Lifecycle of India Focused Funds

 

TUESDAY, APRIL 14, 2015, AT ASIA SOCIETY HONG KONG CENTER

 

THE HONG KONG JOCKEY CLUB FORMER EXPLOSIVES MAGAZINE 9 JUSTICE DRIVE, ADMIRALTY, HONG KONG

INTRODUCTION

The results of the parliamentary elections gave an absolute mandate to the new government. There is lot of optimism from foreign investors towards the India story. As expected, The Budget 2015 and significant reforms were announced on February 28. While the new government is expected to redefine the macroeconomic outlook, the regulators have also been pushing for a more enabling regulatory environment. Please join the team at NDA on April 14, 2015 where we analyze the opportunities and challenges for funds looking to set up/invest in India or those considering an exit. Our team will unravel latest trends in the ever dynamic Indian fund industry and share insights on the impact of the elections, the new Budget and recent liberalization by the Indian government.

On a separate note, we shall also be holding a similar event in NY on Tuesday July‎ 7th, 2015. If you, your colleagues or others who you think would be interested please email to us on NYevent2015(at)nishithdesai.com.

Flow of the session

11:30 AM–1.00 PM :

Registration

1:00 PM–1:30 PM :

Introduction

Arvind Mathur, President, IVCA

Nishith Desai, Founder & Managing Partner, Nishith Desai Associates

1:30 PM–2:00 PM :

Keynote

2:00 PM–2:50 PM :

Panel I - Fund Formation issues for India Focused Funds

Current environment for raising commitments; Setting up domestic fund; Tax and regulatory optimization strategies; Key issues coming up in LP-GP negotiations; PE / VC / Hedge funds / Fund Governance / Fund economics; Investing through Mauritius / Singapore / Netherlands; Optimum use of instruments: equity / preference shares / debentures; Unified v/s Co-investment Structures; Impact of Budget 2015 on Fund raising; and Q&A

 

Panelists:

Kapil Kirpalani, Vice President - Legal, HarbourVest

Pratibha Jain, Partner and Head - Funds and Regulatory practice, Nishith Desai Associates

Rajesh Simhan, Head, International Tax Practice, Nishith Desai Associates

Richie Sancheti, Head - Fund Formation, Nishith Desai Associates

 

2:50 PM–3:40 PM :

Panel II - Key legal, regulatory and tax considerations for Indian investments and evolving structures for exits from India

Evolving structures for tax optimized entry and exits – new routes for and offshore listing of Indian companies; Key negotiation points in documentation like tax indemnity, reps and warranties insurance, FCPA, etc.; Impact of Budget 2015 on Fund investment / exits; and Q&A

 

Panelists:

Dhanpal Jhaveri, Managing Partner - Private Equity, Everstone

William Hay, General Counsel, Baring Private Equity Asia

Vaibhav Parikh, Partner - Private Equity and M&A, Nishith Desai Associates

Ruchir Sinha, Co-Head Private Equity and M&A, Nishith Desai Associates

 

3:40 PM–4:00 PM :

Break

4:00 PM–4:50 PM :

Panel III: Revised Landscape in India for Foreign Portfolio Investments

General framework of the FPI Regulations; Tax issues impacting FPIs; Participation of non-resident Indians in FPIs; eligibility to deal in offshore derivative instruments; aggregating investment limits for FPIs and swaps (P-notes); Implications of the FPI Regulations on India-focused hedge funds; and Q&A

 

Panelists:

Kishore Joshi, Head - Regulatory Practice, Nishith Desai Associates

Rajesh Simhan, Head, International Tax Practice, Nishith Desai Associates

Richie Sancheti, Head - Fund Formation, Nishith Desai Associates

 

4:50 PM–5:40 PM :

Panel IV - Stuck in a bad investment - how to navigate Indian promoters and courts for smooth exits

What a Fund Manager and Director must know about Criminal Law in India; Arbitration and Litigation Strategies; Nominee Directors duties and liabilities; Regulatory and tax disputes; and Q&A

 

Panelists:

Chris Garvey, Executive Director - Legal and Compliance, Morgan Stanley

Deepak Bhawnani, CEO & Managing Director, ALEA Consulting

Vyapak Desai, Partner - International Litigation & Dispute Resolution Practice, Nishith Desai Associates

Pratibha Jain, Partner and Head - Funds and Regulatory practice, Nishith Desai Associates

Vaibhav Parikh, Partner - Private Equity and M&A, Nishith Desai Associates

 

5:40 PM–5:50 PM :

Road to the Future

John Levack, Vice Chairman, HKVCA

Partners

The Indian Private Equity and Venture Capital Association (IVCA) is the oldest, most influential and largest member-based national organization of its kind. It represents venture capital and private equity firms to promote the industry within India and overseas. It seeks to create a more favorable environment for private equity, venture capital investment and entrepreneurship. It is an influential forum representing the industry to governmental bodies and public authorities.

