Gazal Rawal

Gazal is part of the markets practice group with a special emphasis on financial regulatory practice.

She has more than 19 years of experience and has advised number of financial institutions on a wide range of matters. Her expertise lies in securities regulatory work and transaction advisory in financial services space with special focus on securities market intermediaries, banks and non-banking entities.

She has extensive experience in advising securities market intermediaries, market infrastructure institutions, foreign portfolio investors (FPIs), foreign venture capital investors and fiancnial instutions on varied matters including licesning/ regisration, ongoing compliances and advisory work, cross-border marketing. She also handles regulatory inspections & investigations, regulatory representations (contentious and non-contentious), settlement proceedings as well as internal regulatory investigations conducted by financial services entities.

Relevant Experience

Advised multiple FPIs such as Allianz Global, Bank of America, Barclays, BNP Paribas, Brookfield, Citigroup, Credit Suisse AG, Goldman Sachs, GQG, HK Provident Fund, Hong Kong Monetary Authority, JP Morgan, KKR, Millenium, Morgan Stanley, Nalanda Funds, Nomura, PIMCO, UBS and Vanguard. This includes advice on FPI norms as well as offshore derivative instruments related aspects, regulatory representations and settlement proceedings.
Representing certain entities listed on Calcutta Stock Exchange in proceedings before various fora.
Advised securities market intermediaries ( JM Financial group, IndiGrid, ICICI Prudential AMC, Kotak Mahindra, IDBI Capital Markets, SBI Capital, Bank of America/ DSPML, ICICI Securities, Edelweiss, CSG-CIMB), listed companies – main board and others (viz. Avenue Supermarts, Aster/ Malabar, Spandana Spoorthy etc) and/or their directors, key personnel on contentious securities proceedings and settlement proceedings.
Advised on Indian regulatory aspects and applications with respect to (i) merger of Credit Suisse Group into UBS Group AG; and thereafter; (ii) the absorption of Credit Suisse AG’s Indian entities pursuant to the global merger, on account of inter alia SEBI licenses held by certain entities.
Advised on regulatory aspects and applications with respect to acquisition of Sharekhan by Mirae Asset Financial Group.
Advised on India SEBI related leg with respect to global restructuring involving inter alia, BNP Paribas Asset Management.
Advised on regulatory aspects and applications with respect to investment by an Advent entity in Yes Bank Limited.
Advised on the regulatory aspects of investment by marquee investors in relation to acquisition of substantial stake or control in various NBFCs. This includes:
Avenir Investment RSC (an affiliate of IHC based in Abu Dhabi) investment and acquisition of control in Sammaan Capital
Bain Capital’s investment and acquisition of control in Manappuram Finance
CVC Capital’s investment and acquisition of control in Aavas Financiers
Witkopeend B.V. (an affiliate of EQT) acquisition of IndoStar Home Finance (now Niwas Housing Finance) from IndoStar Capital Finance, which was controlled by Brookfield Asset Management
Svatantra Microfin investment and acquisition of control in Navi’s group Chaitanya India;
Partner Group’s acquisition of Infinity Fincorp Solutions from inter alia, True North Managers
Warburg investments in Truehome Finance (erstwhile Shriram Housing), Vistaar Financial Services
Private Limited and Fusion Micro Finance Private Limited;
Vitruvian’s investment in Hiranandani Financial Services
Mizuho Leasing Company Limited investment and acquisition of control in Rent Alpha (holding company of Capsave Finance Private Limited)
Sumitomo Mitsui Banking Corporation investments in Northern Arc Capital Limited as well as in Aseem Infrastructure Finance Limited (Non-banking Financial Company – Infrastructure Finance Company (NBFC-IFC), incubated by National Investment and Infrastructure Fund Limited (NIIF), anchored by the Government of India, through its Strategic Opportunities Fund (SOF)).
KKR’s Redpoint Investments Pte Ltd on acquisition of significant stake in Avendus Capital Private Limited.
Advised on regulatory applications for transition of control of Aadhar Housing Finance Limited within Blackstone affiliated entities.
Advised on regulatory aspects of vendor diligence in CredAvenue which raised funds from several marquee investors such as Sequoia, Lightspeed, Lightrock etc.
Advised on regulatory aspects of (i) restructuring and de-merger of RBI and SEBI regulated business in Vivrithi group; and (ii) merger of L&T Infrastructure Finance Company Ltd and L&T Housing Finance Ltd with L&T Finance Limited. Also advising on (i) merger by absorption of REC Ltd into Power Finance Corporation Ltd. and (ii) de-merger of NBFC business from Sammaan Finserve to Sammaan Capital.