In its move to strengthen its Financial Institutions Group (FIG) and regulatory bench Cyril Amarchand Mangaldas (CAM) announced joining of three former senior regulators, Mrs. Lily Vadera, Former Executive Director, Reserve Bank of India (RBI), Mr. P. K. Nagpal, Former Executive Director, Securities and Exchange Board of India (SEBI) and Mr. Nilesh Sathe, Former Whole Time Member of the Insurance Regulatory and Development Authority of India (IRDAI) as Senior Advisors.
The Present Members of Cyril Amarchand Mangaldas’ Regulatory Bench
Welcoming them to the Firm, Mr. Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas said, “I am pleased to welcome them on board. They are deeply respected individuals in the industry and their joining will further support Firm’s FIG team and the regulatory bench.” He further added, “Our regulatory advisors bench brings substance and experience which will enable us to continue to provide comprehensive and innovative advice and give depth to our offering.”
1. Mrs. Lily Vadera, has served RBI for more than three decades and headed the crucial department of regulation where she dealt with the regulatory framework for various entities in Financial sector, covering all categories of banks and non-banking finance companies. She framed regulations for Fintech players and played significant role in amalgamation of banks in stress. She also played an important role as a member of Insolvency Law Committee set up by Ministry of Corporate Affairs.
On her joining CAM, Mrs. Vadera said, “I am delighted to be part of Cyril Amarchand Mangaldas. The Firm carries great reputation in the financial services sector, and I am looking forward to work with their lawyers.”
Mr. P. K. Nagpal, Former Executive Director, SEBI
2. Mr. P. K. Nagpal, has about 40 years of experience. At SEBI, he was involved in formulation of policies and reforms in various segments of securities markets and enforcement of regulations. He had chaired the IOSCO Committee on accounting, audit and disclosures comprising of 33 jurisdictions, committees of financial sector regulators in India, Committee on Stewardship Code and Standing Committee on Credit Rating Agencies. He also held the charge of Director, NISM.
On his appointment as Senior Advisor at Cyril Amarchand Mangaldas, Mr. Nagpal said, “It is my pleasure to be part of this distinguished organisation and assist in financial institution group’s development initiatives.”
3. Mr. Nilesh Sathe, before joining IRDAI, Mr. Sathe held position of Chief Executive Officer (CEO) at LIC Nomura Mutual Fund Asset Management Company and Executive Director at the Life Insurance Corporation of India (LIC).
Mr. Sathe, Senior Advisor at Cyril Amarchand Mangaldas said, “I feel honoured to be part of CAM and I am hoping to contribute extensively in the financial services regulatory space.”
These new additions comprehensively cover the entire sector, CAM will now have an integrated regulatory and policy advisors’ bench, a first-of-its-kind in India which will offer complete business, sectoral and regulatory advice to its clients.
The present members on CAM’s regulatory bench include:
1. Mr. Anand Sinha, widely respected Former Regulator and Deputy Governor, RBI, with 37 years overseeing Banking, Non-banking, Information Technology and Risk Monitoring.
2. Mr. S. Ganesh Kumar, Former Executive Director, RBI, with over 36 years supervising Information Technology, Payment and Settlement Systems and External Investments and Operations. Most recently he has been at the forefront of integrating (and oversight over) technology and banking/ financial services.
3. Mr. J. Ranganayakulu, Former Executive Director and Legal Head, SEBI, who oversaw framing of key regulations, investigations and enforcement and has deep insights into the regulatory mindset of SEBI.
4. Mr. Arjun Goswami, Former Chair, Regional Cooperation & Integration (RCI) Thematic Group, Asian Development Bank (ADB), Manila, which integrated the government and policy cooperation aspects of the ADB; he brings rich experience in understanding each aspect of government cooperation and understanding the regulatory and policy mindset from a holistic perspective.
5. Mr. B. Sriram, Former Managing Director of the State Bank of India (SBI) and State Bank of Bikaner & Jaipur, and former Chairperson IDBI Bank. He has over 37 years of experience in all areas of Banking and Finance. He has held Board positions in various financial subsidiaries of SBI and Nominee Director representing SBI on the Boards of invested companies.
CAM’s regulatory and policy bench is a critical piece of the Firm’s sector-based approach to the financial services industry and supports the newly created Financial Institutions Group. The regulatory bench has had the benefit or living through the evolution of laws and business changes affecting the policy development of and delivery of services in the financial services universe, and also having overseen technological and business developments involved therein.
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 104 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has 750 lawyers, including over 150 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm was recently named in ’25 Most Innovative Companies of the Year’ by CII. Also, received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asia Law Regional Awards 2020. The firm was recognised as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.