Photo of Hamraj Singh

Hamraj Singh

Principal Associate in Financial Services Regulatory Practice at the Mumbai office of Cyril Amarchand Mangaldas. Hamraj can be reached at hamraj.singh@cyrilshroff.com

FIG Paper no. 48: Change in Control & Learnings in FIG space

Mergers and acquisitions (M&A) in the banking, financial services, and insurance (BFSI) sector constituted approximately 10% of all M&A activity in India in 2024, exceeding USD 12.1 billion[1] in value, making it the second highest among all sectors. Infrastructure and BFSI are expected to continue driving M&A deal activity in India. Recently, India is seeing several large M&A transactions involving complex structuring, regulatory approvals on account of change in control, bespoke due diligence and documentation considerations and nuanced approach to regulatory interface before and after deal signing to obviate deal failure risks. Basis our recent experience, and change in control provisions applicable to banks, non-banks, payment system operators (PSOs), mutual funds and insurance players, this paper provides an overview of the specific deal and change in control linked regulatory approvals and learnings / considerations relevant from a transaction structuring and deal execution perspective, across each of the BFSI verticals.Continue Reading FIG Paper no. 48: Change in Control & Learnings in FIG space

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

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