Unlocking Value Through Smart Tax Strategies

Keyur Shah is a Managing Director with Alvarez & Marsal Tax in Mumbai. He serves as Head of A&M’s Tax and Regulatory practice in India. He brings over three decades of experience in international and corporate taxation, tax structuring, and regulatory advisory.

Mr. Shah has worked extensively with global financial services institutions, including private equity firms, banks, capital markets participants, and asset management companies, advising them on establishing and expanding their presence in India. His expertise spans India entry strategy, cross-border investment structuring, and domestic tax considerations, including transfer pricing.

Mr. Shah has deep experience advising foreign portfolio investors, offshore funds, and other institutional investors on tax and regulatory frameworks for investing into Indian capital markets. He has also led complex transfer pricing engagements, including the design, implementation, and defense of policies, as well as negotiations involving unilateral and bilateral advance pricing arrangements and mutual agreement procedures.

Beyond client work, Mr. Shah has played an active role in policy advocacy, collaborating with industry bodies and senior regulators to support the development of a more stable, business-friendly tax and regulatory environment in India.

Prior to joining A&M, Mr. Shah spent 23 years at EY, where he led the Financial Services Tax and Regulatory practice. He also spent four years with KPMG. He is a member of the Institute of Chartered Accountants of India (ICAI).

Amod Khare is a Managing Director with Alvarez & Marsal Tax in Mumbai. His primary areas of focus are transfer pricing and international tax.

Mr. Khare brings over 30 years of experience in advising multinational clients on corporate tax, transfer pricing, and international tax matters. He has worked with clients across a range of industries, including technology, media, and entertainment, financial services, pharmaceuticals, and oil and gas.

Mr. Khare has advised clients on operating structures in India, global transfer pricing documentation in line with the Organisation for Economic Co-operation and Development (OECD) principles, and transfer pricing documentation in India. He has also supported clients in resolving transfer pricing controversies, including appeals and advance pricing agreements. In addition, Mr. Khare has advised on cross-border restructuring transactions, analyzed the implications of various double tax avoidance agreements, and guided Indian startups in setting up and implementing global operating structures.

Prior to joining A&M, Mr. Khare spent nearly 20 years with Andersen and EY, and over eight years with BMR Advisors (a member firm of the Taxand network) advising clients on corporate tax, international tax, and transfer pricing. He has also contributed to leading Indian newspapers and publications, produced content for the OECD, and spoken at several industry conferences both in India and internationally.

Mr. Khare earned a bachelor’s degree in commerce from the University of Mumbai and is a qualified Chartered Accountant with the Institute of Chartered Accountants of India (ICAI).

Vishal Hakani is a Managing Director with Alvarez & Marsal Tax in Mumbai. He also leads the Global Transaction Tax Private Equity team.

Mr. Hakani specializes in M&A tax and private equity. His primary areas of concentration are cross-border M&A, tax structuring, due diligence, transaction tax advisory, navigating complex tax negotiations, corporate structuring, and private equity transactions.

Mr. Hakani brings over two decades of expertise in transaction tax across sectors, including focus on technology, media, and telecommunications, financial services, consumer, and infrastructure.

Mr. Hakani has been involved in various high-profile tax diligences and inbound and outbound transactions, including advising on entry strategy, investments through tax-optimal jurisdictions and exit considerations, fund structuring, and carry and co-investment advisory.

Prior to joining A&M, Mr. Hakani spent over 16 years with Deloitte India’s M&A Tax department, where he most notably served as Partner. Mr. Hakani previously led Deloitte’s Private Equity Tax Initiative, where he played a pivotal role in high-profile transactions and worked very closely with the larger M&A team. His leadership and technical acumen have consistently added value to marquee clients and transactions.

Mr. Hakani earned a bachelor’s degree in commerce from Mumbai University. He is also a Chartered Accountant with the Institute of Chartered Accountants of India (ICAI).

Hasina Chhil is a Managing Director with Alvarez & Marsal India in Mumbai. She is part of A&M’s Tax & Regulatory practice. 

Ms. Chhil is a seasoned tax and regulatory advisor with more than two decades of experience guiding global and domestic financial institutions and companies through India’s complex regulatory and tax environment. She advises banks, non-banking financial companies (NBFCs), fintech companies, investment funds, and capital market participants on structuring, regulatory issues, tax compliance, and dispute resolution. 

Ms. Chhil’s notable assignments include: assisting foreign banks in preparing and filing banking applications with the Reserve Bank of India (RBI), including subsequent applications required to commence business operations; advising and assisting in setting up of NBFCs, including guidance on tax implications and regulatory matters; advising and assisting in the preparation and filing of applications for payment system operators with the RBI; assisting with tax planning and compliance for branches of foreign banks and financial services entities operating in India; supporting leading financial services companies in establishing their stockbroking and investment banking operations in India; assisting industry participants in preparing and filing payments bank and small finance bank applications with the RBI; advising foreign portfolio investors, offshore funds, and other qualified investors on tax and regulatory structuring for investments into Indian capital markets; providing tax and regulatory advisory services relating to the operations of financial services companies; assisting a large investment bank with restructuring its India investment following the exit of its local joint venture partner; advising a major financial services company on tax and regulatory implications of establishing a captive outsourcing unit in India; advising on dispute resolution strategies and representing clients before the Indian revenue authorities; and advising on India exit strategies and optimal capital repatriation structures. 

Prior to joining A&M, Ms. Chhil was a Partner in EY’s Tax & Regulatory Services practice, where she spearheaded initiatives in tax and regulatory services for financial services clients, including banks, NBFCs, and payment system operators. 

Ms. Chhil is an associate member of Institute of Chartered Accountants in India (ICAI).