the 10 best constitutional legal firms in Dec 2017 by insights Success.

1. The way of business solutionsThe way of business solutions
December 2017
www.insightssuccess.in
December 2017
www.insightssuccess.in
Expert’s Viewpoint
Ease of doing
business in India
Thukral Law Associates
A Pioneer in the Legal Industry of India and Abroad
THE10Best
C O N S T I T U T I O N A L
in 2017
Finance Talk
Security Transaction Tax:
Payable on the value
of security
Karan S. Thukral
Managing Partner
LEGAL
FIRMS

4. very day is a day for a new beginning and every day is a day
Efor innovation. With science and curiosity comes innovation
and with invention comes new technology. Technologists are
bringing out new technologies each day to make our lives a little easier
to live in each day. The technology is not only redefining our lives and
lifestyle, but is also remoulding itself to surprise us with creative
opportunities.
Technology is getting into the veins of every existing item, from food
processing to shoe stitching and even into the legal world. Often,
people wonder how legal industry is influenced by the modifications in
the technological sector, but the introduction of computers and
smartphones have changed the entire human civilization, of which law
is no exception. Technological advancements have made it much easier
for the law professionals to get, access, store and share information in a
lightning speed with extreme accuracy.
While witnessing the legal structure of India, one can easily say that
there are multiple problems faced by courts, judiciary and public
seeking justice in terms of backlogs, delays and expense. Though there
are numerous dimensions to these problems, improvements in
operational efficiency, coordination, accessibility and speed, the
information technology, along with computer and internet can
contribute significantly towards the improvement and elimination of
such difficulties.
The entire judiciary system suffers from these problem but the
subordinate courts, mainly district ones, suffer the most. The major
issues like Judicial Commissions and Committees referring to delays,
arrears and backlogs can be overcome if there is a proper judicial
management information system. Anything from Case Management,
File Management to Docket Management can be improved vastly by
the usage of computers.
With the introduction of modern technologies into the world of law in
India, a reduction of delays and an enhanced productivity is expected.
It can also be expected that there will be improved legal information
databases, online query system for precedents, citations, codes,
statutes, generation of cause list and on the line/online statistics
reports, online caveat matching, online updation of data, monitoring
and flagging of events, pooling of orders and judgments, and other
similar features like international data bases and feedback reports of
various base levels.
Editorial
Technology
Redefining the Legal
Structure of India
Rajarshi Chatterjee

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Corporate Ofces:
December, 2017
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6. CONTENT
Cover Story
08
A Pioneer in the Legal
Industry of
India and Abroad
Article
Security Transaction Tax:
Payable on the Value of Security
Finance Talk
Is your law firm attracting
the right clients?
Revamping Counsel
Thukral Law
Associates
26 20

7. limelight:All -in-One
Marketing Platform
Ease Of Doing
Business In India
Indias Fintech revolution
is primed to put banks
out of business
Business TalkExperts’ ViewpointSpecialist’s Column
38 32 22
Banthia & Co. Advocates:
A renowned name in the Legal World
for Delivering Excellence,
Growth and Perfection Internationally
IndiaLaw LLP:
One-Stop Solution for Legal
Affairs from Courtroom
Litigations to Boardroom Negotiations
Khaitan & Co:
The Foremost Expert
in the Practice of Law
18
36
28

8. he current Indian legal environment is going through a paradigm shift. The nature of this industry is
Tdynamic. It is thus accepting all the technological advancements to take the country's legal standpoint to
the global forefront. After all the capital investment, proper team, revenue generation methods, what a
company needs is a legal support.
To showcase some of the best legal firms of India which are legally supporting leading businesses in the nation
and abroad, we have come up with our latest edition, “The 10 Best Constitutional Legal Firms in 2017”.
In the Cover of this issue, we have Thukral Law Associates: A Pioneer in the Legal Industry of India and
Abroad. The Thukral Group is an Indian law group that substantially comprises of diversified structured firms by
providing extensive range of legal services and legal representation to domestic as well as international clients in
various fields of law. It is a leading legal firm partnering with more than 120 law firms and international lawyers
around the globe. The firm is extensively providing legal services and advisory directly to international clients
from more than 25 countries.
The Managing Partner of the company, Karan S. Thukral, talked about the specialty of the company and said, “We
provide clients with national and international reach, while maintaining the responsiveness, decision-making and
cost effectiveness they have come to expect with an independent law firm.”
Along with this interesting cover story, this edition comes up with some interesting stories of the major
contributors of the Legal Industry as Banthia & Co. Advocates: A renowned name in the Legal World for
Delivering Excellence, Growth and Perfection Internationally. It is a leading legal firm with presence across
India and five other countries and with exceptional legal services relating to representation of its clients in
business, litigation, property and real estate matters.
IndiaLaw LLP: One-Stop Solution for Legal Affairs from Courtroom Litigations to Boardroom Negotiations. It
is a PAN India law firm, which stands as a one-roof solution to people or organizations seeking support in legal
affairs, from courtroom litigations to boardroom negotiations. Khaitan & Co: The Foremost Expert in the
Practice of Law. It is one of India's oldest full-service law firms that combines a rich heritage of over a hundred
years with modern, cutting-edge and solution-oriented legal practice and offers specialised advisory services to its
domestic and international clients.
This issue has also come up with some amazingly crafted articles by the experts of the industry like Gautam
Khurana, Founder & Managing Partner at India Law Offices and Ritika Sharma, an Advocate at India Law
Offices. Along with these interesting articles by the specialists, we have come up with some masterly articles by
our in-house editors as Security Transaction Tax: Payable on the Value of Security.
Hope you will enjoy reading this issue.
Constitutional Legal Firms, Supporting Businesses
to Stay Worry-Free From Legal Issues
Constitutional
Legal Firmsin 2017
The 10 Best

10. Karan S. Thukral
Managing Partner

11. AssociatesA Pioneer in the Legal Industry of India and Abroad
In these changing times, when the world is quickly pacing towards the easy to access technology
that makes lives easier to live, the legal industry is undergoing a paradigm shift. The industry now
looks more reshaped than ever before. Gone are those days when law was all about legacies of a
family pursuing the profession, toiling long hours, sweating it out and more, but with the advent of
technology, advanced tools and apps on hand, the face of the legal system seems to have a sudden
makeover. Law isn’t just a means to make money, but it’s an instrument to secure people’s justice.
With the impact of technology and influence of the client relationship, and financial and corporates
suffering from the effects of the economic downturn, there’s still plenty of scope for growth in the
emerging markets.
Seeing the space to grow and the necessity of a legal firm to help companies and individual to handle
legal matters with ease, enters The Thukral Group, a leading Indian law group substantially
comprising of diversified structured firms providing extensive range of legal services and legal
representation to domestic as well as international clients in various fields of law. One of the most
important segments under the group is Thukral Law Associates, a leading legal firm partnering
with more than 120 law firms and international lawyers around the globe.
The beginning of the firm was extremely humble and the law journey commenced in a tiny 300
sq. ft. office with the acquisition of one computer, a printer and an extremely modest capital of Rs
20,000. Now, after myriad years and hundreds of sleepless nights, The Thukral Group has
catapulted to soaring heights and the firm is now the best option to opt for representation for
individual and numerous corporate entities. Entrepreneurship is a lifestyle and not a science. For
Karan S.Thukral, the first opportunity arrived with the immigration sector where people who
have moved abroad faced difficulties with their legal matters in India. With great foresight,
vision and lucrative dreams in his heart, Karan established the The Thukral Group.
Being a leading firm in the nation and abroad, various cases handled by this firm have been
highlighted and published in the most renowned media publications all around the global like
The Guardian, Indian Express, The Hindu, The Washington Post and The Wall Street Journal.
The extraordinary services of Thukral Law Associates have helped the company to win

