Duane Morris

The Indian capital markets have a new international king, at least going by law firms and volumes of initial public offerings (IPO), and it’s Sidley Austin, in a league table dominated by a completely new list of firm names after a swathe of some big-name partner moves in the past years.

The President of India recently sold 10.19% of shares in HUDCO for Rs 1,209 crores ($188m) in an IPO in India and concurrent private placements outside the country (including a Rule 144A offering in the United States), as reported by The Times of India.

Penningtons Manches partner and India co-head Saionton Basu has joined US firm Duane Morris’ London corporate practice, according to a press release from the firm.

The NLSIU Bangalore graduate had joined Penningtons, as it was then called, in 2011 from Platinum Partners in Delhi, where he had returned after two years with White & Case in London.

Basu was not reachable for comment.

Penningtons’ India co-head Teja Picton-Howell did not comment at the time of going to press.

Dorsey & Whitney London special counsel Jamie Benson, who has played a key role in several of the firm’s Indian capital markets transactions, has moved to the Singapore office of US law firm Duane Morris & Selvam to co-head its India practice.

Benson, who specialises in US securities and capital markets law, said: “It will be much easier to run my India practice from Singapore compared with London. Also, if you are serious about servicing Indian clients I think you need to be in Singapore.”

The India group at the 700-lawyer firm with more than 20 offices, the majority of which are in the US, is co-headed by funds and private equity partner Parikhit Sarma and M&A partner Krishna Ramachandra.