Spice Route Legal
Our expertise spans the financial ecosystem – from traditional to cutting-edge innovations – we work at the intersection of regulation and technology to help clients navigate each sub-sector.
Blockchain, Tokenisation, and Virtual Assets
Blockchain, Tokenisation, and Virtual Assets
Widely recognised as leaders in cryptocurrency, tokenisation, adoption of blockchain, and protection and sale of virtual assets, we pride ourselves in assisting some of the most prominent players in this space.
Payments
Payments
Recognised as a leader in India’s rapidly evolving payments sector, our team works with over 40% of the payments ecosystem, offering comprehensive services to payment aggregators, payment orchestrators, card issuers, card networks, prepaid payment instrument issuers, and other technology players in this space.
Technology in Financial Services
Technology in Financial Services
The adoption of technology by regulated entities is significantly regulated by the Reserve Bank of India, the Securities & Exchange Board of India, the Insurance Regulatory & Development Authority of India, and the Pension Fund Regulatory and Development Authority. With unparalleled insight into the Indian financial services regulators, we provide end-to-end legal solutions to such players and assist them in their digitisation. We have acted for the largest banking, and insurance digitisation products in India.
Lending, Debt Recovery, and Financing
Lending, Debt Recovery, and Financing
The practice has played a crucial role in shaping the regulatory and compliance trajectory of some of the largest banks, alternative lenders (NBFCs), housing finance companies, leasing and finance companies, Asia’s largest crowdfunding platform, instant loan providers and digital lenders.
Insurance
Insurance
From shaping outsourcing strategies to devising innovative marketing approach and ensuring data security and compliance, our team's practical insights have fuelled success stories. The practice has advised some of the largest insurance companies and insurance intermediaries in the industry.
Open banking
Open banking
With a deep understanding of the regulatory framework surrounding consent brokers and the use of financial information in India, our team is at the forefront of providing strategic counsel to financial institutions and fintech companies seeking to leverage the open banking framework in India. Currently, we represent more than 70% of market players, helping shape their strategies and compliance approaches.
Wealthtech and Financial Markets
Wealthtech and Financial Markets
Our team works with leading securities market intermediaries, including investment advisors, portfolio managers, mutual fund distributors, stock brokers, and asset management companies. We assist them in navigating regulatory compliance and resolving complex legal challenges related to securities offerings, technology, and data privacy.
Blockchain, Tokenisation, and Virtual Assets
Payments
Technology in Financial Services
Lending, Debt Recovery, and Financing
Insurance
Open banking
Wealthtech and Financial Markets
Blockchain, Tokenisation, and Virtual Assets
Widely recognised as leaders in cryptocurrency, tokenisation, adoption of blockchain, and protection and sale of virtual assets, we pride ourselves in assisting some of the most prominent players in this space.
Payments
Recognised as a leader in India’s rapidly evolving payments sector, our team works with over 40% of the payments ecosystem, offering comprehensive services to payment aggregators, payment orchestrators, card issuers, card networks, prepaid payment instrument issuers, and other technology players in this space.
Technology in Financial Services
The adoption of technology by regulated entities is significantly regulated by the Reserve Bank of India, the Securities & Exchange Board of India, the Insurance Regulatory & Development Authority of India, and the Pension Fund Regulatory and Development Authority. With unparalleled insight into the Indian financial services regulators, we provide end-to-end legal solutions to such players and assist them in their digitisation. We have acted for the largest banking, and insurance digitisation products in India.
Lending, Debt Recovery, and Financing
The practice has played a crucial role in shaping the regulatory and compliance trajectory of some of the largest banks, alternative lenders (NBFCs), housing finance companies, leasing and finance companies, Asia’s largest crowdfunding platform, instant loan providers and digital lenders.
Insurance
From shaping outsourcing strategies to devising innovative marketing approach and ensuring data security and compliance, our team's practical insights have fuelled success stories. The practice has advised some of the largest insurance companies and insurance intermediaries in the industry.
Open banking
With a deep understanding of the regulatory framework surrounding consent brokers and the use of financial information in India, our team is at the forefront of providing strategic counsel to financial institutions and fintech companies seeking to leverage the open banking framework in India. Currently, we represent more than 70% of market players, helping shape their strategies and compliance approaches.
