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Formative Years: Ms Maheshwari, what motivated you to study law. Tell us about the initial years of your career?
Law wasn’t my first choice. While preparing for the IIT exams alongside my 12th boards, I didn’t clear the Mains. I decided to reattempt the following year and wanted to join a college in the meantime as a backup plan. My father suggested enrolling in law, thinking it would be easier to manage alongside IIT preparations. Coming from Kanpur, we had this stereotypical notion that law was for less academically inclined students.
To my surprise, in the very first year, I was completely captivated by law. I began to see its profound impact on society, businesses, and everyday habits. What started as a backup plan quickly turned into a passion. It was as though I’d fallen in love with law, and engineering became a past relationship I never revisited.
After completing my law degree, I accepted a pre-placement offer from KCO, where I began working in the M&A practice area. My initial years were exhilarating, as I worked with renowned clients from India, Japan, the USA, and Europe on multi-million dollar deals across diverse sectors, including insurance, pharmaceuticals, food, technology, manufacturing, and education.
After a few years, I moved to the chambers of Mr. Snehal Shah, a senior counsel at the Bombay High Court. This shift was starkly different from my corporate role at KCO. I witnessed the ultimate fate of the documents I used to meticulously draft and negotiate in my previous role and I must say it was a humbling and eye-opening experience.
These contrasting experiences—from high-stakes corporate deals to courtroom realities—proved to be the perfect foundation for an in-house counsel role. They taught me that while attention to detail in drafting and application of the law is crucial, the true focus must be on anticipating the aspects that courts or adjudicating authorities will zero in on if those documents become part of a dispute. And so began my journey as an in-house counsel, armed with a balanced perspective from both worlds.
Day at work: Tell us about your team size and the array of work you handle at Angel One.
Currently, I lead a team of around 30 people at Angel One Group, where I oversee both the legal and policy functions. I’m responsible for developing the group’s legal strategy, managing risk, and ensuring that our business growth is aligned with legal and regulatory frameworks.
My legal responsibilities are quite broad and include overseeing the legal structure of the group, mitigating legal risks, managing contracts, and providing guidance on employment law and corporate governance. I also handle regulatory compliance, regulatory disputes, and work on arbitrations and litigations. Additionally, I support law enforcement agencies when needed and ensure that our data and privacy governance becomes more robust to comply with the anticipated privacy laws.
I am also deeply involved in the strategic development of the business. My role ensures that legal considerations are integrated into decision-making processes, helping drive sustainable growth while managing risks.
On the policy front, I’m responsible for engaging with regulators and responding to consultation papers that affect Angel One. I also ensure that we are actively involved in relevant industry associations, where we contribute to the development of the financial products sector, all while prioritizing the interests of investors and consumers.
GCs As Business Enablers: As Group General Counsel and Head of Policy at Angel One, how do you balance the demands of legal oversight with the strategic direction of the group?
Balancing legal oversight with the strategic direction of the group begins with a deep understanding of the spirit of the law. When interpreting any legal provision, I immerse myself in understanding the intent behind it—what problem the law seeks to address or solve. This approach allows me to read and apply the law in a balanced way, ensuring it is neither expanded nor contracted beyond what is reasonable. By aligning the spirit of the law with the group’s strategic initiatives, I ensure that legal compliance becomes an enabler of business growth, not an obstacle.
When it comes to policy, I rely heavily on data and data patterns. Data provides invaluable insights into real-world challenges, helping to inform business laws and strategies. I believe it is critical to avoid falling into the trap of solving problems that do not exist or overcomplicating simple issues. At the same time, I caution against oversimplification, which can lead to losing sight of the core problem. A well-informed, data-driven approach ensures that we craft solutions that are both practical and aligned with the group’s strategic vision.
Ultimately, I see business law and policy as exercises in balance—balancing compliance with innovation, risk mitigation with growth, and legal rigor with the broader objective of sustainable development. This mindset allows me to navigate the complexities of both roles, ensuring that legal oversight is integrated seamlessly into the group’s strategic priorities.
Highlights and Milestones: What has been the most rewarding aspect of your career as a General Counsel?
There have been several rewarding aspects of my journey as a General Counsel, but I’ll highlight a few that stand out
Bridging Law and Business:
One of the most fulfilling aspects of being a General Counsel is the opportunity to view the law beyond a binary framework. I can contextualize it within the broader dynamics of business, industry development, and the protection of real investors and consumers. Earlier, as a private practitioner or legal consultant, I would advise businesses without fully living their realities. While offering external advice is valuable, it often lacks the depth of understanding that comes from experiencing the challenges and triumphs of a business firsthand. As part of the business, I am no longer an outsider looking in; I have the full picture, which allows me to provide practical and meaningful solutions
Mentoring and Building Legal Leaders:
In my drive to build high-performing legal teams, I have had the privilege of working with exceptional lawyers who have been or continue to be part of my teams. It is incredibly rewarding to contribute to the growth of future leaders in corporates around the globe by mentoring bright legal minds and preparing them for leadership roles. Watching their journeys unfold and seeing their impact in the industry is one of the greatest joys of my career
Retaining Talent in the Legal Profession:
Early in my career at KCO, many of us joined as fresh graduates. Over time, I noticed that only a few of us remained in the legal profession. The legal field is undeniably demanding and presents its share of challenges. However, I firmly believe that the only way to address these challenges is by ensuring that bright and empathetic individuals stay committed to their legal journeys. It has been my endeavor to keep lawyers motivated to continue in this profession. The legal industry cannot afford to lose brilliant minds who have the potential to become transformative leaders,
Empowering Women Leaders:
I am particularly passionate about mentoring women in the legal profession. Women leaders are essential for businesses today—not just for diversity but to break the cycle of groupthink and promote sustainable progress. I feel proud to have identified and mentored remarkable women, helping them navigate their careers with tact, determination, and confidence. Watching them grow and excel is deeply fulfilling.
