Radhika Raman

Radhika Raman is a Partner in the Banking and Finance team and leads the Firm's Derivatives Practice, operating out of the Mumbai office. Her primary practice area is Banking and Finance Law.

With over 15 years of extensive experience advising domestic and international financial institutions, corporates, investment funds, hedge funds and clearing corporations, she has deep expertise in domestic and international debt capital markets, financing transactions, OTC derivatives, prime brokerage, securities lending transactions, ISDA documentation, regulatory matters and complex financing transactions. Her practice spans a wide range of asset classes and markets.

She has previously worked with Cyril Amarchand Mangaldas, Mumbai; Quadrangle Consulting LLC, New York; and ICICI Bank Pvt. Ltd. (Corporate Legal Group), Mumbai. She completed her LL.M. at Columbia University School of Law, New York, in May 2013 and her B.A., LL.B (Hons.) at National Law Institute University, Bhopal, in April 2009.

Her recent experience includes reviewing and negotiating ISDA Agreements, Prime Brokerage Agreements, Lock-Up Agreements, Security Lending Agreements (MSLA) and GMRA/MRA across counterparty banks including Credit Suisse, Morgan Stanley and Goldman Sachs. She has advised various hedge fund managers, including Falcon Edge Capital, on stability of financing and collateral management (netting) across various financing products.

She has advised on margin rules for non-centrally cleared derivatives applicable in the US, European Union and Singapore, and advised various corporates and financial institutions on the issuance of Rupee-denominated notes (Masala Bonds) and the establishment of medium term note programmes, including for Shriram Transport Finance Company Limited (INR 50 billion MTN Programme), PNB Housing Finance Limited (USD 1 billion MTN Programme) and Cholamandalam Investment and Finance Company Limited (INR 30 billion MTN Programme).

Other matters include advising on the FPI and Offshore Derivative Instruments (ODI) route for overseas investors investing in securities issued by Indian issuers; advising the International Finance Corporation (IFC) on secured INR and USD external commercial borrowings to financial institutions and corporates, including Aditya Birla Finance Limited (INR 10 billion facility), Craftsman Automation Limited (USD 30 million facility) and HDB Financial Services Limited (INR 9.75 billion facility); and advising the Asian Development Bank (ADB) on the issuance of debentures aggregating up to INR 10.5690 billion by Cholamandalam Investment Finance Company Limited to ADB.

She has also advised Bank of Baroda on the issuance of Tier II bonds on an electronic book building platform; advised the Clearing Corporation of India, acting as a central counterparty, on payment netting and margining under the Payment and Settlements Systems Act, 2007 and other RBI regulations; advised Multi Commodity Exchange of India Ltd. (MCX) on banks' and financial institutions' participation in the commodity derivatives market in India; and advised Piramal Fund Management Limited on its subscription of secured, redeemable, unlisted, non-convertible debentures of the face value of INR 4400 million issued by Wadhwa Group under the lease rental discounting scheme.

She has also advised HDFC Bank, India on a secured term loan facility of INR 2700 million granted to PN Writer & Co for refinancing its existing lenders; advised an Indian company on the offer and issuance of INR-denominated, unsecured, unlisted, redeemable Masala Bonds with a face value of INR 1190 million; and advised foreign investors on the comparative framework for investments in Rupee-denominated Masala Bonds vis-à-vis foreign portfolio investment in non-convertible debentures.