Wealthtech and Financial Markets
Our team works with leading securities market intermediaries, including investment advisors, portfolio managers, mutual fund distributors, stock brokers, and asset management companies. We assist them in navigating regulatory compliance and resolving complex legal challenges related to securities offerings, technology, and data privacy.
Blockchain, Tokenisation, and Virtual Assets
Widely recognised as leaders in cryptocurrency, tokenisation, adoption of blockchain, and protection and sale of virtual assets, we pride ourselves in assisting some of the most prominent players in this space.
Payments
Recognised as a leader in India’s rapidly evolving payments sector, our team works with over 40% of the payments ecosystem, offering comprehensive services to payment aggregators, payment orchestrators, card issuers, card networks, prepaid payment instrument issuers, and other technology players in this space.
Technology in Financial Services
The adoption of technology by regulated entities is significantly regulated by the Reserve Bank of India, the Securities & Exchange Board of India, the Insurance Regulatory & Development Authority of India, and the Pension Fund Regulatory and Development Authority. With unparalleled insight into the Indian financial services regulators, we provide end-to-end legal solutions to such players and assist them in their digitisation. We have acted for the largest banking, and insurance digitisation products in India.
Lending, Debt Recovery, and Financing
The practice has played a crucial role in shaping the regulatory and compliance trajectory of some of the largest banks, alternative lenders (NBFCs), housing finance companies, leasing and finance companies, Asia’s largest crowdfunding platform, instant loan providers and digital lenders.
Insurance
From shaping outsourcing strategies to devising innovative marketing approach and ensuring data security and compliance, our team's practical insights have fuelled success stories. The practice has advised some of the largest insurance companies and insurance intermediaries in the industry.
Open banking
With a deep understanding of the regulatory framework surrounding consent brokers and the use of financial information in India, our team is at the forefront of providing strategic counsel to financial institutions and fintech companies seeking to leverage the open banking framework in India. Currently, we represent more than 70% of market players, helping shape their strategies and compliance approaches.
Wealthtech and Financial Markets
Our team works with leading securities market intermediaries, including investment advisors, portfolio managers, mutual fund distributors, stock brokers, and asset management companies. We assist them in navigating regulatory compliance and resolving complex legal challenges related to securities offerings, technology, and data privacy.
Leveraging our extensive experience across the financial sector and a cross-disciplinary approach, we possess a unique ability to provide comprehensive legal guidance to our clients. Our deep understanding of the financial sector allows us to not only provide legally robust, but also strategic, business-oriented solutions that foster growth and reduce risk within this complex regulatory environment.
Corporate Structuring
Corporate Structuring
Given our combined expertise in corporate issues and transactions involving the financial sector, our team exhibits exceptional mastery in corporate structuring, steering transformative initiatives to a diverse global clientele. Distinguished for our global reach, our lawyers routinely advise on business segregations, structuring share issuances for senior employees, externalisations, flips, fund-raising, and comprehensive group restructuring matters.
Product Structuring
Product Structuring
Given our engagement with startups and other technology players, we provide legal assistance on products that are at the cutting edge of technology. We pride ourselves on the knowledge of the regulatory landscape and our ability to stay updated with the latest developments and trends in the regulators’ decisions. With this ability we excel in structuring complicated products which achieve regulatory compliance while facilitating innovation.
Regulatory compliance and advisory
Regulatory compliance and advisory
With the rapid development of the digital ecosystem in the country and the prescriptive approach taken by the financial sector regulators, regulatory and compliance frameworks are evolving at an unprecedented rate. In this environment our clients ranging from some of the largest regulated financial institutions to the most progressive startups, trust us to help navigate complex frameworks with unparalleled efficiency. We excel in identifying and mitigating legal and regulatory risks for our clients while ensuring regulatory compliance.
Licences and Registrations
Licences and Registrations
We are the preferred choice for businesses looking to obtain licenses and registrations from any of the financial sector regulators in India. We provide end-to-end services during the license application process ranging from drafting business plans and policy documents to assistance with liaising with the regulator. We act not just as advisors but as strategic partners to facilitate every aspect of the licensing process, ensuring that the license applications meet the regulator’s requirements.
Policy and Regulatory Affairs
Policy and Regulatory Affairs
As industry leaders, we frequently submit recommendations to the government on changes in policy and law. Given our experience with both regulated financial institutions, as well as unregulated fintech players, we are uniquely positioned to provide our industry insights and serve the role of actively shaping robust frameworks that drive financial sector growth in India.
