In Conversation With Tanya Nayyar, Regulatory Counsel, Stripe

Tell us a bit about yourself. What made you choose a career in law? And how was the experience of studying law? 

I’m sure every reader would agree that they have gone through an early schooling phase of wanting to be a doctor/ engineer followed by a teenage phase of wanting one-of-a-kind professions such as that of an astronaut or fashion designer, but through and through, I was always certain that I wanted to be a lawyer. This was not an elimination of career choices, but rather a decision based on my own observations. Like every other child, I did spend many school vacations travelling to meet family relatives, and during one such vacation, I stumbled into a relative’s personal library full of legal jurisprudence and books. The fascination on seeing and being surrounded by books drove me to want this career. 

On entering Gujarat National Law University, I realised that the opportunities a law school provides is a perfect via-media for one to explore, develop and shape their personality and build maturity in outlook. Each opportunity plays a contributing factor to your professional skill set. While the legal curriculum satisfies the basic knowledge need, it is only the extra-curricular activities that mould a legal mind. I would urge all students to jump in and soak in the experience that these activities have to offer. Do not treat extra-curricular as just a CV-building exercise, but please realise that they directly impact your personality and thinking. 

Personally, I took a liking to moot court competitions 

In parallel, I also published several articles in magazines and legal journals. Drawing your own conclusion based on your research on existing law or loophole in that law gives you the much-needed confidence and helps streamline your thought process as well, which going forward, is a must-have in a professional world where being concise yet relevant is key.

Do note that each opportunity you jump into, during law school, should not only help you gain some skills, but also be a driver in identifying your interest areas.

While extra-curricular activities lend their own experience, I would not want to take away focus from the internships that I encountered. Through each internship, I worked with a different team dealing in a different subject so that I could practically observe and distinguish the work, the clients, and the exposure. 

I joined Cyril Amarchand Mangaldas out of law school in 2015, I joined the Financial Regulatory Practice, a practice area that serviced financial institutions based on a set of laws and regulations that no law school ever teaches you – privacy, securities, e-commerce and technology laws. 

I truly believe that each experience that I have consciously opted for (such as my extra-curricular) or that has been thrown at me (at work) has led to my professional development. “Through my journey, I have realised that one must keep the thirst to learn more always alive which will naturally lead them towards once-in-a-lifetime opportune moments.”

If you could suggest one reform in the legal education system, what would it be?

Looking back at my years in law school, I would think that a key reform required is with respect to alignment of the curriculum with the prevailing market trends so that the students are well equipped when they enter the professional industry. 

Please tell us about your specialization and the array of work you handle at your firm?

Presently I am the India Regulatory Counsel for Stripe, Inc. – a global payment processor with a strong mission to grow the GDP of the internet by facilitating payments infrastructure for merchants. As part of this role, I am responsible in ensuring that the payments products brought into India are compliant with the regulatory framework and payments made by customers are securely transmitted to merchants. This role gives me a deep insight into the Indian digital payments world and state-of-the-art technology being implemented globally to allow access to a more seamless customer experience.

What are the governance and compliance risks unique to working in the fintech sector?

As a lawyer in tech, you often pave the road by walking in unchartered legal territory and experience opportunities that help shape laws, including privacy, security, commerce and more. 

Being in this evolving industry that primarily bears the responsibility of handling customer money, the pertinent risks and concerns revolve around security of money movement and customer data while ensuring seamless customer experience and convenience (like having payment at a click of a button or tap). With this, a fintech player has to also manage internal risks such as minimisation of frauds leading to monetary losses for customers, maintenance of privacy, and avoiding cyber attacks or data leaks. 

While the gravity of the risks will continue to be proportionate to the depth and accessibility created by the fintech player, one should not lose sight of the focal point – which is continuous development of state-of-the-art technology and products. 

Many Congratulations on joining the BW Legal World Elite 30 Under 30 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?

Thank you for the wishes. I would say that it’s the mental drive that keeps one going and has personally gotten me thus far. During the initial phase of every lawyer’s career, they are naturally faced with hardships (whether that’s settling into a law firm, peers, manager expectations, etc), mentally challenging environments, fatigue and exhaustion, but it is, honestly, the personal drive and determination to keep pushing through that helps one realise their true potential. 

I would suggest that every young lawyer should just speak up, ask questions, have an individual opinion and stay eager throughout. Eventually the right opportunities will land up that will give them a perspective changing exposure.

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

Recently I read this book titled “The Checklist Manifesto” by Atul Gawande who is otherwise a surgeon by profession! This book truly touches on a life skill that requires dealing with the increasing complexity of professional responsibilities.