In conversation with Tejesh Chitlangi on IC RegFin Legal

Recently, IC Legal and Universal Legal decided to set up independent legal practices after having operated under the shared brand IC Universal Legal.

With this development, IC Legal has also announced the formation of a specialised and independently operated legal entity IC RegFin Legal, headed by Managing Partner Tejesh Chitlangi.

In this interview with Bar & Bench, Chitlangi talks about the decision of IC Legal and Universal Legal to set up independent practices, the setting up of IC Regfin Legal, long term plans and more.

After more than 7 years of IC Universal Legal - the joint brand under which IC Legal and Universal Legal operated - what were the factors that prompted the firms to part ways and go back to being independent firms again?

Tejesh Chitlangi (TC): The decision to transition back into independent law firms after more than seven enriching years under the IC Universal Legal (ICUL) brand was a carefully considered and mutually respectful one. Over time, both IC Legal and Universal Legal had grown significantly, both in terms of scale and strategic direction. It became increasingly evident that the natural evolution of both firms required more focused, independent journeys to better align with their respective visions and specialised growth paths. 

The two firms having achieved what they had set out to, and with the strong goodwill and foundation built together, we now look forward to riding on that momentum in our own focused directions.

Under the IC Legal banner, you have set up IC RegFin Legal as an independent and separate firm. What was the idea behind that?

TC: IC RegFin Legal has been established to achieve enhanced operational efficiency and sharper sectoral focus by housing the coveted financial services legal regulatory practice (FS Practice) of IC Legal which was founded in 2004. Whilst IC Legal commenced its FS Practice more than 12 years back, it has since then built a market-leading reputation and is widely regarded as a pioneer in India’s financial legal and regulatory landscape. To now launch IC RegFin Legal as a separate and independently run entity was born out of a clear vision - to provide more focused high-quality legal-regulatory services in the financial services sector.  

The senior team at IC RegFin Legal team has spent two decades at the forefront of regulatory changes, consistently earning Tier 1 recognition in several practice areas like funds (including AIFs, Mutual Funds, FPIs etc), SEBI Regulatory practice covering all regulated intermediaries, financial services litigation & disputes, IFSC GIFT City regulatory regime, exchange control laws etc. There is also an ever-increasing focus on creating similar market leadership in allied practice areas like venture capital, private equity, M&A, structured credit, real estate, banking & finance etc.

IC Legal will continue to operate under its existing established brand/set-up and continue to focus on its core practice areas and further strengthen its market leadership in the fields of Litigation/Dispute Resolution including IBC practice, Core Real Estate, Media & Entertainment Laws, Estate & Succession Planning laws and related practice areas. IC Legal will continue to function under the seasoned leadership of Hemant Shah and the other partners.

In summary, we are not starting anew; we​ are riding on the leadership position already achieved and IC RegFin Legal is about continuing to keep building an institution that brings legal mastery, business insights and regulatory expertise together, all under one focused umbrella. 

What will be the core areas of practice going forward at IC RegFin Legal?

TC: Our core practice areas include:

Investment Funds: This includes AIFs, Mutual Funds, FPIs, REITs/InvITs, and offshore/global fund structures.

SEBI Regulatory and Intermediary Laws: Covering portfolio managers/advisers, broker-dealers, research analysts and all other regulated entities including work related to stock exchanges.

Securities, Financial Services Litigation and Enforcement: Representing clients before SEBI, SAT and other regulatory forums and during inspections, settlement proceedings and arbitrations etc. 

IFSC GIFT City Advisory: A rapidly growing jurisdiction where we advise dozens of big financial institutions in setting up shop in GIFT City, also being the first law firm to have received authorization from IFSCA in the year 2021 to operate out of IFSC GIFT City and are now widely regarded as the go-to legal advisor with the largest global clientele.

Exchange Control and Cross-Border Structuring.

Private Equity & Venture Capital Transactions.

M&A, Corporate Advisory, and Strategic Investments.

