Anchor Bets, Exit Jitters: What FPI Signals Mean for Pre-IPO Deal Structuring

Author: Archana Balasubramanian Foreign Portfolio Investors (FPIs) appear to be sending mixed signals to Indian markets: while secondary market withdrawals crossed INR 25,000 crore recently, anchor investment in IPOs has risen sharply, with over INR 26,000 crore deployed in recent months. This apparent contradiction reveals a sophisticated investment strategy that transcends simple market sentiment. FPIs... Continue Reading →

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Long-Lag Compliance and Diligence: A Conversation with Archana Balasubramanian

BACKGROUND Recently the Enforcement Directorate (ED) has issued show-cause notices totalling INR 1,654 crore to Myntra Designs Pvt Ltd and its affiliate Vector E-Commerce Pvt Ltd. The investigation focuses on structuring decisions dating back to 2010, when the company, then an early-stage, foreign-funded online apparel platform, created multiple group entities so that a marketplace front-end... Continue Reading →

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What the Myntra ED Probe Says About Long-Lag Regulatory Investigations

BY NITIN JAIN It's not often that a regulatory case opens a 10+ year window into past compliance decisions. But that's what the Enforcement Directorate's INR 1,654 crore FEMA case against Myntra is doing. The alleged violations (from 2010–2015) involve multi-brand retail structuring using affiliate sellers. The ED claims that Vector E-Commerce, an entity related... Continue Reading →

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Can Global Wallets Be Legally Interoperable Before They Become Technically Interoperable?

Last month, the CEO of PayPal made headlines with a bold statement: imagine a world where your Indian UPI wallet could seamlessly buy a product in Brazil or send money to a friend in France. The soundbite was powerful. The headlines called it "UPI goes global." But the real question is: Can global wallets be... Continue Reading →

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How MoA Language Affects Investor Due Diligence

By Archana Balasubramanian A mid-growth SaaS company, fresh off their first term sheet for a ₹40 crore infusion, found themselves in a surprising delay. Everything was aligned: due diligence done, traction numbers strong, founder chemistry perfect. Then the investor’s compliance team flagged one line in the Memorandum of Association (MOA). The company, focused on AI-led... Continue Reading →

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Founders Get Blindsided: Why Internal Missteps Spark the Most Legal Disputes

By Nitin Jain, Partner  You’d think most founder disputes erupt from ego clashes or equity greed. But in our experience advising both startups and buyers, that’s rarely how it starts. The most volatile disputes we see arise because of mismatched expectations at the wrong time. And in many cases, these expectations were never deliberately misrepresented.... Continue Reading →

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