Singapore Payment Services Act Amendments Aim to Expand Regulatory Scope and User Protections

SINGAPORE, 12 April 2024 — On 2 April 2024, MAS introduced amendments to the Payment Services Act 2019 of Singapore (PS Act) and its subsidiary legislation. Generally, these amendments seek to (1) expand the scope of payment services regulated by MAS which will take effect from 4 April 2024 and (2) impose user protection requirements on digital payment token (DPT) service providers which will take effect from 4 October 2024.

Continue reading “Singapore Payment Services Act Amendments Aim to Expand Regulatory Scope and User Protections”

Asia Pacific Business Awards 2023-2024

In a recent announcement, Asia Pacific Business revealed the winners of their Asia Pacific Business Awards 2023-2024. Gerard A. Hekker, Partner of Duane Morris & Selvam LLP and Dr Nguyen Thi Lang, Chairperson of Duane Morris Vietnam were both awarded Asia Pacific Legal Advisor of the Year. This recognition celebrates their exceptional contributions and commitment to the region’s business landscape. Continue reading “Asia Pacific Business Awards 2023-2024”

Duane Morris & Selvam Advises on the QIP of The Karnataka Bank Limited

SINGAPORE, 10 April 2024 – Duane Morris & Selvam LLP acted as special international legal counsel to Ambit Private Limited and Avendus Capital Private Limited in their role as the book running lead managers on the recent qualified institutions placement of ₹6,000 million (USD 72 million) of equity shares of The Karnataka Bank Limited.

The Karnataka Bank Limited, with over 100 years of existence, is one of the well-established private sector banks in India, offering wide range of banking products and services to approximately 12.93 million customers as of December 31, 2023, including corporate, retail, agriculture and MSME customers.

Continue reading “Duane Morris & Selvam Advises on the QIP of The Karnataka Bank Limited”

Duane Morris & Selvam Advises on the QIP of Wockhardt Limited

SINGAPORE, 8 April 2024 – Duane Morris & Selvam LLP acted as special international legal counsel to DAM Capital Advisors Limited in its role as the book running lead manager on the recent qualified institutions placement of ₹4,800.40 million (USD 58 million) of equity shares of Wockhardt Limited.
Wockhardt Limited is engaged in the research and development, manufacture and distribution of pure and branded generics, vaccines, biosimilars, active pharmaceutical ingredients as well as new chemical entity antibiotics targeting antimicrobial resistance.

Continue reading “Duane Morris & Selvam Advises on the QIP of Wockhardt Limited”

Duane Morris & Selvam Advises on the IPO of Popular Vehicles and Services Limited

SINGAPORE, 3 April 2024 – Duane Morris & Selvam LLP acted as special international legal counsel to ICICI Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Centrum Capital Limited in their role as the book running lead managers on the recent initial public offering of ₹6,015.54 million (USD 72 million) of equity shares of Popular Vehicles and Services Limited, a diversified automobile dealership in India.

Continue reading “Duane Morris & Selvam Advises on the IPO of Popular Vehicles and Services Limited”

Duane Morris & Selvam Advises Union Bank of India on the sale of INR 30,000 million (US$360 million) of its Equity Shares in a Qualified Institutions Placement

SINGAPORE, 21 March 2024 — Duane Morris & Selvam LLP acted as the international counsel to Union Bank of India (the “Union Bank’) on its recent sale of INR 30,0000 million (US$360 million) of its equity shares in a qualified institutions placement, including a private placement in the United States

Union Bank is a public sector bank. As at December 31, 2023, Union Bank of India had total advances of INR 8,959,740.80 million, a network of 8,479 branches, 9,889 ATMs, 18,987 business correspondents, an employee base of 76,372 and a customer base of over 152.40 million.

Continue reading “Duane Morris & Selvam Advises Union Bank of India on the sale of INR 30,000 million (US$360 million) of its Equity Shares in a Qualified Institutions Placement”

Selvam LLC Promotion Announcement

SINGAPORE, March 18, 2024 – Selvam LLC is pleased to announce the promotion of certain associates to senior positions within the firm’s Corporate and Dispute practice.

Leon Yee, Chairman of Duane Morris & Selvam LLP commented: “I am delighted to congratulate our 2 Senior Associates and 2 new Associate Directors on their promotion. This is a testament to their hard work, dedication and the immense value they bring to our firm as exceptional lawyers. They have consistently demonstrated exceptional legal expertise, strong leadership qualities, and genuine commitment to client service. These qualities, coupled with their talents, solidify their roles as trusted advisors for our clients.”

