In Conversation With Probir Roy Chowdhury, Partner, JSA

How and when did you know becoming a lawyer was your life’s true calling? 

Law was not my first choice. It was my third choice as I was finishing high school and as they say the third time is the charm! There is no specific moment when I realised, I enjoy what I do. Rather it was the realisation that  I look forward to Mondays; to go to office and get to work. That’s when I realised, I truly enjoy being a lawyer.

Would you please tell us about your specialisation and the array of work you handle at your firm? 

I specialise in technology law, M&A and venture capital/private equity. I advise clients in the technology sector on issues relating to e-commerce, online gaming, geospatial regulations, cryptocurrency, fintech and data protection. I also assist clients in investments and acquisitions in the technology sector – one such investment being Google’s USD 4.5 billion investment in Jio Platforms.

What are your predictions for 2022 in the area/s of specialisation mentioned above? What are some of the upcoming trends of the industry?  

Predicting may not be my forte, however I am hoping that the legislature will bring clarity to the ambiguity surrounding cryptocurrency. And there will be some finality on the long-awaited data protection regulations;  that it is finally enacted.

On trends – there has been a general trend of data localisation imposed on the fintech industry, and I believe that this trend will expand across sectors once India’s data protection regulations are finalised. In relation to the gaming sector – there has been a trend among the governments of the southern states of India to prohibit cash gaming. However, I believe that the judiciary will step in, as it has done before, to strike down such disproportionate legislation and ensure that the right to carry on legitimate business activities is safeguarded.

One recent landmark judgement or the best judgment of 2021 that you’d like to share a word about. 

The 2020 judgement by the Supreme Court in Internet And Mobile Association of India v. Reserve Bank of India, is a landmark judgement that has allowed India’s burgeoning cryptocurrency sector to flourish. While setting aside the Reserve Bank of India’s (“RBI”) prohibition against cryptocurrency, the Supreme Court did not overstep its constitutional bounds and has allowed for the central government to pass applicable regulations. Cryptocurrency is here to stay – and a balanced and nuanced framework is the call of the hour.

As a new age lawyer, what to your mind is the one thing in the current legal ecosystem at the Bar, Bench, or in the Law Firms that needs our attention. 

The current legal ecosystem needs laws and regulations to be enacted keeping in mind stakeholder inputs. There has been a trend of laws and regulations being enacted without any feedback or inputs from stakeholders and industry players. This makes doing business very difficult and sometimes creates situations which are antithetical to the purpose of the law itself.  One such example is the recent amendment to the Karnataka Police Act, 1963, which not only prohibits cash games in Karnataka, but, due to the way the amendment has been drafted, has had the unintended consequence of forcing some online gaming companies to shift operations from Karnataka altogether. I often work with industry players and policy teams to submit feedback and inputs to relevant government ministries, to try to ensure well thought out  laws and regulations. We have submitted feedback on a variety of regulations – such as the PDP Bill; draft  2021 amendment to the Consumer Protection (E-Commerce) Rules, 2021; RBI’s tokenisation framework etc.

Many Congratulations on joining the BW Legal World Elite 40 Under 40 Club of Achievers 2021. What to your mind has helped you get to where you are and what advice would you have for others who want to set off in a similar direction? 

Being honest to yourself; honest about your true capabilities and your interests. My father had told me that if I am at the intersection of my hobby, talent and ambition, I will succeed on my chosen path. I would like to offer the same advice to others. Take a moment, see which intersection you are at and ask yourself honestly – do you enjoy what you do? Why are you doing this and what do you want in life?

As a final note, would you please recommend to our readers your favourite book that left a lasting impression on you.  

A friend who recently made a very successful and publicized exit for this company recommended – The Psychology of Money by Morgan Housel. It is a captivating book with hard facts and data, and I would recommend it to everyone.