12. multiple awards, including Best NRI Law Firm-2015,
M&A Legal Awards; Best NRI – Dispute Resolution
Professionals, I PAC Legal Awards-2016; Best law
Firm for Family Law: Divorce & Adoptions,
Constitutional Law Firm of the Year, I PAC Legal
Awards -2016; Acquisition International Awards,
England-2014; Best Professional for Wills,
Inheritance, Acquisition International- England-2015;
Civil & Criminal Litigation Law Firm of the Year,
International Advisory Experts-2016.
The Areas in Which the Expertise of the Firm Lies
The Thukral Group is diversified in various sectors
of the legal industry. It consists of Thukral Law
Associates, Thukral Business Services, Thukral Global
Immigrations, Thukral Real Estate, and Thukral
Espion Services. Each of these sectors specializes in
each of its respective areas of expertise. With a wealth
of experience and enormous expertise in the legal
atmosphere of India and the world, The Thukral Group
works primarily in the sector of Constitutional Law,
Government Laws & Writ Petitions; Litigation,
Divorce, Family Laws, Child Custody, Inter- Country
Adoptions; International Arbitrations; Real Estate,
Property Matters, Inheritance Laws, Wills; Corporate
Consultancy, Business Startups, Subsidiary Launch;
Immigration Law, Citizenship Matters, Deportation &
Extradition; Investigation & Exploration Services.
Thukral Law Associates, being the most important
segment of the firm, caters its legal services to people
from 25 countries worldwide. It enjoys the distinction
of being one of those firms which have a full legal
service presence in almost all major cities of India
through its associate offices, including New Delhi,
Gurgaon, Punjab, Mumbai, Chandigarh, Jammu,
Allahabad, Nainital, Bangalore, Pune and Haryana.
The firm extensively deals with the litigation aspect of
work and has built up a renowned reputation in the
legal fraternity.
The firm was set up with the mission to serve people as
Lawyers, specifically those who are living around the
world far away from their home town in India. With a
vision to provide the clients with skilled legal advice in a
timely and efficient manner, the firm strives to handle
each matter with accountability and responsiveness in a
highly efficient manner.
The Firm Ensures Legal Services Easily Available,
Affordable and Hassle-free
“With every challenge comes equal and opposite
opportunity. It's the law of universe! Every challenge is
an opportunity to recognize something important, seize
the opportunity- make a difference! Among the daily
challenges, one of them is to uphold communication with
our global clients. We have tackled time zone differences
to coordinate with our international clients in certain
cases where collaboration is required,” said Karan S.
Thukral, the Managing Partner of Thukral Law
Associates. Apart from this, like any other firm, Thukral
Law Associates also faces challenges like Consumer
Education as in almost every case, the client has
something at stake, either money, freedom, reputation or
anything else, and a failure to properly understand what
is happening can lead to catastrophic consequences.
The Managing Partner of the firm quotes a line of Henry
Ford, “Coming together is a beginning, keeping together
is a progress; working together is success”. He clearly
states that his valuedteam and its power of co-operation
are helping the firm to overcome every challenge that
comes on its way. With such motivation and high team
spirits, the firm helps NRIs as well as domestic clients to
handle legal matters with ease. NRIs and other
individuals residing in foreign countries often find
themselves in the middle of a complex web of Legal
Situations, sometimes affecting their overseas
Being a lawyer is not a job, it's a lifestyle.
Based on the principles of practice area
specialization and complementary advantages,
we assign professionals who are the most
experienced in the related elds to each case
to ensure that the client receives customized
response to their needs“ “

13. A successful
lawyer starts
with a strong
foundation of
knowledge and
communication,
and, more often
than not, that's
what's enticing
to a larger
vision
immigration status/career or even their ability to
visit India. It is where Thukral Law comes into
the scene to help those people who are seeking
help for certain legal guidance.
With an objective to make available legal
services which are affordable and hassle free,
Thukral Law Associates offers a service which
helps their clients residing in foreign countries
to not be physically present in the court, saving
them from losing their earning while staying
from home as well as ensuring their personal
safety in serious cases. The embodiment of a
successful lawyer, is committed to being of
service to others in an ethical, compassionate,
and caring manner. One has to be committed to
building and fostering relationships.
Provides Personalized Legal Solution to Each
of its Clients
Being an independent firm, the office has the
flexibility and the focus to offer clients with
outstanding and responsive service in litigation
as well as corporates needs. Each of its clients
enjoy personal attention backed by personal
commitment. The Managing Partner of the Firm
spoke about client
satisfaction and
said, “By fully
understanding our
clients' objectives
and taking
ownership of their
situations, we can
assemble the
appropriate legal
team to meet our
clients’ needs. We
listen, advise and
deliver our absolute best in every case.”
Mr. Thukral further added, “Nowadays, law firms and lawyers are hired to help
clients avoid pitfalls and identify problems before they’ve arisen, rather than
sitting at desk waiting for the problems to come to you.”
The firm is strictly against the idea, “One size fits all” and gives a personalized
legal solution to each of its clients. “Based on the principles of practice area
specialization and complementary advantages, we assign professionals who are
the most experienced in the related fields to each case to ensure that the client
receives customized response to their needs,” said the Managing Partner of
Thukral Law Associates.The law firm just does not revolves around the formula

14. of merely providing legal services to clients, but
provides a set of effective management systems like
Strategic Planning, Financial Management, People
Management, Administrative Systems, Managing the
Production of Legal Services, and Information
Management System. Mr. Thukral is leading the firm to
ensure that all aspects of operating the law firm have
been accounted for and are monitored, and progress is
being made towards improvement.
About the Leading Entrepreneur behind this
Promising Legal Firm
Mr. Karan S. Thukral is the Managing Partner of The
Thukral Group as well as the Managing Partner of
Thukral Law Associates. He is a practicing lawyer who
is credited with the inception and establishment of four
different entities, each operating in a distinctive service
segment. In his capacity as the Managing Partner of the
firm, Mr. Thukral has been the chief architect in making
a shining presence of the The Thukral Group in almost
every field of law, internationally and within India.
The pivotal aim, which he has always kept in mind, is to
serve the community as a lawyer, not as a business man.
He substantially gives the credit of his success to his
father, Mr.H.S.Thukral, who is also a prominent lawyer
practicing in the Delhi High Court. Serving the
community is a crucial point, which can’t be ignored. As
a real lawyer, he thrives to fight for what is right and
bring appropriate result through the justice system. In
addition to his pivotal role as the Managing Partner of
the Firm, he is actively involved in advising and guiding
foreign and Indian clients on diverse matters involving
International and Indian laws. His name and the law firm
appear in the global legal directories of lawyers, law
firms & Attorneys in Gulf Advocates. He is a foreign
associate Business and Immigration lawyer with the
famous international Beijing Yingke Law firm in China.
Interestingly, he and the firm became the International
Partner of RL Advocates Law Firm in the year 2015 in
Lisbon, Portugal.
In various prominent legal cases of the nation, including
the one where a prominent doctor was struggling to take
her adopted child back to the US, Thukral represented
and successfully handled the matter. He was also the
main legal counsel who represented the Australian
couple before the Chief Justice of the Delhi High Court
Professional
success
cannot be
measured
through
nancial and
materialist
milestones.
That is never
the case
as the only
true yardstick
of professional
success
is achieving
excellence
in the practice
of law
and savoring the
professional
gratication that
ows from it.
‘‘

