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The future of Indian Depository Receipts (IDRs) as a viable instrument for investors was shaken this year when the Securities and Exchange Board of India (Sebi) decided on the conditions under which IDRs could be redeemed. Practitioners have since offered mixed thoughts on the future of this instrument, with many market observers expressing concern over the vitality of the IDR market in India

A conversation with capital markets practitioners from Linklaters

India equity IPO issuer advisers (ranked by volume) 1/1/10 – 31/12/10 2010 2009 Mkt share change (%) Firm Rank Mkt share Volume INR (bln) Deal count Rank Mkt share Luthra & Luthra Law 1 30.5 116 8 - - - DLA Piper Singapore 2 20.4 77 1 - - - Amarchand & Mangaldas 3 15 57 14 1 76 -61 Crawford Bayley & Co 4 7.3 28 6 - - - AZB & Partners 5 5.7 22 4 - - - Fox Mandal & Co 6 4.5 17 2 - - - Khaitan & Co 7 4.2 16 6 4 2.1 2.1 S&R Associates 8 2 8 1 - - - Gide Loyrette Nouel 9 1.7 6 1 - - - Trilegal 10 1.4 5 1 - - - Rajani Associates 11 1.2 5 4 5 0.8 0.4 Udwadia & Udeshi 12 1.1 4 1 - - - Corporate Law Chambers 13 0.7 3 4 - - - ALMT Legal 14 0.7 3 1 9 0.2 0.5 JurisPrudent Consulting Partners 15 0.7 3 2 - - - J Sagar Associates 16 0.6 2 2 3 2.7 -2.1 Kanga & Co 17 0.5 2 2 10 0.2 0.3 Skadden 18 0.3 1 1 - - - Vaish Associates 19 0.3 1 1 7 0.4 -0.1 Pepper Hamilton 20 0.2 1 1 - TOTAL 100% 380 63

The Reserve Bank of India’s (RBI) guidelines on structured products released in May 2011 allow for greater corporate transparency and disclosure, according to one Indian derivatives specialist.

Leading global PFI/PPP project finance deal firms Rank Legal adviser Value US$m Deals % share 1 Amarchand & Mangaldas & Suresh A Shroff & Co 3,549 2 8.4 2 Linklaters 3,379 6 8 3 White & Case 3,263 4 7.7 4 Luthra & Luthra 2,991 4 7.1 5 Hogan Lovells International 2,770 3 6.6 6 Allen & Overy 2,752 6 6.5 7 India Law Services 2,306 4 5.5 8 R & A Legal Advocates 1,577 6 3.7 8 Clifford Chance 1,352 6 3.2 10 Allens Arthur Robinson 1,079 3 2.6

DSP Merrill Lynch’s general counsel for India, Abhimanyu Singh Poonia, gives his verdict on how India’s regulators are rising to meet the challenges they face

The banking and finance sector has been witness to escalating levels of sophistication over the last few years. Much of the recent innovation has been found on acquisition financing, with several marquee M&A transactions requiring unique financing structures.

The Reserve Bank of India has issued guidelines on credit default swaps (CDS) for corporate bonds, which will become effective from October 24 2011. This development is being viewed with measured optimism by practitioners and market commentators, with the RBI seeking primarily to manage risk rather than encourage speculation. The introduction of a CDS regime underlines the RBI’s commitment to deepening the country’s bond markets, and should be viewed as a small but meaningful step forward.

The Reserve Bank of India (RBI) has made it clear that, from a regulatory standpoint, it prefers that foreign banks operate in India through the subsidiary route. Such a route is not mandatory at the moment, and there remain uncertainties and concerns that will need to be addressed before many foreign banks go down that road

John L Opar and Lisa M Brill of Shearman & Sterling LLP give a mid-year report on the state of the United States’ commercial real estate markets