Economic Laws Practice (ELP) Mumbai has absorbed the year-old capital markets and securities boutique Prism Partners & Advocates, founded by PR Ramesh and Yogesh Chande, in its capital markets practice last month, ending the start-ups’ short-lived referral relationship with Naik Naik & Co amicably.

Ramesh who is joining ELP as a senior consultant has experience of over two decades. He is a former GM to the Securities and Exchange Board of India (SEBI) chairman, and had previously headed the legal and compliance operation at SBI Capital markets, apart from working for leading investment banks, securities broking houses and a multi asset exchange in the middle east.

Chande who is joining ELP as a consultant with 12 years of securities practice experience behind him, is a former Platinum Partners senior associate. He has advised on public takeovers, delistings, company buybacks, initial public offerings and listed companies’ private fund raising in the course of his association with the National Stock Exchange and investment banks like ICICI Securities and Ambit.

Chande declined to comment when contacted.

ELP managing partner Rohan Shah said in a press release last month: “In our efforts to widen ELP’s expertise in more diverse legal and regulatory fields, Ramesh and Yogesh are excellent additions to our Financial Services and Capital Markets practice. The extensive regulatory, policy and transactional experience of this team will add substantial value to our clients.”

Ramesh and Chande had founded boutique legal practice Prism Partners in Mumbai in June 2011. The practice dealt with Corporate and Financial Services, Securities and Commodities Markets Law and Regulatory, Corporate and Project Finance matters.

Four months into operations, Prism Partners had entered into an exclusive client referral alliance with Naik Naik & Co under the brand name of Naik in October 2011. Under the arrangement, there was neither a direct profit sharing, nor did Ramesh and Chande forgo their separate partnership.

Naik Naik & Co founding partner Ameet Naik told Legally India this was an amicable parting of ways and that he wished Ramesh and Chande well.

He said: “ELP is a very good firm and I have a very good relation with ELP too. Ramesh has a lot of experience and Yogesh is very good too.”

“People move on. I think it is a very good thing for them,” he added.