introduction
Introducing Mr. Vishal Diwan, a renowned expert in the legal field and currently the Head of Legal Affairs at Bajaj Housing Finance Limited. With a career spanning over 20 years, Mr. Diwan’s expertise includes debt management, dispute resolution, and experience gained from key positions such as Assistant Vice President at Tata Motors Finance and General Manager at Magma Fincorp Limited. , has been proven in the general corporate field. . Earlier in his career, he also held key legal roles in large companies such as Bharti-Walmart, Reliance and ICICI Bank. His trajectory and contributions to the financial industry are a true testament to his passion for law and business.
1. Please tell us about yourself and what inspired you to pursue a career in law.
I was the first in my family to choose this path, so I knew it would come with challenges. This fueled my determination and from a young age I had a clear vision to pursue a career in the legal field. I have always been fascinated by the role of law in shaping society, and this early interest evolved into a deep commitment to justice and advocacy.
2. Have litigation and corporate issues ever crossed your mind? Why did you choose the latter as your path?
absolutely. That was the case early in my career. However, to climb the ladder, you need to maintain a balance between both. Litigation is my first love, and I find litigation itself fascinating, especially from the perspective of advocacy in court. Understanding companies is critical to success in litigation because it provides a unique combination of strategic problem solving, complex transactions, and the opportunity to work closely with business teams. Rather than reacting to conflict, businesses can take a proactive approach that allows them to shape outcomes.
3. What experience have you had with the various in-house counsel roles you have managed during your tenure in the retail and financial services industries?
These in-house roles strengthened my ability to balance legal risks and business priorities and provided me with a broad understanding of the various legal challenges facing these industries. Each role gives us a unique perspective on how legal strategy connects to business objectives and the importance of delivering practical, business-oriented and innovative legal solutions. Ta. The fast-paced nature of retail requires agility to respond quickly to commercial and legal challenges. In the financial industry, I gained deep insight into regulatory compliance, risk management, and corporate governance. I worked closely with management teams to ensure that legal considerations were aligned with the company’s strategic objectives, particularly when handling transactions, contracts, and regulatory audits.
4. It is widely believed that to succeed in the legal profession, law students must pass a first-rate internship and begin their career at a first-rate law firm. Please shed light on the same in light of the fact that you were able to build a successful legal career without joining a law firm.
Securing an internship or position at a top law firm provides valuable opportunities and a strong network, but it is not the only way to succeed in the legal profession. I strongly believe that a clear vision, determination, and passion for the job can lead to a fulfilling legal career. Success in law or any field depends on the value you create, not just the brand name on your resume.
5. According to your expertise, how has the Real Estate (Regulation and Development) Act, 2016 (“RERA”) changed the dynamics of lending business in Non-Banking Financial Companies (NBFCs)?
In my view, RERA has had a significant impact on the lending business of NBFCs by promoting transparency, accountability and timelines for project competition. Strict regulations require developers to register and comply with legal requirements, giving lenders greater confidence in financing real estate projects. This has reduced the risk of project delays and misappropriation of funds and has enabled NBFCs to better utilize creditworthiness and control loan disbursements.
6. You have had an impressive career spanning almost 20 years as in-house counsel for various financial companies. What is the most memorable/difficult problem you have encountered and how did you solve it? Have you overcome it?
One of the most memorable and rewarding experiences of my career was when I was tasked with building a legal field from the ground up. We had to start with minimal resources, set up an entire legal framework, ensure compliance, create a process for dispute resolution, and deliver within a defined turnaround time. Through careful planning, collaboration, and attention to detail, we built a strong legal infrastructure to support our company’s growth. This experience emphasized the importance of adaptability and strategic thinking for the entire team.
7. Research is a quality that every lawyer must have. What is the importance of thorough research to you?
A thorough investigation is extremely important as it provides your lawyer with all the legal insights that will help you make informed decisions and strategies that benefit your organization. For me, research adds depth to my work, strengthens my team, and sets an example for young lawyers to achieve excellence in their profession by any means necessary.
8. What is your stance on the proposed Arbitration and Conciliation (Amendment) Bill, 2024 and what amendments is this Bill likely to bring to the Banking, Financial Services and Insurance (BFSI) dispute resolution mechanism?
The proposed Arbitration and Conciliation (Amendment) Bill, 2024 is a positive step towards streamlining and speeding up dispute resolution. It aims to increase transparency, facilitate institutional arbitration, reduce delays and minimize court involvement to make the process more efficient, and increase confidence in the use of alternative dispute resolution mechanisms. Masu.
9. As the General Counsel, you are responsible for the entire team, what do you think are the important workplace practices to follow and the true qualities of a good team leader?
Important workplace practices include understanding your team as the “head of the family,” having empathy, encouraging open communication, fostering accountability, and encouraging continuous learning. I think it is included. A collaborative environment where all team members feel empowered to contribute and share ideas is essential. The true qualities of a great leader include leading by example, providing guidance while trusting the expertise of their team, supporting professional growth, and most importantly, inspiring. Includes what you can do.
10. Are there any new or underdeveloped financial services practice areas that you would recommend to law students?
An emerging and relatively untapped area in financial services is the legal and regulatory framework surrounding fintech. Expertise is required in the area of data privacy, which presents enormous growth opportunities, especially as technology advances in areas such as digital payments.
11. Understanding what “work-life balance” is has been a hot topic of discussion lately, how do you ensure work-life balance in a demanding profession like yours?
In a demanding profession like ours, achieving work-life balance requires conscious effort and discipline. It’s important to manage and utilize your time properly, focus on high-priority tasks, and avoid burnout by taking breaks when needed. Planning your work well allows you to spend quality time with your family and hobbies, increasing your productivity.