Litigation, Investigation, and Dispute Resolution
Litigation, Investigation, and Dispute Resolution
Our team's proficiency in litigation, investigation and dispute resolution goes beyond standard legal representation. With our insights into the regulatory framework, industry knowledge, and our experience in designing financial products, we have a unique ability to handle litigations and disputes in the financial services ecosystem and liaise with law enforcement agencies in relation to disputes.
Corporate, M&A, and Private Equity
Corporate, M&A, and Private Equity
We have assisted on over USD1billion M&A, Private Equity and Joint Venture transactions in the financial services industry in 2024. Working with a team of over 50 transactional lawyers at the firm, our ability to seamlessly manage large corporate deals is unparalleled in India.
Privacy, Data Protection, and Cybersecurity
Privacy, Data Protection, and Cybersecurity
Leveraging the expertise of one of India’s foremost sector-agnostic data protection practices, we regularly assist clients with resolving some of the most complex quandaries around cybersecurity and data protection in financial services. We advise some of the world’s largest banks, insurers, and payment system providers on navigating the intersecting requirements of India’s data protection regime and sector-specific guidelines issued by financial regulators including the RBI, IRDAI, SEBI, and PFRDA.
Anti-Money Laundering, KYC, and Fraud Detection
Anti-Money Laundering, KYC, and Fraud Detection
With our team’s expertise on KYC and Anti-Money Laundering laws ranging from financial sector regulations to the Aadhaar framework, we are able to offer compliance strategies and regulatory advice that ensure our clients meet legal obligations while maintaining operational efficiency and protection against any fraud risks.
Digitisation
Digitisation
The adoption of technology by regulated entities is significantly regulated by the Reserve Bank of India, the Securities & Exchange Board of India, the Insurance Regulatory & Development Authority of India, and the Pension Fund Regulatory and Development Authority. With unparalleled insight into the financial sector, we help traditional institutions adopt cutting-edge technologies and tech-enabled business models that enhance efficiency, strengthen compliance, and unlock new growth opportunities.
Corporate Structuring
Product Structuring
Regulatory compliance and advisory
Licences and Registrations
Policy and Regulatory Affairs
Litigation, Investigation, and Dispute Resolution
Corporate, M&A, and Private Equity
Privacy, Data Protection, and Cybersecurity
Anti-Money Laundering, KYC, and Fraud Detection
Digitisation
Corporate Structuring
Given our combined expertise in corporate issues and transactions involving the financial sector, our team exhibits exceptional mastery in corporate structuring, steering transformative initiatives to a diverse global clientele. Distinguished for our global reach, our lawyers routinely advise on business segregations, structuring share issuances for senior employees, externalisations, flips, fund-raising, and comprehensive group restructuring matters.
Product Structuring
Given our engagement with startups and other technology players, we provide legal assistance on products that are at the cutting edge of technology. We pride ourselves on the knowledge of the regulatory landscape and our ability to stay updated with the latest developments and trends in the regulators’ decisions. With this ability we excel in structuring complicated products which achieve regulatory compliance while facilitating innovation.
Regulatory compliance and advisory
With the rapid development of the digital ecosystem in the country and the prescriptive approach taken by the financial sector regulators, regulatory and compliance frameworks are evolving at an unprecedented rate. In this environment our clients ranging from some of the largest regulated financial institutions to the most progressive startups, trust us to help navigate complex frameworks with unparalleled efficiency. We excel in identifying and mitigating legal and regulatory risks for our clients while ensuring regulatory compliance.
Licences and Registrations
We are the preferred choice for businesses looking to obtain licenses and registrations from any of the financial sector regulators in India. We provide end-to-end services during the license application process ranging from drafting business plans and policy documents to assistance with liaising with the regulator. We act not just as advisors but as strategic partners to facilitate every aspect of the licensing process, ensuring that the license applications meet the regulator’s requirements.
Policy and Regulatory Affairs
As industry leaders, we frequently submit recommendations to the government on changes in policy and law. Given our experience with both regulated financial institutions, as well as unregulated fintech players, we are uniquely positioned to provide our industry insights and serve the role of actively shaping robust frameworks that drive financial sector growth in India.
