As India’s businesses become increasingly global, the legal and regulatory challenges they face are growing more complex. From cross-border disputes and sanctions compliance to white-collar investigations and evolving enforcement frameworks, today’s legal landscape demands strategic judgment that extends well beyond technical legal expertise.

In this conversation, Faraz Sagar, Partner and Head – Dispute Resolution and White-Collar Crime, CMS INDUSLAW, reflects on the lessons from more than two decades of advising governments, multinational corporations, financial institutions, and high-net-worth individuals. He shares his perspective on managing complex disputes, navigating multi-jurisdictional regulatory risks, and the reforms that could shape India’s future as a leading global business destination.

1. You’ve spent over two decades working across India and international jurisdictions, advising governments, multinational corporations, and financial institutions.
   Looking back, what has been the defining lesson that has shaped your approach to dispute resolution and regulatory investigations?

   One of the most important lessons I have learnt is that every dispute is ultimately about solving a business problem, not just a legal one. Technical legal expertise is essential, but equally important is understanding the commercial realities, the client’s objectives, and the regulatory environment. In investigations, credibility, preparation, and sound judgment matters a lot. My approach has always been to remain objective, anticipate risks early, and provide practical solutions that help clients navigate complex situations while protecting their long-term interests.

2. As businesses increasingly operate across multiple jurisdictions, legal risks are no longer confined by borders.
   From your experience, what are the biggest challenges companies face today in navigating cross-border investigations, sanctions regimes, and regulatory enforcement? How should Indian businesses prepare themselves for this evolving global compliance landscape?

   The regulatory landscape today is deeply interconnected, a transaction compliant in one jurisdiction can raise real concerns in another, due to sanctions, export controls, AML requirements, or differing enforcement standards. Compliance can no longer be a box-ticking exercise, what businesses often miss is how routinely they touch US, EU, or other foreign jurisdictions through everyday transactions which can create exposure without anyone realizing it. That is exactly why a well-structured compliance policy matters, one built for due diligence, strong internal controls, continuous regulatory monitoring, and a culture where compliance shapes commercial decisions from the outset. Indian businesses that invest in this now will be far better placed to manage global risks.

3. India’s regulatory and enforcement ecosystem has become significantly more proactive over the past few years, particularly in areas such as financial crime, corporate governance, and white -collar investigations.

   How do you see this changing the way companies approach risk management, internal investigations, and board-level decision making?

   Enforcement agencies in India are moving faster and coordinating more effectively across financial crime, governance, and white-collar matters. This is pushing risk management out of the compliance function and squarely into the boardroom. Directors can no longer treat internal investigations as purely operational matters to be delegated and forgotten, it is now expected to demonstrate active, informed oversight. I’m seeing boards ask sharper questions much earlier in the process, and internal investigations being run with the same rigour and discipline as if a regulator were already in the room.

4. Without revealing any confidential details, can you share an experience that fundamentally changed the way you approach complex disputes or regulatory investigations?
   What did that experience teach you about leadership, decision making, or client management

   Without referring to any specific matter, there have been matters that have reinforced the importance of remaining objective, carefully analysing facts before forming conclusions, and maintaining open communication with clients throughout the process.  Leadership is about bringing together multidisciplinary teams, making informed decisions under pressure, and adapting strategy as new facts emerge. In regulatory contexts, the instinct to control the narrative is often exactly the wrong instinct. Good client management sometimes means telling a client what they don’t want to hear, early, and having the credibility to be heard.

5. As India’s role in global commerce continues to expand, what legal or regulatory reform would you most like to see over the next five years to strengthen India’s dispute resolution and enforcement framework? What opportunities do you believe this would unlock for businesses and investors?

   If I had to pick one thing, it would be timeline predictability, in both dispute resolution and enforcement. The question I hear most from clients is “how long, and how many stages” and that uncertainty gets priced in as a silent risk premium on every deal. I’d like to see continued strengthening of institutional arbitration, and greater procedural consistency in regulatory investigations. Businesses need certainty of process. Get that right, and India stops being a jurisdiction you manage risk around and becomes one you can build and invest for the long term.