IVCA members include leading venture capital and private equity firms, institutional investors, banks, corporate advisers, accountants, lawyers and other service providers of the venture capital and private equity industry. These firms provide capital for seed ventures, early stage companies, later-stage expansion and growth equity for management buyouts/ buy-ins.

IVCA aims to support entrepreneurial activity and innovation as well as the development and maintenance of a private equity and venture capital industry that provides long term equity capital. It helps establish high standards of ethics, business conduct and professional competence. IVCA also serves as a powerful platform for investment funds to interact with each other.

The Association stimulates the promotion, research and analysis of private equity and venture capital in India, and facilitates contact with policy makers, research institutions, universities, trade associations and other relevant organizations. IVCA collects, circulates and disseminates commercial statistics and information related to the private equity & venture capital industry.


The Asian Venture Capital Journal (AVCJ) is a Hong Kong-based media company that focuses on intelligence in private equity, venture capital and other types of alternative investments in Asia. AVCJ offers a wide range of products, from digital publications to industry events, catered to those involved in the Asian private equity industry. The AVCJ Weekly, our flagship publication, is the leading magazine on Asia’s private markets while the Global AVCJ Private Equity & Venture Forum conference series have brought together leading investors from across the globe to the financial centres of Asia for high-level dialogue, debate and networking opportunities. For more details, please visit www.avcj.com


The Hong Kong Venture Capital and Private Equity Association was established on November 12, 1987 with the objectives of promoting and protecting the interests of the venture capital industry in Hong Kong. The Association was formed based on a recommendation in the Working Party of the Hong Kong Association of Banks' study of venture capital and has been incorporated as a company limited by guarantee.

The HKVCA's mission is to stimulate a vibrant venture capital and the private equity industry in Asia while promoting the role of member firms in value creation, innovation and economic development. HKVCA provides a forum for networking and experience sharing for its members; promotes industry professional ethics, international best practices and standards; and represents the views of its members before governmental and other relevant bodies.


ASIFMA is an independent, regional trade association with over 80 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative and competitive Asian capital markets that are necessary to support the region’s economic growth. We drive consensus, advocate solutions and effect change around key issues through the collective strength and clarity of one industry voice. Our many initiatives include consultations with regulators and exchanges, development of uniform industry standards, advocacy for enhanced markets through policy papers, and lowering the cost of doing business in the region. Through the GFMA alliance with SIFMA in the United States and AFME in Europe, ASIFMA also provides insights on global best practices and standards to benefit the region.


APREA is a non-profit body that represents the real estate investment industry in the Asia-Pacific.

APREA and its partners help foster a more informed marketplace and encourage greater professionalism by championing best practice.

APREA also provides its views to governments in order to help forge a more globally competitive real estate industry.

APREA has chapters in eight regions – China, Japan, India, Australia, Hong Kong, Singapore, the Philippines and Malaysia.

For additional information on APREA, please visit www.aprea.asia


Founded in 1985, the Hong Kong International Arbitration Centre (HKIAC) is one of Asia’s oldest and most prestigious international arbitration institutions, offering efficient and cost effective arbitration administration services, in addition to mediation, adjudication and domain name dispute resolution. According to Global Arbitration Review, “No regional institution has been running so successfully for so long.” With its multinational and multilingual Secretariat consisting of lawyers from around the world and a Panel Arbitrators comprised of leading arbitration experts with wide ranging expertise and experience from over 40 jurisdictions, HKIAC is Asia's premier arbitration institution. The preeminence of HKIAC as a venue for resolving international and domestic disputes is bolstered by its spacious state-of-the-art hearing facilities in central Hong Kong and is reflected in its diverse caseload, of which more than 75% of disputes were international and featured parties from more than 30 jurisdictions including the People’s Republic of China, the United States of America, the BVIs, the United Kingdom, Korea, the Philippines, the Netherlands, Australia, and Singapore.