Photo of Anu Tiwari

Anu Tiwari

Subscribe to Anu Tiwari's Posts

Partner (Head - Fintech and FSRP) at Cyril Amarchand Mangaldas. Anu represents Indian and multinational banking, broker-dealer, exchange, asset management, speciality finance, fintech and information/ emerging technology companies on transactional, enforcement and regulatory matters. His transactional practice focus is on public & private M&A, capital raising, commercial agreements and activism matters. Anu advises financial services clients on matters before the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Ministry of Finance, Enforcement Directorate and appellate tribunals. He can be reached at anu.tiwari@cyrilshroff.com

 

 

FIG Paper (No. 44 - Series 3): RBI Consolidates Directions on Digital Lending: Implications for REs & LSPs

Background:

The Reserve Bank of India (“RBI”) on May 8, 2025, issued the Reserve Bank of India (Digital Lending) Directions, 2025 (“DL Directions”).

The idea of these new directions was to consolidate the various directions and circulars on digital lending by Regulated Entities (“RE”), previously issued by the RBI[1], provide greater clarity on consumer/ customer centric rights from a customer protection point of view and create a repository with the RBI of all digital lending apps/ platforms (“DLA”) provided by REs/ lending service providers (“LSP”).Continue Reading FIG Paper (No. 44 – Series 3): RBI Consolidates Directions on Digital Lending: Implications for REs & LSPs

FIG Paper (No. 43 – VDA Series 5) India’s Stablecoin Industry – Reacting to Global Regulations & Market Trends

Stablecoins, which are virtual digital assets (“VDA”) typically pegged to stable assets like fiat currencies, are being recognised as the cornerstone of digital finance revolution, delivering a blend of traditional currency stability and decentralised innovation. As their global adoption accelerates — from everyday retail transactions/ cross-border remittances to institutional treasury operations — governments worldwide are realising that clear, forward-thinking regulation can foster innovation and help their economies stay ahead of the pack.Continue Reading FIG Paper (No. 43 – VDA Series 5) India’s Stablecoin Industry – Reacting to Global Regulations & Market Trends

FIG Paper (No. 42 – Series 1) – Regulatory Trends in NBFC Sector

Background

Of India’s overall credit market, non-banking financial companies (“NBFCs”) command a 22% share[1], primarily catering to underserved sectors and providing retail loans, particularly to small businesses and households. As NBFCs have become systemically important for the economy, they have been subject to increased regulatory oversight by the Reserve Bank of India (“RBI”), evidenced by the introduction of scale-based regulations, which prescribe differential regulatory norms basis size and scale of the NBFC. This FIG paper explores the recent regulatory trends in this sector.Continue Reading FIG Paper (No. 42 – Series 1) – Regulatory Trends in NBFC Sector

FIG Paper (No. 40 – VDA Series 4) Global Crypto Developments: Lessons for India’s Regulatory Regime in 2025.

While reports indicate that India has the highest virtual digital asset (“VDA”) adoption across jurisdictions, we are yet to see any concrete movement on a corresponding regulatory framework to govern the sector and provide legal clarity.Continue Reading FIG Paper (No. 41 – VDA Series 4) Global Crypto Developments: Lessons for India’s Regulatory Regime in 2025.

FIG Paper (No. 40 – Data Law Series 6) Draft Digital Personal Data Protection Rules, 2025 - Key Implications for Financial Services Sector

Background:

  1. India’s first dedicated data privacy law, the Digital Personal Data Protection Act, 2023 (“DPDP Act”)[1], was passed by both houses of Parliament, and received Presidential assent on August 11, 2023. 

Continue Reading FIG Paper (No. 40 – Data Law Series 6) Draft Digital Personal Data Protection Rules, 2025 – Key Implications for Financial Services Sector

Introduction:

The rapid development and deployment of Artificial Intelligence (“AI”) and Machine Learning (“ML”) tools by market participants over the course of the past year prompted the Securities and Exchange Board of India (“SEBI”) to issue, on November 13, 2024, a consultation paper on “Proposed amendments with respect to assigning responsibility for the use of Artificial Intelligence Tools by Market Infrastructure Institutions, Registered Intermediaries and other persons regulated by SEBI” (“Draft Amendments”), seeking public suggestions on a series of amendments to the extant regulations.Continue Reading SEBI’s Proposed New Amendments on Usage of AI Tools by Regulated Entities

Semiconductor Partnerships: Key Considerations

Semiconductors, often just called ‘chips’, are the building blocks of modern technology, powering everything from smartphones to military equipment. These tiny devices have become cornerstones of global power and influence, driving geopolitical and economic competition. Unlike other partnerships and joint ventures (“JVs”), the semiconductor space has its own unique set of considerations, which go beyond the usual ones, like setting up the entity, equity contribution, right and obligations of parties and exit terms.Continue Reading Semiconductor Partnerships: Key Considerations

Global Capability Centers – Trends, Opportunities and Recent Learnings

Overview

With over 1,700 Global Capability Centers (“GCCs”), revenues at $64.6 billion (a 40% jump over FY23 numbers) and a 17% global share of the GCC capacity base, India is the GCC Capital of the World. The GCC market in India is projected to grow to $99-105 billion by 2030 with nearly 2,100-2,200 GCCs and a headcount of ~2.5-2.8 million.[1]Continue Reading Global Capability Centers – Trends, Opportunities and Recent Learnings

FIG Paper (No. 39 – Series 3): Recent Learnings from the Indian Virtual Digital Assets Regulatory Space

While ministerial discussions on cryptocurrency regulation had been taking place at the G-20 level, we are expecting the Department of Economic Affairs (“DEA”) may come out with a consultation paper for regulating virtual digital assets (“VDA”) as soon as October this year.Continue Reading FIG Paper (No. 39 – Series 3): Recent Learnings from the Indian Virtual Digital Assets Regulatory Space

Introduction

Global M&A activity in the financial services sector appears to have slowed, despite a strong start in 2024, in line with general market trends. The Financial Institutions Group (“FIG”) is experiencing a unique phase of consolidation, with deal values increasing despite a significant decline in deal volume. This trend can be seen in a 5% YoY rise in deal value and a 30% drop in volume in the first half of 2024[1], suggesting a shift towards larger, strategic mergers.[2]Continue Reading FIG Paper (No. 38): M&A in FIG Space: Recent Trends and Shifts