Litigation, Investigation, and Dispute Resolution
Our team's proficiency in litigation, investigation and dispute resolution goes beyond standard legal representation. With our insights into the regulatory framework, industry knowledge, and our experience in designing financial products, we have a unique ability to handle litigations and disputes in the financial services ecosystem and liaise with law enforcement agencies in relation to disputes.
Corporate, M&A, and Private Equity
We have assisted on over USD1billion M&A, Private Equity and Joint Venture transactions in the financial services industry in 2024. Working with a team of over 50 transactional lawyers at the firm, our ability to seamlessly manage large corporate deals is unparalleled in India.
Privacy, Data Protection, and Cybersecurity
Leveraging the expertise of one of India’s foremost sector-agnostic data protection practices, we regularly assist clients with resolving some of the most complex quandaries around cybersecurity and data protection in financial services. We advise some of the world’s largest banks, insurers, and payment system providers on navigating the intersecting requirements of India’s data protection regime and sector-specific guidelines issued by financial regulators including the RBI, IRDAI, SEBI, and PFRDA.
Anti-Money Laundering, KYC, and Fraud Detection
With our team’s expertise on KYC and Anti-Money Laundering laws ranging from financial sector regulations to the Aadhaar framework, we are able to offer compliance strategies and regulatory advice that ensure our clients meet legal obligations while maintaining operational efficiency and protection against any fraud risks.
Digitisation
The adoption of technology by regulated entities is significantly regulated by the Reserve Bank of India, the Securities & Exchange Board of India, the Insurance Regulatory & Development Authority of India, and the Pension Fund Regulatory and Development Authority. With unparalleled insight into the financial sector, we help traditional institutions adopt cutting-edge technologies and tech-enabled business models that enhance efficiency, strengthen compliance, and unlock new growth opportunities.
Corporate Structuring
Given our combined expertise in corporate issues and transactions involving the financial sector, our team exhibits exceptional mastery in corporate structuring, steering transformative initiatives to a diverse global clientele. Distinguished for our global reach, our lawyers routinely advise on business segregations, structuring share issuances for senior employees, externalisations, flips, fund-raising, and comprehensive group restructuring matters.
Product Structuring
Given our engagement with startups and other technology players, we provide legal assistance on products that are at the cutting edge of technology. We pride ourselves on the knowledge of the regulatory landscape and our ability to stay updated with the latest developments and trends in the regulators’ decisions. With this ability we excel in structuring complicated products which achieve regulatory compliance while facilitating innovation.
Regulatory compliance and advisory
With the rapid development of the digital ecosystem in the country and the prescriptive approach taken by the financial sector regulators, regulatory and compliance frameworks are evolving at an unprecedented rate. In this environment our clients ranging from some of the largest regulated financial institutions to the most progressive startups, trust us to help navigate complex frameworks with unparalleled efficiency. We excel in identifying and mitigating legal and regulatory risks for our clients while ensuring regulatory compliance.
Licences and Registrations
We are the preferred choice for businesses looking to obtain licenses and registrations from any of the financial sector regulators in India. We provide end-to-end services during the license application process ranging from drafting business plans and policy documents to assistance with liaising with the regulator. We act not just as advisors but as strategic partners to facilitate every aspect of the licensing process, ensuring that the license applications meet the regulator’s requirements.
Policy and Regulatory Affairs
As industry leaders, we frequently submit recommendations to the government on changes in policy and law. Given our experience with both regulated financial institutions, as well as unregulated fintech players, we are uniquely positioned to provide our industry insights and serve the role of actively shaping robust frameworks that drive financial sector growth in India.
Litigation, Investigation, and Dispute Resolution
Our team's proficiency in litigation, investigation and dispute resolution goes beyond standard legal representation. With our insights into the regulatory framework, industry knowledge, and our experience in designing financial products, we have a unique ability to handle litigations and disputes in the financial services ecosystem and liaise with law enforcement agencies in relation to disputes.
Corporate, M&A, and Private Equity
We have assisted on over USD1billion M&A, Private Equity and Joint Venture transactions in the financial services industry in 2024. Working with a team of over 50 transactional lawyers at the firm, our ability to seamlessly manage large corporate deals is unparalleled in India.
Privacy, Data Protection, and Cybersecurity
Leveraging the expertise of one of India’s foremost sector-agnostic data protection practices, we regularly assist clients with resolving some of the most complex quandaries around cybersecurity and data protection in financial services. We advise some of the world’s largest banks, insurers, and payment system providers on navigating the intersecting requirements of India’s data protection regime and sector-specific guidelines issued by financial regulators including the RBI, IRDAI, SEBI, and PFRDA.