Corporate Governance and Compliance: What are the top regulatory or compliance challenges unique to your sector?
The top regulatory and compliance challenge in the financial products sector is the rapid pace of regulatory change. This is largely driven by the exponential growth of the industry, which necessitates constantly evolving regulations to keep up with new developments. While this evolution is essential, it presents several significant challenges for industry players.
First, the constant flux of regulations makes compliance a moving target. Organizations often find themselves investing heavily in adapting to new regulatory requirements, only to face additional changes shortly after. This leads to further costs and efforts to undo or revise prior compliance measures, creating inefficiencies and financial strain.
Second, some regulatory changes are reactive in nature and may be introduced without thorough consultation with industry stakeholders. This can result in unintended consequences, such as stifling growth in certain segments of the industry or discouraging innovation.
Third, the rising cost of compliance can make certain lines of business financially unsustainable. As regulations become more stringent, businesses must dedicate increasing resources to meet these standards, which may erode profitability or deter market entry altogether.
Finally, the lack of a stable regulatory framework undermines long-term strategic planning. Companies are hesitant to commit significant resources to specific product lines or innovations, fearing that future regulatory changes could render those investments obsolete or unviable.
While the financial products sector thrives on innovation and adaptability, the rapid pace and unpredictability of regulatory changes pose considerable challenges. A more collaborative approach between regulators and industry stakeholders could help ensure that regulations are robust, forward-thinking, and conducive to sustainable growth.
Strategy and Thought Leadership: What is your approach to litigation and dispute resolution? When do you prefer to settle vs. pursue litigation?
It depends significantly on the jurisdiction whose courts have authority over the dispute. For instance, if the jurisdiction is India, where the judicial process can be lengthy and resource-intensive, I do not advise pursuing litigation in all scenarios. I recommend pursuing litigation in cases where the dispute raises an important issue of law that requires adjudication, or where settling might set an unfavorable precedent, thereby impacting the interests of the industry, consumers, or even broader public policy. On the other hand, if the dispute involves a relatively minor contractual issue or one where a swift resolution is in the best interest of the company—be it from a financial, reputational, or operational perspective—settlement may be the preferred route. Settlement is especially prudent when it allows us to mitigate risks, preserve business relationships, and focus our resources on core priorities.
Ultimately, my approach is driven by a thorough cost-benefit analysis, assessing not just the immediate financial implications but also long-term strategic considerations. Wherever possible, I strive to explore alternative dispute resolution mechanisms, such as mediation or arbitration, to achieve faster and mutually agreeable outcomes while maintaining confidentiality and minimizing the burden on the courts.
In every case, the decision is rooted in the principles of pragmatism, fairness, and alignment with the company’s strategic goals.
Future legal trends: How do you foresee AI and emerging tech impacting the governance and compliance function in the next 5 years?
I can already see the impact of emerging technologies on governance and compliance today. They are undoubtedly poised to significantly transform these functions over the next five years. One of the most notable impacts is the ongoing digitization of routine compliance tasks, such as building audit trails for contractual reviews and leveraging litigation management tools. These advancements are laying the foundation for a much broader shift.
I foresee this digitization becoming more pronounced through the automation of compliance functions, contract reviews, and due diligence processes. This shift will enable teams to shift their focus from manual tasks to more strategic and value-driven activities, such as enhancing risk mitigation strategies and crafting forward-thinking policies.
AI-powered tools will play a pivotal role in predictive compliance, helping organizations anticipate and address potential risks before they escalate. By analysing large datasets in real time, these tools can identify patterns that signal fraud, insider trading, or regulatory violations, empowering proactive intervention and stronger governance.
Blockchain and AI will also be instrumental in creating tamper-proof audit trails, ensuring greater transparency and accountability—particularly in industries with complex supply chains or stringent regulatory requirements. The ability to verify and trace transactions or decisions will be a game-changer in fostering trust.
That said, these advancements come with challenges. Organizations will need to address the ethical and legal implications of AI deployment, including issues like data privacy, algorithmic transparency, and bias mitigation. Regulators across the globe are actively navigating these complexities, signalling that compliance frameworks must evolve to incorporate the governance of AI itself.
If I were to summarise my thought process on this question, I would say that while AI and emerging technologies will undoubtedly enhance efficiencies and streamline compliance processes, they will also require governance teams to adopt a more nuanced and adaptable approach. For forward-thinking organizations, this transformation represents an exciting opportunity to elevate compliance outcomes, cultivate trust, and drive innovation.
