Cyril Amarchand Mangaldas (CAM) advised Vayana (IFSC) Private Limited (Vayana) which owns and operates Vayana Tradexchange (VTX) platform, on various aspects of setting up one-of its kind International Trade Finance Service (ITFS) platform. The ITFS platform is a first of a kind digital platform which provides cross border trade finance service at a global level making working capital available seamlessly across geographies.
The IFSC GIFT City Practice of CAM advised Vayana on various as aspects of the of the approval and commencement process including funding and investment related aspects, structuring of the transactions on the platform and drafting the various documentation to be executed by the platform with the participants as well as those to be executed on the platform in relation to the transactions to be conducted on the platform. Further, CAM provided high-level comments on the platform’s operating guidelines, privacy policy and grievance policy; and advised on the stamp duty implications, data storage, and the execution requirement for such online process to be undertaken in IFSC, GIFT City.
The CAM team was led by Ketaki Mehta, Partner; with support from Jinisha Motwani, Associate; and Vanshika Agarwal, Associate.
The data protection and security aspects of the advisory was led by Arun Prabhu, Partner& Head – Technology & Telecommunications.
Leena Chacko, Partner- Banking and Finance; and Ganesh Kumar, Consultant; provided strategic inputs and guidance throughout the transaction.
The approval and commencement process included (a) the master agreements between the ITFS platforms and participants, such as financier, importer, and exporter; (b) platform documentation for export finance transactions; (c) platform documentation for import finance transactions; (d) other miscellaneous documents; and (e) execution and corporate law requirements.
The approval was received on 24th May 2023.
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 170 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
