldered the responsibility of business expansion through M&A and raised capital through debts and equity. Anand has closely worked with the Promoters and took up the responsibility of execution of the entire project by coordinating with the multiple advisory agencies involved in the project. He carried this experience and assisted the Promoters with family offices set up and further advised the Promoters on domestic and overseas investments.

  • CA Hujefa Karjatwala

    Hujefa Karjatwala

    He is an associate member of the Institute of Chartered Accountants of India having experience of more than 12 years in profession. He specializes in Indirect Taxation & Internal audits. His area of interest includes Goods and Service Tax practice for SME clients and Internal audits.

  • CS Sachin Kotian

    Sachin Kotian

    He is a fellow member of the Institute of Company Secretaries of India. With Over 18 years of experience, he has expanded his advisory and compliance services for Private Equity, Venture Capital, Portfolio Companies Compliances, NBFC Registration & Compliance, Due Diligence, Mergers & Amalgamations, FDI & ODI Compliances, and ESOPs. He is also handle Client Relationships and provides guidance on FEMA / NBFC / Compounding / and other Corporate Laws related Matters.

  • CS Vinesh Mestry

    Vinesh Mestry

    He is an associated member of the Institute of Company Secretaries of India. His horizon for more than 7 years in the field of Corporate Law and adjudication-related matters before Regional Directors, NCLT. His LLB qualification gives an additional advantage in matters relating to Compounding, Mergers & Amalgamations before Regional Directors, NCLT & Other Regulatory Authorities.

  • CS Bhavesh Chheda

    Bhavesh Chheda

    He is an associate member of the Institute of Company Secretaries of India. He has experience of more than 10 years and specializes in the areas of Listing Compliance, SME & Mainboard IPO, Preferential Issues, Capital Structuring in Listed Companies, SEBI Intermediary Registration & Compliances, ESOP, Mergers & Amalgamations, Implementation of Resolution Plans after NCLT Approval, and other related matters. He also provides guidance and support to the compliance team in respect of Companies Act / RBI / FEMA / Corporate law.

  • CS Tanvi Shah

    Tanvi Shah

    She is an associate member of the Institute of Company Secretaries of India. Over 5 years of post-qualification experience, she focuses on Compliances of Companies Act/RBI/ and NBFC.

  • CS Raina Shah

    Raina Shah

    CS Raina R.Shah Corporate Governance & Compliance Specialist, with over Nine plus years of expertise in Company Secretary. She brings a strong foundation in corporate law and compliance, backed by a Bachelor of Legislative Law degree and membership with the Institute of Company Secretaries of India. Her professional focus spans Private Placement, Corporate Demergers, Foreign Acquisitions, Incorporation of International Entities, Debt Transactions, CSR, and Strategic Fundraising. Known for driving seamless corporate operations, she ensures rigorous due diligence and robust risk management, empowering organizations to grow responsibly and sustainably.

  • Chaital Vas
    Advocate & Solicitor

    Chaital Vas
    Advocate & Solicitor

    She is a member of the Bombay Incorporated Law Society (BILS). She is a seasoned corporate lawyer with over two decades of experience. She excels in corporate advisory matters, SEBI regulations, and has a rich expertise spanning industries like Banking, Real Estate, IT, and more. She is renowned for her skill in drafting legal documents and guiding clients through complex regulatory landscapes

  • Bhakti J. Thakker
    Advocate & Solicitor

    Bhakti J. Thakker
    Advocate & Solicitor

    She is a member of the Bombay Incorporated Law Society (BILS). She has handled Real Estate Transactions such as the sale of land/ flats, leave and license, leases and Wills, Testamentary Matters, and general corporate matters such as giving legal opinions including drafting the concerned relevant deeds and documents.

  • CS Atharva Kale

    Atharva Kale

    He is an Associate Member of the Institute of Company Secretaries of India (ICSI), with a legal background and a focused interest in corporate and securities law. With a fresh perspective and strong academic grounding, he is actively involved in matters relating to company law, NBFC regulations, and SEBI compliance.

  • CS Grishma Malvankar

    Grishma Malvankar

    She is a qualified Company Secretary with over one year of experience in corporate and compliance laws. She has worked on various matters including secretarial compliance, drafting, and corporate governance, with a strong focus on accuracy and attention to detail. She has been actively involved in key projects such as Employee Stock Option Plans (ESOPs) and fast-track mergers, demonstrating her ability to handle complex legal and regulatory processes.

  • CA Ambarish Sodha

    Ambarish Sodha

    He is a fellow member of the Institute of Chartered Accountants of India. Over 43 years in direct tax litigation and tax advisory services, he appears before first and second appellate authorities. Over and above Profession, he is actively engaged in several social causes including promoting girls’ education in rural areas.

  • CA Payal Khakhar

    Payal Khakhar

    She is a fellow member of the Institute of Chartered Accountants of India. She has experience with over two decades. She heads indirect tax practice that covers regular GST compliances, GST reviews, and advisory services across different sectors.

  • CA Tejas Sodha

    Tejas Sodha

    He is a fellow member of the Institute of Chartered Accountants of India. He handles Direct tax litigation and compliance for over 12 years and regularly appears before first and second appellate authorities. He advises NRI on direct tax and withholding tax matters. His involvement in complex tax structuring has been appreciated by the Clients.

  • CA Dipesh Sangoi

    Dipesh Sangoi

    He is a fellow member of the Institute of Chartered Accountants of India. He heads Assurance practice and handles listed as well as unlisted companies and MNCs over the last 15 years. He manages Statutory Audits, Bank Audits - Central Statutory and Branch Audits, and Certification work for obtaining Bank Finance and certificates required for Public Issues.

  • CA Payal Doshi

    Payal Doshi

    She is a member of the Institute of Chartered Accountants of India. Her 10 years of experience is channelized towards Statutory Audits of Listed as well as unlisted entities and Tax Audits and Certification work.

  • CA Viral Shah

    Viral Shah

    He is a member of the Institute of Chartered Accountants of India. He has experience of more than 7 years and he is involved in Statutory Audits of Listed as well as Unlisted entities and Tax Audits and Bank Audits.

  • CA Ritesh Jain

    Ritesh Jain

    He is a member of the Institute of Chartered Accountants of India. He is engaged in compliance and management support functions. His industry experience contributes significantly to his delivery.

  • CA Aakash Sarda

    Aakash Sarda

    He is a qualified Chartered Accountant having an experience of over 7 years in Indirect Taxation. He has worked with Deloitte in the Indirect Taxation team for over 5 years. He has handholded clients with Service Tax, VAT/CST, GST compliances, advisory, refunds, department audits, inquiries and investigations by intelligence wings of the department and litigation matters. He also holds experience in conducting Anti-Profiteering study. He has assisted in preparing a representation for Gems & Jewellery sector on GST concessions sought by them. Further, he holds experience with SEZ related matters such as setting up a unit in SEZ area, their monthly compliances and advising them on their business transactions. His experience also covers the examination of agreements and evaluates the GST impact of the transaction under consideration. He has provided various opinions through Memo/Notes on issues specific to clients business and industry wide issues. He has served clients like General Insurance, Internet Telecommunication, Information Technology, Hospitality sectors etc. among others.

  • Adv Dhruti Shah

    Dhruti Shah

    She is an attorney practising in taxation matters. She had represented clients before High Court, Debt Recovery Tribunals, City Civil Court and various other forums. She holds experience in handling GST advisory, compliances, returns, computation of tax & it's payment thereof and maintaining audit trials & reports for assistance with assessments. She has served clients in various sectors viz-a-viz Banking, Information Technology, Education, Gaming & Entertainment.