15. in the famous surrogacy case. He was also the main legal Attorney representing the Solicitor from Canada in the
well-known adoption case before the Delhi High Court.
Thukral has been practicing constitutional law dealing in mostly writ petitions directed against the government
departments and banks. Karan is an extraordinary entrepreneur who is not only leading this promising legal firm,
but is also actively associated with various trades, industries and legal bodies, bar associations including the
American Bar Association, Chicago; Inter-Pacific Bar Association, Japan; AEA International Lawyers, Europe;
International Bar Association, London; Delhi High Court Bar Association, India; Canadian Council – International
Law, Canada; and Australian & New Zealand Society of International Law, Australia.
The Future of the Legal Industry from Thukral's Perspective
The legal profession in India has undergone various changes over the last few decades. Since
1991, law as a profession is not limited to the three organs - Legislature, Executive and theJudiciary. Law has
witnessed dynamic changes while also covering the whole range of financial activities in the country, including
industry, media, Intellectual Property Rights, Information Technology, data protection etc. Legal education in
India, which has emerged as an honorable career , has witnessed an emerging scope as the field is still growing.
Thereof, legal education has a promising future, if you are able to keep it up with your devoting attitude.
After personally overseeing the impediments and hurdles that a single independent young lawyer faces in this
diverse and overly competent field, Mr.Thukral identified the main five assets which brought his vision to reality,
and they are Patience, Courage to take risks, Readiness to Evolve, Humility, and Innovation.
“Coming together is a beginning, keeping together is a progress; working together is success”

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17. Management BriefCompany Name
Advaya Legal
advayalegal.com
Ramesh K. Vaidyanathan
Managing Partner
Advaya Legal is a full service commercial law firm. The firm is
rooted in its understanding of business in India and yet has a
global outlook and reach.
Ahlawat & Associates
ahlawatassociates.com
Uday Singh Ahlawat
Corporate
Commercial Partner
Ahlawat & Associates is one of the leading law firms in India,
catering to domestic and international clients.
Banthia & Co. Advocates
banthialawfirm.com
Neelesh Banthia
Co-founder & Owner
Indialaw LLP
indialaw.in
K. P. Sreejith
Managing Partner
IndiaLaw LLP (IL) is a PAN India law firm, which stands as a
one-roofsolution to people or organizations seeking for support
in legalaffairs from courtroom litigations to boardroom
negotiations.
Khaitan & Co.
khaitanco.com
Haigreve Khaitan
Senior Partner
Khaitan & Co is one of India’s oldest full-service law firms
that combines a rich heritage of over a hundred years with
modern, cutting-edge and solution-oriented legal practice and
offers specialised advisory services to its domestic and
international clients.
Lakshmikumaran &
Sridharan
lakshmisri.com
V. Lakshmikumaran
Managing Partner
Lakshmikumaran & Sridharan (L&S) is a full service law firm
practicing in areas of Tax, International Trade, Intellectual
Property Rights and Corporate laws.
SRB JURIS
srbjuris.in
Chinmay Bhosale
Partner
SRB JURIS is a synthesis of traditional legal expertise and
cutting edge legal innovation. We strive to identify the exact
legal needs of our clients and cater to them.
Thukral Law Associates
thethukralgroup.com
Karan S. Thukral
Managing Partner
Trilegal
trilegal.com
Anirudh Agarwala
Counsel
Trilegal, founded in 2000, is a law firm based in India with over
200[1] lawyers across five offices in Bangalore, Hyderabad,
Mumbai, New Delhi and Gurgaon.
Banthia & Co. Advocates is a leading legal firm with
presence across all over India and five other countries and with
exceptional legal services relating to representation of its
clients in business, litigation, property and real estate matters.
The Thukral Group’ is an Indian law group substantially
comprising of diversified structured firms providing extensive
range of legal services and legal representation to domestic
as well as international clients in various fields of law.
Kaushal Shah & Associates
ksaattorneys.com
Kaushal Shah
Founder
Kaushal Shah & Associates a leading law firm in Mumbai acts
as a sole Indian legal Counsel for one of the largest and leading
international IT services provider based in France that provides
integrated design build and operate solutions to large
multi-national clients.

20. Constitutional
Legal Firmsin 2017
The 10 Best
A renowned name in the Legal
World for Delivering Excellence,
Growth and Perfection Internationally
Banthia & Co. Advocates:
C
onsidering the dynamic nature
of the legal industry, there
arise a necessity for the
adaptation of the changing
environment and the acceptance of
technological advancements in the
profession. Change is the only constant
thing in the world; hence, the
enterprises and organizations which are
constantly changing and molding
themselves are doing wonders in the
field and staying firm in this stiff
competition. Banthia & Co.
Advocates is one such leading legal
firm which is constantly evolving to
improve its methodologies in order to
provide a better and trustworthy
environment to clients along with a
growth-oriented and friendly
atmosphere to the budding lawyers of
our country.
Established in 1953, Banthia & Co.
Advocates has evolved as one of the
top law firms in India having its
presence in more than five countries
including the USA, UK, Dubai,
Singapore, Turkey and over 12 cities
all across India. With a passion
towards serving the legal profession
and real estate matters internationally,
Banthia & Co. Advocates operates two
delegate international offices in New
York and Chicago, providing multiple
services pertaining to Legal
Outsourcing, Paralegal and Secretarial
Services with a team of over 400
advocates.
18 | December 2017 |
company in the name of Banthia Legal
Services UK Ltd.
The firm shares their secret mantra
behind this extraordinary career and
states, “We in Banthia & Co.
Advocates believe in excellence,
growth and perfection in the work
entrusted to us.” It further adds an
interesting angle by quoting, “We as a
firm, believe in the commitment and
energy of the youth and for that reason
most of the advocates in our firm are
below the age of 50 years.”
Establishing Trustworthy and
Friendly Legal Atmosphere
Resourcefully
Equipped with the state-of-the-art and
communication facilities, Banthia &
Co. Advocates pinpoint ‘expertise in
local laws’ as its forte and ensures
maximum competency along with
added benefit to have an easy access to
local resources for in-depth research
and investigations. The company also
pledges to deliver various inputs and
valuable insights for the development
of the economic and commercial
condition of the country. It declares
‘Regularization of Properties’ as their
flagship offering and shows a
successful career in dealing with
international investment & property
matters.
Started with only three offices and a
With expertise in Indian local laws and
specialization in property law and real
estate matters, the firm also serves
Archdioceses/Dioceses and Religious
Congregations of Roman Catholic
Church spread across the globe. For
their extraordinary services, Banthia &
Co. Advocates has been recognized as
one of the most promising consultants
in India and abroad by various
well-known media publications. The
clients of this company have constantly
endorsed the firm and its services for
their internationally accredited legal
solutions. The company has efficiently
served some of the biggest
organizations of the world, including
Clinton Foundation and World Bank
with regard to the settlement of their
properties and counsels them on
investments worldwide. Nationally, it
deals all areas of banking laws and has
served the topmost banks in the
country including ICICI and HDFC.
Driven by the Motto to Ensure
Prompt Legal Services Worldwide
In any field, what counts more than
anything is their experience in that
particular sector and, Banthia & Co.
Advocates has had a successful career
of more than half a century in the legal
profession. Currently, the firm is
serving around 20 Archdiocese/
Diocese and 80 Religious
Congregations worldwide and the firm
has also started a UK based KPO

