Introduction
Introducing Mr Vishal Diwan, a distinguished professional in the legal domain, currently serving as the Legal Head at Bajaj Housing Finance Limited. With a career spanning over two decades, Mr Diwan’s expertise is exemplified in debt management, dispute resolution and general corporate through the experience he has gained from pivotal roles, including, Assistant Vice-President at Tata Motors Finance, and General Manager at Magma Fincorp Limited. In the early years of his career, he also held significant legal roles at big corporations such as Bharti-Walmart, Reliance and ICICI Bank. His trajectory and contributions to the financial industry are true testaments to his passion for law and business.
1. Can you please tell us about yourself and what were the factors that motivated you to pursue a career in the legal field?
Being the first in my family to choose this path, I knew it would come with its challenges. This fuelled my determination and from a young age, I had a clear vision of pursuing a career in legal field. I have always been fascinated by the role of law in shaping society and this early interest developed into a deep commitment to justice and advocacy.
2. Did the question of Litigation vs. Corporate ever cross your mind and what made you choose the latter as your path?
Definitely. It did at the onset of my career. However, to climb the ladder you need to maintain a balance between both. While litigation is my first love and it has its own appeal, especially in terms of courtroom advocacy; understanding corporate is very essential for being successful in litigation as it offered a unique combination of strategic problem solving, complex transactions and an opportunity to work closely with business team. Corporate allows for a forward-looking approach where one can shape outcomes rather than react to conflicts.
3. How has your experience been in the various in-house counsel roles that you have managed during your tenure in the retail and financial services industry?
These in-house roles have strengthened my ability to balance legal risk with business priorities and have given me a broad understanding of the different legal challenges these industries face. Each role has given me a unique perspective on how legal strategy connects with business objectives and the importance of providing practical, business-oriented innovative legal solutions. The fast-paced nature of retail required me to be agile, responding quickly to commercial and legal challenges. In the finance industry, I gained deep insights into regulatory compliance, risk management, and corporate governance. I worked closely with leadership teams to ensure that legal considerations were aligned with the company’s strategic goals, particularly when handling transactions, contracts, and regulatory audits.
4. It is a widely believed notion that to be successful in the legal profession, law students must crack tier one internships and start their career with a tier one law firm. Please shed light on the same in consonance with the fact that you were able to build a successful law career without ever stepping in a law firm.
While securing internships and position at tier one law firms can offer valuable exposure and a strong network, they are not the only way to succeed in legal profession. I strongly believe that with a clear vision, determination and zeal to perform, you can build a fulfilling law career. Success in law or in fact in any field depends on the value you create, not just the brand names on your resume.
5. According to your expertise, how has the Real Estate (Regulation and Development) Act, 2016 (‘RERA’) changed the dynamics of the lending business in non-banking financial companies (NBFCs)?
As per my views, RERA has significantly impacted the lending business for NBFCs by promoting transparency, accountability and project competition timelines. With strict regulations, lenders now have greater confidence in financing real estate projects as developers are mandated to register and comply with legal requirements. This has reduced the risk of project delays and fund diversion, allowing NBFCs to better access creditworthiness and manage loan disbursements.
6. You have a remarkable career of almost two decades as an in-house counsel for various financial corporations, what is the most memorable/challenging matter you have encountered and how did you overcome the same?
One of the most memorable and challenging experiences in my career when I was tasked with building a legal vertical from scratch. Starting with minimal resources, I had to set up the entire legal framework, ensure compliances and create processes for dispute resolution and deliver within defined Turn Around Time. With careful planning, collaboration and a strong focus on detail, we built robust legal infrastructure and supported company’s growth. This experience reinforced the importance of adaptability and strategic thinking for the entire team.
7. Research is an attribute every lawyer needs to have. What is the importance of exhaustion of research for you?
Exhaustive research is crucial because it equips a lawyer with full scope of legal insights helping him to take well-informed decisions and strategies which are in the interest of the organisation. For me, research adds depth to my work, enhances the team’s ability and sets examples for young lawyers to leave no stone unturned thereby delivering excellence in profession.
8. What is your stance on the proposed Arbitration and Conciliation (Amendment) Bill, 2024 and what kind of amends is it likely to bring to the dispute resolution mechanism in Banking, Financial Services and Insurance (BFSI)?
The proposed Arbitration and Conciliation (Amendment) Bill, 2024 is a positive step towards streamlining and expediting dispute resolution. It aims to enhance transparency, promote institutional arbitration, reduce delays and minimise court involvement making the process more efficient thereby, increasing confidence in using alternative dispute resolution mechanisms.
9. As a Legal Head, you have the responsibility of an entire team, what according to you are essential workplace practices to be followed as well as the true qualities of a good team leader?
I believe that essential workplace practices include understanding your team as ‘head of a family’, having empathy, encouraging open communication, promoting accountability and encouraging continuous learning. Collaborative environment is must where every team member feels empowered to contribute and share ideas. The true qualities of a good leader include leading by example, offering guidance while trusting your team expertise, supportive in professional growth and most importantly able to inspire.
10. Is there an area of practice in the financial services which is new or unexplored that you would encourage law students to indulge in?
An emerging and relatively unexplored area in financial services is the legal and regulatory framework surrounding fintech. With advancement in technology, particularly in areas like digital payments, specialised expertise is required in the field of data privacy which offers vast opportunities of growth.
11. With the recent discussion on understanding what “work-life balance” is, how do you ensure the same in a demanding profession such as yours?
In a demanding profession like ours, work-life balance requires conscious effort and discipline. It is important to manage and utilise time well, focus on high priority tasks and avoid burnout by taking breaks when necessary. Organising work well would help you to take out quality time for family and hobbies, thereby enhancing productivity.
