Cyril Amarchand Mangaldas Advised Vayana to Seek Permission from IFSCA for Operations in IFSC, GIFT City
Cyril Amarchand Mangaldas (CAM) advised Vayana (IFSC) Private Limited (Vayana) which owns and operates Vayana Tradexchange
Cyril Amarchand Mangaldas Advised Vayana to Seek Permission from IFSCA for Operations in IFSC, GIFT City
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 aspects 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 of 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.