At Sen & Ray, success stories aren’t just about milestones achieved; they are about partnerships, trust, and the expert guidance that makes complex journeys smoother. One of our most recent and proudest associations has been with Emirates NBD , a leading banking group in the UAE, in securing the in-principle approval from the Reserve Bank of India (RBI) for setting up a Wholly Owned Subsidiary (WoS) in India.
The Challenge
For any international financial institution, navigating India’s highly regulated banking landscape is a transformative but challenging endeavor. Obtaining RBI’s clearance for establishing a WoS requires more than compliance—it calls for strategic foresight, knowledge of both local and cross-border financial frameworks, and close coordination between stakeholders in multiple jurisdictions.
Emirates NBD, with its strong commitment to expanding its footprint in India, entrusted Sen & Ray to help steer this critical approval process.
Our Role
At Sen & Ray, we leveraged our dual presence in India and the UAE—and deep-rooted expertise in financial regulations, structuring, and compliance—to ensure the process was handled with diligence and foresight.
- Regulatory Advisory: We provided end-to-end guidance on RBI’s WoS framework, ensuring that Emirates NBD’s plans aligned seamlessly with Indian regulatory expectations.
- Strategic Structuring: Our multidisciplinary team of chartered accountants and advisors crafted a structure that balanced compliance with operational efficiency and future scalability.
- Stakeholder Coordination: Acting as the connecting bridge, we facilitated smooth communication between Emirates NBD’s leadership in Dubai, their India team, and Indian regulatory authorities.
- Documentation & Process Management: We supported Emirates NBD in preparing robust submissions, addressing clarifications, and managing the application process until the RBI’s in-principle approval was achieved.
The Sen & Ray Advantage
What truly empowered us in this engagement was the synergy of our cross-border expertise:
- In the UAE, we understand the operating frameworks, governance philosophies, and expansion aspirations of leading financial institutions.
- In India, our seasoned professionals bring unparalleled depth in financial regulation, tax, and corporate law.
This dual advantage allowed us to anticipate concerns, address regulatory nuances, and confidently navigate procedural complexities—ensuring the journey was both efficient and assured.
Looking Ahead
Emirates NBD’s upcoming Wholly Owned Subsidiary in India marks a significant milestone in the deepening UAE–India financial corridor. For Sen & Ray, it stands as a testament to what we aim to deliver every day: trusted advisory, cross-border insight, and executional excellence.
We are proud to have been a part of this remarkable achievement and remain committed to supporting Emirates NBD, and many more institutions, in their journeys of growth and expansion.
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