21. With a wealth of
experience of
almost two
decades, Neelesh
effectively
manages a team of
around 350+
lawyers,
specialized in
handling a variety
of legal works in different jurisdictions
across continents. His commitment,
vision, dedication and persistence have
helped Banthia & Co. Advocates to
emerge as a multifaceted International
law firm.
He started his career as a Pilot Officer
and later worked in numerous
organizations abroad. Realizing the
lack of commitment, punctuality and
loyalty towards clients in the Indian
legal industry, Neelesh joined this
profession to carry on the legacy of his
family while bringing a change in this
profession with dynamic approach and
reorient the conventional ways of legal
practice with commitment, honesty,
obedience and ability to deliver the
work in least possible time. For his
extraordinary deeds, Neelesh was
awarded with the membership of
International Council of Jurists.
Building Milestones of the Future
Apart from expanding its services
Neelesh Banthia
Co-founder & Owner
‘
We foster to
maintain a
long-term,
comprehensive
relationship
with our
esteemed
clients
| December 2017 | 19
globally in the near future, Banthia &
Co. Advocates is working on the due
diligence and compliance in relation to
property and investment matters. The
company has already entered into
ventures like Knowledge Process
Outsourcing and is currently working
on developing offices in Abu Dhabi,
Australia, Canada, France and Kuwait
and making plans to venture further
into more legal fields.
workforce of 10 advocates, currently
Banthia & Co. Advocates has a
full-fledged team of 400 advocates and
23 offices across the world. The Owner
of this company Neelesh Banthia
shares the credit behind the company’s
successful position to his team and
says, “The credit goes to my whole
team who has worked with me day and
night for the rising of this firm not only
domestically but internationally as
well.” Under the leadership of such a
highly experienced legal professional,
the company is diversifying the legal
profession by imparting discipline,
commitment and honesty, and also
with the ability to deliver the assigned
task as fast as possible.
About the Man behind this Leading
Legal Firm
Early in the year 1953, Late Shri Nihal
Singh ji Sb. Banthia establish the
company, headquartered in Bhopal,
Madhya Pradesh, with the vision to
bring together committed and
specialized advocates under a roof to
provide the best possible legal services
to the clients of various sectors in
central India. Currently, the company is
led by his son Mr. B.S. Banthia, a
renowned Supreme Court Advocate,
and his grandson Neelesh Banthia, a
seasoned lawyer with a wide
experience in dealing with legal
matters across the globe.

22. he Outlook of a Law Firm
In this highly competitive
world, the success of every
organization depends on how
creatively they handle their clients.
Their success depends on acquiring the
right client and to do so it has to device
a foolproof marketing strategy.
Successful business stories are written
by strategizing plans and implementing
them properly at the right place and at
the right time to achieve the intended
goals. To succeed in this highly
ambitious and competitive world, a law
firm has to properly identify the type of
clients it seeks. It should have a crystal
clear idea of its target clients and
should prioritize its goals, because if it
doesn’t, it will end up making wrong
choices and wrong decisions, which
will, in turn, be detrimental to the well-
being of the firm.
Research Matters!
Proper research on its clients will lead
a firm to ascertain whether they are
opting for the right clients. A detailed
and thorough research on its clients can
help a law firm to answer a few
questions like:
· Who are the company’s principal
competitors?;
· What is the potential market for the
company’s goods and services?
· What is the company’s strategic
plan? and so on.
A law firm should run a proper
background check on its prospective
clients, their history, achievements and
so on, to make sure that they are the
right persons to pursue a business
relationship with. A firm should also
keep track of its competitors and make
sure that they are always a step ahead
of them. Moreover, it should also be
extremely cautious regarding the
authenticity and credibility of its
clients.
Building Relation with Customers
American entrepreneur Jim Rohn once
said, “Either you run the day or the day
runs you”. A law firm should be
strategizing properly to get the right
client not only for its own profit,
growth and prosperity, but also to
provide quality services towards their
clients. Basically, law firms are focus
to provide the best quality service and
solution, because it smatters the most.
A law firm should always keep an eye
for potential customers. Building better
client relations helps in understanding
how each client is unique in their
needs, which in turn informs how to
handle each relationship and helps to
frame unique service strategies as per
the requirements of each client. Hence,
it is always important to maintain a
good relationship with everyone. Your
peers, subordinates, former employers,
relatives, even the vendors you deal
with may be your prospective
customers; hence, they should be
treated with respect and honor keeping
in mind your business agendas and
plans. Maintaining acquaintances is
very important as they can be sources
to new clients. In order to survive and
succeed in this era of stiff competition,
a law firm has to advertise and promote
itself (nowadays comfortably through
the internet) creating an awareness
about itself among the clients.
Quality of Service
The success or failure of a law firm
depends on the quality of services they
provides. A successful law firm should
always provide quality service to its
customers. Lifting client service up on
the ladder of priorities is a significant
change for many firms. Customer
satisfaction should be its prime
concern. It should efficiently provide
technically advanced, high-quality
services to its customers. Having a
proper combination of trained,
devoted, experienced and skilled staff
providing their services is very crucial
for a law firm.
T
20 | December 2017 |

23. Law Firms in the Digital Era
This modern digital era demands a law
firm’s presence in the digital platform where
there are many possibilities of acquiring
prospective customers surpassing physical
barriers and boundaries. A digital platform
can give a firm an extra edge and advantage
of promoting itself. It also goes for law
firms which are striving to succeed in the
business. Moreover, maintaining cyber
security strategies for protection against
cyber threats is also equally important.
Technology is constantly changing and in
order to remain relevant in this modern tech-
savvy era, one has to upgrade itself as per
the need of the hour.
In this modern era of cut-throat competition,
every law firm has to work very hard to
acquire new clients and to retain the existing
ones. In order to do so, it has to constantly
research, constantly improve and has to
come up with new strategies and techniques
to make sure that it gets the right clients and
provides its best services to them. Proper
research will help them to get the right client
and keeping good relation with them; it will
help the organization to maintain the long
run and will be beneficial for both the firm
and its clients.
| December 2017 | 21

24. Balkishan Chandak, Founder Partner of SMART CFO
Services LLP. He has 20 years of post qualication
experience in various industries in Capital Restructuring,
Fund Raising, Financial Analysis, Strategic planning,
Budgeting & Forecasting, Commercial Negotiations,
Corporate Tax planning, Supply Chain Management, Legal &
Secretarial, Systems Development and ERP
Implementation (SAP & Oracle). Balkishan proves his
excellence as leader with a track record of documented
contributions leading to improved nancial performance,
heightened productivity, and enhanced internal controls.
With Balkishan’s superior management, communication,
leadership and supervisory skills has “Hands on” style and
willingness to embody the core values of the Company. A
keen planner, strategist & implementer with demonstrated
abilities in spearheading Finance function, he has
accelerated the business growth. Under his headship, the
company provides shared CFO Services to SME’s and
Startups. Driving signicant improvement to the clients
nancial health through innovative business solutions &
supportive implementation, while building enduring
business partnerships.
About
India’s Fintech revolution
is primed to put banks
out of business
Business Talk
Balkishan Chandak
Founder Partner
SMART CFO Services LLP.
22 | December 2017 |

25. At its heart, FinTech is the business of using technology to improve financial services. These services are the ways in
which consumers and businesses manage, move and store their money: paying, lending, saving, borrowing, investing
and so on. Fintech firms are aiming to fragment the finance industry by making these services more efficient,
convenient and accessible.
Fintech enablement in India has been seen primarily across payments, lending, security / biometrics and wealth management.
These have been the prime focus areas for RBI and we have seen significant approaches published for encouraging fintech
participations.
Impact of Fintech in Banking
Banks have the two Cs which fintech start-ups want but cannot easily acquire—customers and capital.There are three areas
where the Fintech disruption will be most keenly felt:
• Consumer banking
• Fund transfers
• Payments and wealth management
Additionally, there is a second wave of disruption making its market in the asset management and insurance sectors. Banks
are adopting new solutions to improve and simplify operations, which fosters a move away from physical channels and
towards digital/mobile delivery. 80% of the leadership felt that FinTech is or will be a strategic partner to banks. More than
75% of the banks are involved with FinTech companies whose services are focussed on consumer banking, payments and
remittances.
A recent survey among consumerson various offering by Fintech Cos. gave us the below result
Source : Website
Key service offerings to emerging on digital platforms by Fintech Cos. includes :
• E-Wallet Services: Companies allow both private individuals and businesses to accept payments over the web and on
mobile without needing merchant accounts. Transfers are made directly to the bank account linked to the payee in order to
secure against fraud. Examples are Paytm, Mobikwik, and Oxigen Wallet.
• Remittance Services: A few Startup ventures, albeit registered abroad, are trying to address the gaps in remittance
transactions (both inbound and outbound) as the current process is cumbersome and expensive. These start-ups aim to disrupt
the current monopoly held by firms like Western Union and MoneyGram. Examples are Remitly, Instarem, and FX.
• Peer-to-Peer (P2P) Lending Services: Companies use alternative credit models and data sources to provide consumers and
businesses with faster and easier access to capital. P2P lending allows online services to directly match lenders with
borrowers who may be individuals or businesses. Examples are Lendbox, Faircent, i2iFunding, Shiksha Financial, Market
Finance, and GyanDhan.
| December 2017 | 23