Anti-Money Laundering, KYC, and Fraud Detection
With our team’s expertise on KYC and Anti-Money Laundering laws ranging from financial sector regulations to the Aadhaar framework, we are able to offer compliance strategies and regulatory advice that ensure our clients meet legal obligations while maintaining operational efficiency and protection against any fraud risks.
Digitisation
The adoption of technology by regulated entities is significantly regulated by the Reserve Bank of India, the Securities & Exchange Board of India, the Insurance Regulatory & Development Authority of India, and the Pension Fund Regulatory and Development Authority. With unparalleled insight into the financial sector, we help traditional institutions adopt cutting-edge technologies and tech-enabled business models that enhance efficiency, strengthen compliance, and unlock new growth opportunities.
News And Insights
Our Payments Team has a new Senior Associate!
We are pleased to announce that Harshda Bakshi has been promoted to Senior Associate with our Payments team. A key member of the practice, Harshda works closely with leading players across the payments ecosystem – including payment aggregators, prepaid instrument (PPI) issuers, and cross-border service providers – helping them navigate India’s complex and evolving regulatory…
Mathew Chacko at the Top of the Chambers Fintech Honour Roll
We are delighted to share that Mathew Chacko, Partner and Co-founder at Spice Route Legal, has been recognised as one of India’s leading experts in the fintech and financial services regulatory space. In the recently released 2025 rankings, Chambers and Partners has ranked Mathew as a Band 1 lawyer for Fintech, reaffirming his outstanding leadership…
Chambers and Partners Fintech India Rankings, 2025
We are excited to announce that Chambers and Partners, the world’s leading independent legal directory, has ranked Spice Route Legal’s Fintech Practice among the best in India in their 2025 Fintech Rankings. The Chambers Fintech Guide 2025 has commended our “technological know-how and deep regulatory expertise” in critical areas such as “virtual digital assets and…
Spice Route Legal Promotes Ankita Hariramani to Equity Partnership
Spice Route Legal is pleased to announce that Ankita Hariramani has been admitted into the equity partnership. Ankita has been an integral part of Spice Route Legal’s market-leading financial services and TMT practices for over 8 years. Congratulating Ankita, Spice Route Legal Co-Founder Praveen Raju, said, “We are pleased that Ankita has accepted the responsibilities…
Chambers Fintech Ranks Spice Route Legal Among the Best in FinTech
We are delighted to announce that Chambers and Partners has recognised Spice Route Legal as one of the premier Indian law firms in FinTech. Notably, Mathew Chacko, one of our Founding Partners, has been individually lauded as a leading Indian lawyer in the field, while Ankita Hariramani has been recognised as an up-and-coming lawyer. Chambers…
Publications
Singapore’s Evolving Crypto Regulatory Framework: Updates to the FSMA and Its Implications for India-Facing Entities
Singapore has long positioned itself as a forward-looking, innovation-friendly financial centre, with a measured approach to regulating digital assets and...
From Algorithms to Accountability: SEBI’s Proposal to Regulate Use of AI
Introduction The use of artificial intelligence and machine learning (collectively, “AI”) in the securities market has sparked both significant...
A Stablecoin Sandwich For Lunch, Anyone?
Stablecoin sandwich structures are having a moment. As crypto-native fintechs and digital wallet providers continue to reimagine the rails for international...
Regulating Algo Providers: SEBI’s Norms on Algorithmic Trading
Introduction On 4th of February, 2025, the Securities and Exchange Board of India (“SEBI”) issued a circular (“Circular”) to update its framework on...
Industry Recognition
The Legal500
Industry Recognition
They have excellent commercial acumen coupled with top-notch legal and regulatory expertise. Financial services regulations in India are complex and ever-changing, but the ease with which this team navigates the landscape gives me a lot of comfort.
The Legal500
Industry Recognition
Spice Route Legal has substantial experience in dealing with venture capital and private equity investors in the FinTech space. It brings technological know-how to the table, and has advised both startups and institutional players on data localisation and operationalising contracts.
Chambers & Partners
Industry Recognition
Spice Route is a go-to firm for FinTechs in India – they marry a keen awareness of regulatory intent and market practices within financial services with top-notch data and cybersecurity capabilities.
Chambers & Partners
