Indranath Bishnu

Practice Areas

Indranath Bishnu

Partner

Corporate, Mergers and Acquisitions, Insurance

Indranath is a partner with Cyril Amarchand Mangaldas and is a part of the general corporate practice in the Mumbai region. He joined Amarchand & Mangaldas and Suresh A. Shroff & Co (“AMSS”) in the year 2005 following his graduation from the West Bengal National University of Juridical Sciences, Kolkata. He was inducted into the partnership of AMSS in April 2013. In May 2015, after the dissolution of AMSS, Indranath transitioned to the partnership of Cyril Amarchand Mangaldas.

Indranath’ is the Head of the Insurance Practice of the Firm. He leads a team of 14 lawyers specializing in regulatory advice, mergers and acquisitions and joint ventures. Under Indranath’s leadership, Cyril Amarchand Mangaldas has been awarded Insurance Firm of the Year (2024) and Indranath has been awarded Insurance Lawyer of the Year in the seventh annual Asialaw Awards, 2024. Since 2007, he has advised multiple corporations, both Indian and foreign, in relation to investments in the insurance sector as well as establishment, operation, management and control of insurance companies in India.

Indranath also advises the Insurance Regulatory and Development Authority of India (“IRDAI”) as well as other government bodies such as the Department of Financial Services (Ministry of Finance) on reforms in the insurance sector. He currently serves as a member on various committees constituted by the IRDAI including the committee to study and recommend capital requirements for insurance entities and the taskforce to examine the implications of Digital Personal Data Protection (DPDP) Act, 2023 on the insurance sector as a whole. His team also advises the taskforce to simplify policy wording. He is leading the team from Cyril Amarchand Mangaldas engaged to advise the Regulation Review Committee constituted by the IRDAI to simplify all insurance regulations. He is also leading the team from Cyril Amarchand Mangaldas engaged to advise Bima Sugam India Federation, which is the flagship initiative for establishing a digital platform, involving the IRDAI and the entire insurance industry.

Notable deals in the insurance sector:

• Assisted and advised Bima Sugam India Federation in setting up of its business, including in relation to undertaking regulated activities, licensing and processing of personal data;

• Advised Niva Bupa Health Insurance Company Limited in relation to its Initial Public Offering, being the first initial public offering to be undertaken under the new regulatory regime notified by IRDAI in IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024, and being the first company to have successfully completed the process of issue and listing under the new regime;

• Advised Hinduja Group, being the successful resolution applicant in relation to the corporate insolvency resolution plan of Reliance Capital Limited, specifically with respect to the insurance subsidiaries, viz. Reliance General Insurance Company Limited and Reliance Nippon Life Insurance Company Limited;

• Advised Piramal Group in connection with their indirect investments in Shriram General Insurance Company Limited and Shriram Life Insurance Company Limited;

• Advised Zurich Insurance Company Ltd in relation to its acquisition of a majority stake from Kotak Mahindra Bank Limited in Kotak General Insurance Company Limited;

• Advised IRDAI on the transfer of the life insurance business of Sahara Life Insurance Co. Ltd to SBI Life Insurance Company and subsequently represented the IRDAI before the Securities Appellate Tribunal and the Supreme Court of India in relation to appeals and challenges arising out of and order for transfer;

• Advised Orios Venture Partners in terms of strategy and approach from a legal and contractual perspective in connection with its investments in Redkenko Health Tech Private Limited;

• Advised the IRDAI in relation to questions of law under the Insurance Act, 1938 dealing with repo transactions;

• Advised Dai-ichi Life Holdings Inc. in their INR 300 crore (approximately) investment in D2C Consulting Services Private Limited (RenewBuy), the holding company of D2C Insurance Broking Private Limited;

• Advised V-Sciences Investments Pte. Ltd. (a Temasek group entity) in relation to the proposed subscription of 2.63% of the paid-up equity share capital of Niva Bupa Health Insurance Company Limited;

Professional Memberships

Bar Council of Delhi, India

Publications

• Remuneration to Directors and KMPs of Insurers – Enhanced Guidelines with Extended Coverage – Remuneration to Directors and KMPs of Insurers – Enhanced Guidelines with Extended Coverage | India Corporate Law (cyrilamarchandblogs.com)

• Liberalisation of Expenses of Management Limits and Linkage with Commission: Impact on the Insurance Industry – Liberalisation of Expenses of Management Limits and Linkage with Commission: Impact on the Insurance Industry | India Corporate Law (cyrilamarchandblogs.com)

• Looking Beyond Core Insurance Business: Insurers Allowed to Offer Value Added Services and Engage in Distribution of Other Financial Products – Looking Beyond Core Insurance Business: Insurers Allowed to Offer Value Added Services and Engage in Distribution of Other Financial Products | India Corporate Law (cyrilamarchandblogs.com)

Education

Awards