Structured Credit and Financial Innovation Products.

Banking & Finance.

Corporate Real Estate Advisory.

The objective is to not only practice law - but to also continue doing what we have extensively done in the past i.e. to help shape the regulatory and commercial landscape through active participation in policy making as well as being knowledge partners with organisations like IVCA.

What are the expansion plans for IC RegFin Legal in terms of team strength and jurisdictions in which it will operate? How will it potentially be different from other law firms in the same space?

TC: We are beginning this journey with a strong base of 125+ lawyers across India and are well on our way to surpassing 150 professionals with a wave of senior-level lateral additions already in progress. Our headquarters remains in Mumbai (supplemented by our strong IFSC GIFT City office) with a growing on-ground presence in Bengaluru and Delhi. Our next phase of expansion will focus on international markets, particularly the UAE and select global financial hubs, to support offshore fund formation, cross-border transactions and NRIs/foreign investors looking at Indian opportunities.

What sets us apart is our specialised singular focus and depth. IC RegFin Legal is built ground-up to be the go-to financial services legal-regulatory law firm. We pair a big-firm's scale with a rapidly growing firm’s hunger and agility. Additionally, our partners have been long-standing thought leaders and policy contributors in the space — this gives clients the assurance of not just legal advice but also strategic foresight. 

We have invested a lot in developing state of art infrastructure, technology and AI (subscribed to several tools of the likes of Litera, Jurisphere etc) to achieve efficiency and scale of operations and will do so even more. We continue to hire from the best law schools, offer best in class top packages at all levels. We believe in getting the best talent and retaining them by providing independence, high quality work exposure, good work life balance and an overall conducive atmosphere to thrive.      

What are the biggest challenges and opportunities you see in the investment and regulatory legal space?

TC: The space we operate in is undergoing transformational changes, which bring both - challenges as well as opportunities. Regulatory complexity is increasing - be it through ever-increasing global compliance norms or in the form of constantly evolving SEBI and RBI guidelines or IFSC GIFT City-specific frameworks. 

But to put it in right context, the biggest challenge is also the biggest prospect - the speed and complexity of changes, evolving and maturing markets, India’s fast-growing financial ecosystem fueled by rising domestic capital, regulatory innovations, fintech disruptions and global investor interest are all fueling the need for specialised law firms providing high-quality legal-regulatory counsel. For clients, navigating this landscape on their own can be daunting. For us, it’s an opportunity to step in as strategic legal advisors and ecosystem enablers, not just as compliance checkers. The challenge is to stay ahead of the curve - reasonably predicting regulatory shifts and offering implementable solutions so that the clients stay compliant, yet innovative.

What’s your long-term vision for IC RegFin Legal as its Managing Partner?

TC: My long-term vision for IC RegFin Legal is to cement its position as India’s one of the top law firms in the financial services, legal-regulatory advisory and deal-making spaces, whilst also expanding its presence globally to serve the cross-border needs of the clients.  

We have always aimed to be the first name that rings in the minds of clients and even policymakers when it comes to legal-regulatory issues in this space.

Culturally, I want IC RegFin Legal to be a law firm of the future - inclusive, collaborative, tech-enabled and constantly learning. With a team-first approach, the focus will remain on creating a workplace where excellence and empathy go hand in hand. We will continue to remain entrepreneurial, collaborative and purpose driven. With a strong foundation, client trust and our team that I consider second to none, we aim to grow with intent - not just in size but in substance and impact. Having been a key member of several regulatory committees myself, I have had the privilege of personally contributing to the regulatory frameworks in a neutral and unconflicted manner. Hence, I understand the importance for an organisation to not only focus on earnings, but also deeply contribute to policy-making initiatives to get a more holistic perspective on how to approach client work.

And while we continue to expand our operations, we will never lose sight of what matters - personalised high quality client services, ethical leadership and continue being a meaningful contributor to the Indian financial ecosystem’s growth story.