Photo of Pranav Sharma

Partner in the Banking and Financing practice at the Mumbai office of Cyril Amarchand Mangaldas. Pranav has over 15 years of specialist experience in Banking & Finance, Project Finance and Debt Capital Markets. He has advised banks and financial institutions, multi-lateral agencies, sovereigns, governmental agencies, state owned enterprises and companies across a varied spectrum of financings – both in India and abroad.

Pranav worked for over 6 years in the banking group at Linklaters LLP in London. He is dually qualified in India and England.

He can be reached at

Amendments to the ECB Policy - A Big Boost for Cross-Border Financings

Given prevailing market conditions, Indian corporates have increasingly been facing issues in accessing credit from onshore loan and debt capital markets. Recent Securities and Exchange Board of India (SEBI) regulations aimed at growing the debt capital market in India and reducing dependence of corporate India on loans from the Indian banking sector require that certain Indian companies must necessarily fund a specified percentage of their debt requirements by issuing bonds.

The forthcoming implementation of new norms on single and group exposures for the Indian banking system is also resulting in some of the larger corporates having to look at other options beyond their preferred relationship banks onshore for meeting their debt funding requirements. Both the non-banking sector and the mutual fund industry in India – significant sources for onshore debt markets – are also currently grappling with their own set of challenges. In this environment, these amendments to the External Commercial Borrowing (ECB) framework are most welcome as they will allow Indian companies to look at tapping the offshore loan and bond markets for raising debt capital.
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