26. • Personal Finance or Retail Investment Services: Fintech companies are also growing around the need to provide
customized financial information and services to individuals, that is, how to save, manage, and invest one's personal finances
based on one's specific needs. Examples are FundsIndia.com, PolicyBazaar, BankBazaarand Scripbox.
• Funding Services: This includes crowdfunding platforms that enable the funding of a project or business venture by
raising funds from a large number of people. Such internet-mediated platforms are gaining popularity across the world as
access to venture capital is often difficult to secure. These services are particularly targeted at the early stage of a businesses’
operation. Examples include: Ketto, Wishberry, and Start51.
• Cryptocurrency: India being a more conservative market where cash transactions still dominate, usage of digital financial
currency such as ‘bitcoin’ has not seen much traction when compared to international markets. There are, however, a few
bitcoin exchange start-ups present in India – Unocoin, Coinsecure, and Zebpay.
The future of payment is undergoing a transformation, as new entrants are enabling the market with new technologies such
as contactless payment, NFC enabled smartphones, cloud-based PoS and digital wallets. Existing players should opt for
strategic collaboration across sectors to increase customer acceptance, penetration of digital payments and create a lucrative
model for each participant.
Hence, instead of clamouring about lack of regulatory supervision on fintech firms, existing banks could capitalize on their
existing customer relationship and trust, and adopt products that allow for continuing these relationships via digital means as
well. The growth of fintech presents an opportunity for them to not only reduce costs substantially, but also to modernize and
attract those customer bases that are hitherto uncovered. Recognizing this potential, HDFC and Axis banks have launched
mobile phone applications to ease handling of digital money for consumers. Federal Bank has partnered with Startup Village
to support selected start-ups in developing innovative products for the bank.
Following initiatives have been taken by Govt recently to improve
the banking services :-
• Apart from PPIs, another exciting development in the payments
space is the so-called Payment Banks - new, stripped-down versions
of banks conceptualized by the RBI.Approval to 11 entities for
setting up Payments Bank
• Introduction of “Unified Payment Interface” with NPCI,which
holds the potential to revolutionize digital payments and take India
closer to objective of “LessCash” society
• Approval to 10 entities for setting upSmall Finance Banksthat can
significantly run in favour of cause for Financial Inclusion.
• Release of a consultation paper on regulating P2Plending market in India and putting emphasis for Fintech firms and
financial institutions to understand the potential of blockchain.
At the end of the day, FinTech is here to stay and start-ups are leading the way. According to a report by an analytics
company, Tracxn, there were 750 registered FinTech companies in India in 2015 of which 174 launched that year alone.
Banking regulations are becoming more inclusive and banks are investing in FinTech start-ups. It’s yet to be seen which ones
will emerge as winners but for now the momentum is on in this space.
The potential for FinTech start-ups to disrupt traditional financial services and banks in particular, has been recognised for
some time now. In part, with the loss of confidence in banks following the financial crisis, some of this talk has taken the
form of hope more than reasoned expectation. The start-up businesses we tend to refer to when we say’FinTech’ have
certainly played up their difference to banks (and fair play to them), by marketing themselves as being able to provide a
better service for less money thanks to new technologies.
But the question of whether they will replace banking and usher in a new era of finance without large banking institutions
remains to be seen.
Source : Website
Business Talk
24 | December 2017 |

28. Security
Transaction
Tax:
Payable on the Value of Security
26 | December 2017 |

29. Introduced in the Finance Act
2004, Security Transaction Tax is
a tax being imposed on all
transactions such as sale/purchase
transactions. This security transaction
is applied on the stock exchanges at
rates prescribed by the Central
Government from time to time. It is an
indirect tax which was made to lower
the tax on short-term capital gains and
to make the long-term capital gains
released from the levy of any tax.
Among all the other countries, India
has the highest taxes in stock markets.
STT is the largest fee paid by traders
with discount stock brokers. In some
cases, it’s over 100 times more than the
brokerage itself.
Taxation of profit or loss from
securities transactions depends on the
activity of purchasing and selling of
shares/derivatives which is classified as
an investment activity or business
activity. Treatment of STT depends
upon whether the pay from these
securities transactions should include
in the ‘Profits and Gains of Business’
or under “Income from Capital Gains”.
An independent study by Securities
and Exchange Board of India
suggested STT on protective-put and
hedged-call positions that should be
reduced to give a boost to the market.
Many traders would not disclose
profits made in the equity market and
sidestepped tax on capital gains. But
this system is changed in the last 10
years with the introduction of STT. The
tax is collected by the broker along
with other transaction charges such as
stamp duty and exchange house levy
and passed on to the Centre.
Long and Short Term Capital Gain
To neutralize some of the negative
impacts, long-term capital gains tax on
equities were removed and short-term
capital gains tax reduced to 10 percent.
Currently, a delivery trade in cash
market attracts STT of 0.1 percent on
traded turnover levied both at the time
of purchase and sale of shares. Gain or
lose is subject to Short-Term Capital
Gains or Long Term Capital Gains tax
depending upon the period of holding,
i.e., if the holding period is equal to or
greater than one year, gains is
classified as LTCG and if the holding
period is less than one year, gains is
classified as STCG.
STT of 0.025 percent on intra-day
trades is not much but for a day trader,
it is a certain increase in cost. STT can
form 40-50 percent of the total
transaction cost on equities. Other
transaction charges include brokerage
(of 0.01-0.03 percent on intraday),
stamp duty (0.002 percent in Mumbai),
exchange levy (NSE's is 0.00325
percent) and service tax.
STT on Mutual Funds
Every sale or purchase of securities
which are listed on the Indian stock
exchange is imposed with STT. This
would include shares, derivatives or
equity-oriented mutual fund units. The
rate of tax that is deducted is
determined by the central government,
and it varies with different types of
transactions and securities. Securities
transaction tax is deducted from equity
mutual fund units at the time of
redemption, when switched to other
schemes, a sale of units and not on
their purchase. STT is not applicable
on off-market transactions.
Who deducts the STT?
STT is a neat, efficient and easy-to-
administer tax that virtually eliminates
tax avoidance. Asset management
company and brokerage houses deduct
STT at source while executing the
transaction. If an investor redeems his
mutual fund units then AMCs are
authorized to deduct at the source
level, while if an investor sells his/her
units to others through stock exchange
then the respective brokerage house
through which the client has sold will
deduct the STT at the source. STT will
be applicable in the case of a
transaction that takes place in the
exchanges. For availing the exemption
in the case of long-term capital gain,
the asset under consideration has to be
subjected to STT. It is applicable on all
selling transactions for both options
and futures contracts. For the purpose
of STT, each future trade is valued at
the actual traded price and options
trade is valued at a premium.
STT is applicable at different rates
depending upon the transaction
(whether purchase or sell) and the
security (whether equity or derivative).
After simplifying the tax structure and
reducing it further the key is to
increase the participation, which makes
the market strong and less volatile.
Finance Talk
| December 2017 | 27