Associate Directors (Dispute)
1. Cumara Kamalacumar
2. Luis Duhart

Senior Associate (Corporate)
1. Ananth Balaji Sundararaman

Senior Associate (Dispute)
1. Yuen Zi Gui

About Selvam LLC
On 1 January 2011, Selvam LLC entered into a joint law venture with Philadelphia-based United States law firm Duane Morris LLP. The affiliation, formally known in Singapore as an Enhanced Joint Law Venture (JLV), was the first U.S.-Singapore joint venture to be approved by Singapore as part of the enhanced liberalisation of its legal services market in 2008. The joint venture, known as Duane Morris & Selvam LLP, enables Duane Morris to strengthen its capabilities, access and presence in Asia through Selvam LLC’s top-ranked Singapore corporate and disputes practices, and likewise helps Selvam to leverage the support of Duane Morris’ U.S. and other international offices.

In addition, the partnership enables Selvam to draw upon the JLV in terms of the technology, IT infrastructure, training and capabilities of a global law firm. Together, the firm now has over 900 lawyers across 30 offices including five offices in Asia: Singapore, Hanoi, Ho Chi Minh City, Shanghai and Yangon. Selvam LLC undertakes all Singapore law aspects of the JLV, including litigation, employment, real estate and family law matters. Due to the ever-increasing volume of cross-border transactions, our local law capability greatly enhances the scope of legal services we are able to offer our clients.

Duane Morris & Selvam Appoints Clement Tan Head of White Collar and Investigations Practice

SINGAPORE, 4 March 2024 – Duane Morris & Selvam LLP is pleased to announce the appointment of director Clement Tan as the Head of its White Collar and Investigations practice.

Clement is a dispute resolution lawyer and he brings a wealth of experience to the role, having served as a distinguished District Judge in the State Courts of Singapore where he presided over an extensive range of civil and criminal cases. He has experience navigating high-stakes litigation, corporate commercial disputes, and has represented clients at all levels of the Singapore judicial system and arbitrations. His experience encompasses matters including white collar crime, employment disputes, minority oppression cases, contractual disputes, defamation claims and construction cases.

Continue reading “Duane Morris & Selvam Appoints Clement Tan Head of White Collar and Investigations Practice”

Duane Morris & Selvam Advises on Offer and Sale of approximately INR 5,700 million (US$69 million) of Equity Shares in Jana Small Finance Bank Limited


SINGAPORE, 27 February 2024 — Duane Morris & Selvam LLP acted as international legal counsel to Axis Capital Ltd., ICICI Securities Limited, and SBI Capital Markets, the book running lead managers, on the offer and sale of approximately INR 5,700 million (US$ 69 million) of equity shares in Jana Small Finance Bank Limited in an initial public offering in India and concurrent private placements outside India.

Continue reading “Duane Morris & Selvam Advises on Offer and Sale of approximately INR 5,700 million (US$69 million) of Equity Shares in Jana Small Finance Bank Limited”

Mainstream Adoption: The Era of Bitcoin ETFs Begins

By Leon Yee, Yeo Ming Ze and Brian Sim

1. Navigating the Bitcoin Exchange-Traded Funds (“ETFs”) Landscape: A Comprehensive Overview

Introduction to Bitcoin ETFs in 2024
On 10 January 2024, the U.S. Securities and Exchange Commission (“SEC”) approved the listing and trading of 11 spot Bitcoin ETFs. This followed a case in the U.S. Court of Appeals District of Columbia where the court held that the SEC’s denial of Grayscale Investments conversion of its Bitcoin trust to an ETF was “arbitrary” and “capricious” given that the SEC had approved a futures-based Bitcoin product. The court found these futures-based ETFs to be materially similar to Grayscale’s Bitcoin ETF such that they should have received the same regulatory treatment. The court’s decision was based on two key points: the underlying assets (Bitcoin futures and Bitcoins) being closely related in that they both track spot Bitcoin market prices and the futures and Bitcoin exchanges having the similar controls in place for detecting fraudulent or manipulative market misconduct.
Continue reading “Mainstream Adoption: The Era of Bitcoin ETFs Begins”

© 2009- Duane Morris LLP. Duane Morris is a registered service mark of Duane Morris LLP.

The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

Proudly powered by WordPress