Madhurima Mukherjee (Saha)

Madhurima Mukherjee, Senior Partner, JSA

Ms. Mukherjee has more than 20 years of experience in securities offerings in the domestic and international markets including initial public offering, further offers, rights offers, qualified institutions placement, InVITs, block trades. She has represented promoters, selling shareholders including private equity clients, investors, issuers and lead managers.

She has advised on a variety of asset restructuring, takeovers and acquisition transactions across India. She has advised on family trusts and restructuring family businesses, including real estate and corporates. General corporate advisory.

Ms. Mukherjee is known for her strategic advice, resolving complex legal issues and has counseled a number of prestigious promoters, corporate clients, various state governments and the Government of India.

Her deep understanding of regulatory issues relating to laws of the Reserve Bank of India and the SEBI etc. and is skilled in evolving unique commercial structures.

Before joining JSA, Madhurima was a Senior Partner at AZB & Partners, until April 2020. She has also worked with Luthra & Luthra as National Head and Partner until 2013 and Amarchand & Mangaldas & Suresh A. Shroff & Co, as Partner until 2006.



  • Band 1, Chambers & Partners, 2020-2021
  • Featured in the ‘Top 100 Indian Lawyers’ list by IBLJ (2018 – 2020)
  • Ranked for Capital Markets by Chambers Asia-Pacific (2009, 2013, 2016 – 2020)
  • Ranked for Capital Markets by Chambers Global (2016 – 2019)
  • ‘Highly Regarded’ (2016 – 2020) and ‘Leading Lawyer’ (2011) for Capital Markets by IFLR1000
  • Recognised as ‘Distinguished Practitioner’ for Capital Markets by Asialaw Profiles (2020)
  • Recognised as ‘Top Legal Practitioner’ in India for Capital Markets by Banking, Finance and Transactional Law Expert Guide 2018
  • Recommended for IPO by the prestigious RSG India Report (2017)
  • Deals of the Year 2017, IBLJ (under her supervision) –
    • New India Assurance IPO
  • Deals of the Year 2016, IBLJ (under her supervision) –
    • GMR’s bond issuance to Kuwait Investment Authority
    • Varun Beverages’ IPO
  • Recognised as ‘Leading Lawyer’ for Capital Markets by the International Who’s Who of Professionals (2012)
  • Recognised as ‘Leading Lawyer’ for Capital Markets by the Asialaw Leading Lawyer (2012)
  • Recognised as ‘Leading Lawyer’ for Capital Markets by Asialaw – India Annual Review (2011)
  • Listed as ‘Hot 100 Lawyers’ by Asian Legal Business (2011)



Bar Council of Delhi



  • BA, LLB (Hons), National Law School of India University, Bangalore, India: 1997
  • Enrolled as an Advocate with the Bar Council of Delhi: 1998



  • English
  • Hindi
  • Bengali
  • Advised VLCC Health Care Limited for initial public offer of equity shares comprising of a fresh issue of aggregating up to ₹ 3,000 million and an offer for sale of up to 8,922,672 equity shares.
  • Indian Legal Counsel to Other Selling Shareholders (we represent 18 institutional and individual shareholders) in the proposed Initial Public Offer of One97 Communications Limited (Paytm), aggregating to USD 2.2 billion.
  • Advised HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, and Equirus Capital Private Limited, the book running lead managers in relation to the recently concluded initial public offering of G R Infraprojects Limited.
  • Advised the lead managers in respect of the IPO of G R Infraprojects Limited, consisting of an offer for sale by existing shareholders including Motilal Oswal Private Equity.
  • Advised in initial public offer of Latent View Analytics Limited aggregating up to ₹ 6,000.00 million (the “offer”) comprising a fresh issue aggregating up to ₹ 4,740.00 million and an offer for sale ₹ 1,260.00 million by the selling shareholders.
  • Advised Monarch Networth Capital Limited and HDFC Bank Limited in relation to the qualified institutions placement of Alembic Pharmaceuticals Limited.