30. One-Stop Solution for Legal
Affairs from Courtroom Litigations
to Boardroom Negotiations
IndiaLaw LLP:
Like most other industry in the
world, the Indian legal
environment is also
undergoing a paradigm shift. While
glancing at the industry scenario, it
apparently seems that recovery of debt
was one of the major challenges of
doing business in India. The experts of
the industry say that the enactment of
Insolvency and Bankruptcy Code,
2016 brought about a revolutionary
change in the proceedings of debt
recovery in the nation. Soon, the new
law replaced the time consuming legal
proceeding with a new process which
is bound by a fixed time. The industry
pioneers have informed that this will
have a ripple effect on other legal
regimes in the country and will
gradually be evolving into a speedy
justice delivery system.
One such leading organization which is
contributing extraordinarily in the
renaissance of the fast-changing Indian
legal industry is IndiaLaw LLP (IL),
a PAN India law firm, which stands as
a one-roof solution to people or
organizations seeking for support in
legal affairs from courtroom litigations
to boardroom negotiations.
Established in 1998 and headquartered
in Mumbai, the firm has its presence in
all major cities and state capitals in
India, including 10 branch offices in
the nation and more than 170 lawyers
and ten partners.
difference. We bring a unique outlook
to the status quo to create resolutions
that factor in the big factor.”
Areas in which IL has laid its Hands
of Experience
IndiaLaw LLP practices in various
areas of legal matters and the prime
areas in which the company focuses
are as follows:
• Litigation: IL has successfully
handled various high profile and
complex litigations in the Supreme
Court of India and the High Courts.
The firm also regularly represents
its clients before various tribunals
and subordinate courts.
• Arbitration: IndiaLaw LLP has also
developed innovative methods for
execution of arbitral awards and
decrees. With a strong team
experienced in handling complex
arbitrations, the firm has
successfully handled thousands of
execution proceedings across the
country.
• Insolvency & Bankruptcy:
IndiaLaw is emerging as one of the
most preferred law firms in
handling insolvency and bankruptcy
proceedings. With an advantage of
having offices in all cities with
company law tribunal benches, the
firm is handling many high-stake
bankruptcy proceedings across
various company law boards and
representing many financial
IndiaLaw has a large client base
including several major national and
multinational corporates from
divergent sectors like banking, finance,
automobile, engineering, information
technology, FMCG, retail, hospitality,
oil and energy, telecom, infrastructure,
realty, pharmacy, insurance and
logistics among many others.
Client Diversity of IL Truly Reflects
its Expertise in Different Fields of
Law
The major achievement of IndiaLaw is
its diverse client list. From industry
leaders, Fortune 500 companies to
budding startups, pioneering
entrepreneurs to aspiring business
leaders, IL treats each of the clients
with equal attention. With experience
that spans over multiple practices and
jurisdiction, the firm provides tailored
legal advice that proves to be the edge
in situations that matter. IL uses state-
of-the-art technology to ensure
efficient handling of matters and
provides real-time updates to its clients
with only a click of a button. The firm
further employs dedicated Client
Service Managers to each of its clients
to ensure real-time communication and
efficiency.
The company asserts about its
expertise and says, “We understand the
complex workings of the law and
handle each client’s legal needs with a
Constitutional
Legal Firmsin 2017
The 10 Best
28 | December 2017 |

31. handle such
matters with ease.
While playing an
instrumental role
in introducing
technology,
Sreejith has
instilled the best
practices of the
corporate world
into IndiaLaw to make it the one-stop
solution provider for the corporates
seeking legal help. He has
singlehandedly founded the company
in the year 1998 and has led the team
to successfully handle several civil and
commercial litigations in the High
Court of Bombay and other courts
besides various non-litigation
assignments.
Sreejith is more popular as an expert
strategist, and his extraordinary deeds
have earned him the nomination as the
member of the National Task Force
constituted by CII on Dispute
Resolution. His expertise in
Arbitration, Banking and Non-banking
Laws has earned the company a loyal
corporate clientele.
Vista of Future from IL’s Perspective
With a highly trained team, IndiaLaw
progresses tremendously in handling
matters under the Insolvency and
Bankruptcy Code. With the advantage
K.P. Sreejith
Managing Partner
‘
Our aim is to become
number one insolvency
and bankruptcy law firm
in the country and
currently we are on
the right direction
in this regard
of having offices in all cities with
National Company Law Tribunals, the
company claims, “We can safely say
that IL has filed maximum number of
insolvency proceedings under the code
at present.” Sreejith concludes the
future plans of the company by saying,
“Our aim is to become number one
insolvency and bankruptcy law firm in
the country and currently we are on the
right direction in this regard.”
institutions and other entities in
bankruptcy proceedings.
• Real Estate: Having a dedicated
division for the real estate sector,
IndiaLaw firmly advises real estate
and infra companies on land
acquisition and project development
including large-scale SEZ projects,
integrated townships among many
other infrastructure projects.
• Banking & Finance: Having
established as a pioneer in banking
litigation and finance arbitration,
the firm stands as a ‘one-stop legal
service provider’ in banking and
finance industry.
• Merger & Acquisition: Having a
robust corporate and M&A practice,
IndiaLaw has advised on many
domestic and cross border
transactions in many areas
including joint ventures and
strategic investments, fund
formations, asset purchases,
franchise agreements and
technology transfers.
About the Entrepreneur leading this
firm
With over two decades of rich
experience, K.P. Sreejith, Managing
Partner at IndiaLaw LLP, is not only
well acquainted with the legal
landscape of Arbitration, Civil &
Commercial litigation and debt
recovery, but also helping corporates
| December 2017 | 29

34. Ease of
Doing
Business in
India
Since the year 2014, the
Government of India has
launched many effective reforms
for setting up of business in India and
paved the smooth platform to create
the business friendly environment for
the global investors who intend to
invest in the Indian Market. Such
remarkable efforts can be evidently
seen from starting up of the business to
the trading across borders, protecting
the minority investors. As per the
World Bank Report of Ease of Doing
Business, 2018, India ranked 100th out
of the 190 Countries which were
surveyed which 30 place jump as
compare to the last year’s ranking. The
Report says that “India stands out this
year as one of 10 economies that
improved the most in areas measured
by Doing Business”. Several measures
have been adopted the Indian
Government to boost its ranking such
as online system for obtaining the
construction permit, implementing the
Insolvency and Bankruptcy Code,
registering the property, enforcing the
contracts etc.
With the introduction of regulatory
reforms for operating the Businesses in
India, many new sectors have been
opened up for Foreign Investment in
India. Such reforms have focused on
the Ease of Doing Business in India by
increasing the sectoral limit for the
existing sectors and have simplified the
conditions of the FDI policy with a
view to make investor friendly.
FACTORS THAT LED TO EASE
OF DOING BUSINESS IN INDIA
Ÿ Political Stability and Security
Foreign Direct Investment is
considered to be the most important
factor for economic growth in the
country. This is however depends upon
the political stability of the country
which includes the absence of
violence, longevity of the Indian
Government, legitimacy and effective
decision making which in turn impact
the development in the country.
Considering these factors, India is now
recognized as one of the largest
economy in the world because of the
stabled economic policy and smooth
access to foreign markets which
provides the way for ease of doing
business in India.
Ÿ Unexplored Markets
The investment in India is also
About Authors
Gautam Khurana is an India lawyer,
registered with Bar Council of India.
He is the Founder & Managing
Partner at India Law Offices. He
specializes in Foreign Inward
Investments and Corporate Laws in
India, with extensive experience in
acquisitions & takeovers, corporate
laws, cross border litigation &
arbitration, Insolvency and
bankruptcy, project & structured
financing and direct & indirect taxes
both domestic & overseas
jurisdictions.
He is currently on the board of the
reputed Indian as well as
International companies and has
advised clients across diverse
sectors on all aspects pertaining to
joint ventures, inbound investments
and acquisitions. He is a frequent
speaker in many Domestic &
International Conferences & has
spoken about business, commercial
& legal matters in India & Europe. He
regularly contributes to Jordan
Publishing-Lexis Nexis on
International Corporate Procedures
& World Bank Survey on Ease of
doing business.
Gautam Khurana
Founder & Managing Partner
India Law Offices
32 | December 2017 |

35. dependent upon the large section of
markets which were remained
unexplored. This could be explained by
an example i.e. the setting up of the
BPO Call Centre where the foreign
investors had the large scope for
exploring the domestic markets by
which the service was rendered with
the help of one call only.
Ÿ Labour Force: Talent & Skills
The labour force in the Indian Market
has also contributed in the economic
development of the country. These
labour are available in terms of skilled
and unskilled human resources by
which the foreign investors take
advantage of cheap and skilled labors.
Further, The Ministry of Labor &
Employment has taken the effective
steps not only in developments of the
technology but has adopted many
changes in the laws and regulation
which provides better clarity and
alleviation in conducting businesses.
FOREIGN DIRECT INVESTMENT
To start with the Investment in India,
the two routes i.e. the Automatic Route
and the Government Route are known
as Entry Routes. As per the Automatic
Route, the nonresident investor who
wants to invest in India doesn’t require
the approval from the Government and
with respect to the Government Route;
the prior approval is mandatorily
required. The Foreign Investment
Facilitation Portal (FIFP) is the online
portal introduced by Indian
Government which facilitates the
single clearance of applications. Once
the application is submitted, it shall be
directed to the concerned Department
for processing in accordance with the
Standard Operation Procedure.
Please note that the approval from
FIPB (Foreign Investment Promotion
Board) has been abolished and the new
interface (FIFP) has been launched
which makes the process easier and
simpler with the single click only.
ENTRY INTO INDIA
There are several structures through
which the Foreign Investors can carry
out the business in India. These are as
mentioned below:
Liaison Office
These offices are set up by the foreign
corporations to carry out the liaison
activity in India. In other words, it can
be defined as a channel to facilitate the
business promotion by establishing the
permanent presence in India. However,
all the expenses incurred in the Indian
office are remitted from the Head
Office.
Branch Office
The branch office is setup by the
Foreign Company in India with the
approval of RBI and undertakes the
permitted commercial activities. It can
also carry the additional activities,
subject to the permission of the RBI.
The expenses incurred in the
operations of the branch offices can be
incurred by the Indian office as
permitted by RBI, in case the Indian
office does not receive any revenue
from the Indian operations then the
amount will be remitted by the Parent
Company.
Project Office
The Project office can be set up in
India only after entering into the
contract with the Indian Company and
thereafter execute the specific project,
subject to the approval of RBI and the
fulfillment of other conditions. The
project office is prohibited to carry out
any other activities other than the
project.
Local Indian Subsidiary
Foreign Companies which can be set
up as Wholly Owned Subsidiaries in
the form of Private Companies, subject
to the FDI regulations. The shares of
these subsidiaries can be held by the
foreign companies thus, considered to
be the easiest and preferred route for
the investment in India.
Limited Liability Partnership
An LLP is regulated by the Limited
Liability Partnership Act, 2008 which
came into force on 1 April, 2009. FDI
is permitted in an LLP subject to the
prior approval of the Government
however, in case of Automatic Route,
100% FDI is permitted in an LLP.
There are various sectors in the LLPs
are not allowed to operate such as
agricultural activity, plantation, print
media or real estate business.
LEGALAND REGULATORY
REFORMS IN EASE OF DOING
BUSINESS IN INDIA
Ÿ Insolvency Code
With the introduction of Insolvency
and Bankruptcy Code 2016, India has
recognized the rights of foreign
creditors to participate in the
proceedings of the Winding up of
companies. The Code provides easy
exit mechanism with 180 day time
bound process which resolves the
insolvency dispute as compare to early
passage of the Code which took 4-3
years in India to liquidate the business.
The Code is considered to be the key
reform which facilitates the ease of
doing business and ensures the
optimum utilization of resources within
a firm or releasing the unutilized
resources for the closure of the firm.
Ÿ Impact of Goods and Services Tax
(GST)
With the introduction of Goods and
Services Tax (GST), it will attract more
FDI because of the transparency in the
tax reforms and ease of doing business.
This will further reduce the logistics
cost, cost in tax and regulatory
compliance, efficiency of supply chain
which would create the platform for
the foreign investors to enter into the
Domestic Market and can also lead to
the increase the export import trade.
Experts’ Viewpoint
| December 2017 | 33

36. Ÿ Transfer Pricing
In a move to boost Ease of Doing
Business in the Indian Marker, the
Government has introduced the Mutual
Agreement Procedures and Advance
Pricing Agreements with all the
countries. Such change in the
regulations have lowered down the
compliance for domestic transfer
pricing and also increased the
international transactions.
CENTRAL GOVERNMENT
INITIATIVES
Ÿ Starting a Business in India
With respect to the incorporation of
Companies, the Ministry of Corporate
Affairs have launched a new interface
which is known as SPICe i.e.
Simplified Proforma for Incorporating
a Company electronically) through
which the company can be
incorporated within 1 day. The
concerned ministry has reduced the fee
for incorporation of Company and also
the requirement for company seal has
also been eliminated at the time of
incorporating a company. Further, the
Government has also abolished FIPB
to simplify the FDI proposals and have
introduced the new network interface
for submitting the single application.
Ÿ Construction Permits
Various Municipal Corporations in
India have initiated the single window
approval system for issuing the
building permits with the various
features such as Common Application
Form, digital signature and online
scrutiny of the building plans and maps
eliminating the need of the physical
submission of the documents. Also, the
site inspection for construction permits
has been minimized by way of self-
certification and introducing third party
certification.
Ÿ Trading Across Borders
The Central Board of Excise and
Customs (CBEC) has formulated the
Single Window Project’ Mechanism
with a view to facilitate trade. Now, the
importers and exporters can submit
their declarations through online mode
with digital signature. The documents
for the filing purposes have been
reduced to three which includes Bill of
Lading, Invoice cum Packing List and
Import Declaration.
Ÿ Enforcing Contracts
The Commercial Courts, Commercial
Division and Commercial Appellate
Division of High Courts Act 2015, has
been enacted and are already in Delhi
and Bombay High Court with a view to
render the Speedy and Time Bound
disposal of commercial disputes.
Further, the Government also proposed
to set up the courts for electronic filing
of complaints, summons and payments.
Ÿ Electricity
The distribution companies have
stipulated that the electricity
connection will be provided within 15
days and the number of documents
which were required to be obtained for
such electricity connection shall be
reduced to 2. With respect to the
industrial electricity connection, the
NOC/Consent for setting up the new
projects is not mandatorily required.
Thus, all the above discussed reforms
would attract the foreign investment
and are considered to be the big boost
to the India’s business environment
across the globe. Through these
opportunities which were introduced
by the Indian Government, it has paved
the way for foreign investors,
particularly Micro Small Medium
Enterprises (MSME) sector in doing
investment in the country.
About Authors
Ritika Sharma is an
Advocate, working with India
Law Offices, having an
experience in corporate and
commercial areas. She has
assisted several clients on
various sectors including the
Arbitration, Double Taxation
matters, Anti-Dumping
matters, Marine Insurance
and Corporate Litigation.
Apart from the professional
work, she has participated
and presented research
papers at various National
and International
Conferences in the areas of
Corporate Laws, Intellectual
Property Rights and Other
Economic Legislations.
She has completed her
masters in International Trade
Laws from National University
of Advanced Legal Studies,
Kerala and is enrolled with
Bar Council of Delhi in the
year 2011 and holds the
Certificate of Practice issued
by the Bar Council of India.
Ritika Sharma
Advocate, India Law Offices
Experts’ Viewpoint
34 | December 2017 |

38. The Foremost Expert
in the Practice of Law
Khaitan & Co:
Founded in 1911, Khaitan &
Co is one of the India’s
oldest full service law firms,
which combines a rich heritage of
over a hundred years with modern,
cutting-edge and solution-oriented
legal practice that offers full service
legal solutions to its domestic and
international clients. The firm has a
strength of over 540 fee earners,
including more than a 110 Partners
and Directors across its various
offices. It is also recognised globally
as a leading Indian law firm.
Khaitan & Co being a full-service
law firm, offers specialized advisory
services to clients across all major
practice areas including Banking and
Finance, Capital Markets,
Competition /Antitrust, Corporate
and Commercial, M&A, Dispute
Resolution, Energy, Infrastructure
and Resources, Environment Law,
Private Clients, Funds, Hospitality,
Intellectual Property, Labour and
Employment, Real Estate, Taxation,
Technology, Media and Telecom and
White Collar Crime. The firm’s
lawyers are widely regarded as much
sought-after experts in their
respective domains and bring a
commercial and pragmatic approach
to the practice of law in addition to
rigorous legal analysis.
does not have the concept of a
Managing Partner. The firm is
managed by an Executive Committee
(EC), elected by the partners of the
firm. The EC comprises of partners and
senior management professionals that
oversee and manage the company’s
strategy and operational functioning.
With expertise in commercial &
corporate / M&A laws, Mr. Haigreve
Khaitan serves as one of the senior
Partners of the firm and a member of
the firm’s Executive Committee.
Accolades and Attainment of Success
Khaitan & Co has advised several
Indian and International clients on
noteworthy transactions across practice
areas and sectors and has won some of
the most prestigious national and
international awards regularly over the
years; it has also been ranked as a top
tier firm across various leading
international and Indian law firm
directories, rankings and publications.
Some of the more recent awards and
recognitions are Law Firm of the Year
– India and Law Firm of the Year –
South Asia, Asia law Asia-Pacific
Legal Practice Awards 2017, India
Deal Firm of the Year – Asian Legal
Business (ALB) SE Asia Law Awards
2017, Law Firm of the Year and M&A
The Rich Heritage and Legacy
Khaitan & Co was founded in
Kolkata by Late Mr Debi Prasad
Khaitan, who went on to become a
member of the Constituent Assembly
(which framed the Constitution of
India). He was subsequently joined by
his brothers, Late Mr Lakshmi Prasad
Khaitan and Late Mr Bhagwati Prasad
Khaitan in establishing the firm and
managing it.
Mr DP Khaitan started the firm to serve
the purpose of representing the Indian
business community in Kolkata during
the pre-independence era as there were
not many lawyers representing the
Indian business community during
those days. A majority of the law firms
existing during that era would
represent only British clients and
hence, Khaitan & Co was set up to
cater to the needs of a growing Indian
business and mercantile community.
The firm then gradually expanded their
offices in Delhi (1970), Bengaluru
(1994) and Mumbai (2001) in response
to its clients’ needs as also the business
opportunities offered by the post-
liberalisation Indian economy.
Over the years, the firm has grown
both organically and inorganically and
is a professionally-run law firm, that
Constitutional
Legal Firmsin 2017
The 10 Best
36 | December 2017 |

39. particular received
a lot of
compliments, as
one client says:
“The team has
deep knowledge
and provides
strong support in
providing solutions.” And another
client adds, “Khaitan will deal with
matters promptly and efficiently. They
will always seek to give our clients
sound commercial advice.”
Contribution to the Legal Industry
of the Nation
Khaitan & Co has made a huge
contribution towards the creation of the
current mature legal market
immediately after the liberalisation of
the Indian economy. The firm has also
partnered directly with the Government
and Industry bodies and played a key
role in drafting and advising on new
laws and regulations, coming up with
recommendations on various
Government regulatory initiatives. It
has been a part of the many
committees drafting legal policies or
frameworks. It has also been active in
framing Constitutional law matters
before the Supreme Court of India and
various High Courts from time to time,
Haigreve Khaitan
Senior Partner
‘
We provide all our
clients with relevant,
commercial and holistic
advice to allow them to
achieve their objectives
in a legally robust and
practical manner
for both individual and corporate
clients.
The firm endeavours to provide all its
clients with relevant, commercial and
holistic advice to allow them to
achieve their objectives in a legally
robust and practical manner. This is
achieved by developing deep industry
knowledge and expertise which allows
for a more meaningful and valuable
advisory relationship between the firm
and its clients.
Law firm of the Year – IDEX Legal
awards 2017, Law Firm of the Year -
India Business Law Journal – Indian
Law Firm awards 2016, and Tier I
Indian law firm – Corporate & M&A
and Capital Markets - IFLR 1000
2017. A few of the Client Testimonials
that highlight the firm’s innovative
legal advice on complex transactions
include:
“Outstanding pan-India firm highly
regarded for its capacity to handle
high-profile transactions on behalf of
international private equity firms,
investors and funds. Advises on the full
range of corporate mandates includes
M&A, joint ventures, pre-IPO
placements, public takeover offers and
corporate restructuring. Impressive
track record represents clients in the
defence, insurance, e-commerce and
pharmaceutical sectors.”
“Khaitan & Co is very professional
and deeply committed to ethics and
integrity. Khaitan & Co’s corporate
team delivers value for money and
timely and quick responses to their
clients.”
“Khaitan & Co has impressive
expertise across a number of practice
areas. Its corporate M&A practice in
| December 2017 | 37

40. Anatomy of
GSTGST
for Leveraging
Business Processes
Keyur Shah is the Co-founder & Business Head of SahiGST.
SahiGST is one of India’s premier GST filing &
reconciliation software. Suchi Gandhi also
contributed to this post.
Keyur Shah
Co-founder & Business Head
SahiGST
38 | December 2017 |

41. SPECIALIST’S COLUMN
he advent of GST has changed the ways in which businesses across India will operate. With the aim to
Ttap tax evasion and prevent loss of revenue to the government, a set of compliances have been
introduced which includes filing of monthly returns, quarterly returns and annual returns based on the
kind of business one operates.
For smooth functioning of the filing process along with keeping a constant tab on the tax collection, the
government heavily relies on the GST Network (GSTN). GSTN is the centerpiece where all filings take place
but the data can come in multiple forms. A taxpayer may upload the data directly to the government portal, use
the offline utility to create a JSON file for filing or use an Application Service Provider (ASPs) to push data
directly to the GSTN. While the first two approaches would work for a small business, businesses with large
number of invoices will need some innovative solution built by ASPs to make this return filing process easy.
ASPs connect with the GST Suvidha Providers (GSPs) to push the data to GST Network. GSPs are just a pass
through layer but important from GSTN perspective to distribute the huge load.
While the systems are still evolving at all ends - GSTN, GSPs and ASPs, using these software will help the
taxpayers. Let us look at some of the benefits that these solutions can add:
Validations: Validations are run to check for any errors in the data uploaded while filing returns based on
specific criterias like validations are run for GSTINs, invoice numbers, values inserted etc. so that the return is
not prevented from being faulty owing to trivial errors. Applications will add value by easily explaining the
errors to taxpayers.
Reconciliation: Reconciliations are run for comparing data filed by the suppliers and recipients to avoid any
missing of data and also smoothen the process for claiming ITC along with aiding in keeping a tab on evasion
of revenues.
Real time uploads: Huge amount of data are uploaded in minutes to avoid delay in filing of returns.
Filing for multiple businesses: Organizations operating multiple businesses can file returns quickly for all the
businesses in only a few steps.
Set off of liabilities: Payment of liabilities by setting off available input tax credits can be done with click of
only a few buttons and electronic payment of balance liability by generating an e-challan has made the payment
process quicker thus aiding in avoidance of late fees and interest.
Press release and Notifications: The users are up to date with any changes and information since press release
and notifications are now available online and users can be updated real time.
Online facilities: Various facilities like registration, cancellations, payment of taxes, seeking refunds,
availability of notifications and circulars, access to various acts, communication using the online helpline tools
etc. are available which helps in preventing excess of paperwork and usage of time.
Usage of technology aiding an increase in transparency and with more taxpayers joining the net, we expect a
positive growth and smoother functioning of businesses.
| December 2017 | 39